Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (6013G)
24 Julio 2019 - 7:08AM
UK Regulatory
TIDMPOL
RNS Number : 6013G
Polo Resources Limited
24 July 2019
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
24 July 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
HIBISCUS PETROLEUM ACHIEVES FIRST OIL IN THE NORTH SABAH PSC
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its 8.75% investee company
Hibiscus Petroleum Berhad ("Hibiscus") has announced, today, that
its wholly--owned subsidiary, SEA Hibiscus Sdn Bhd ("SEA Hibiscus")
had, on 16 July 2019, safely and successfully drilled and completed
the SJ--105A well, the first of three infill wells being drilled as
part of the St Joseph infill drilling project in Malaysia, under
the 2011 North Sabah Enhanced Oil Recovery Production Sharing
Contract ("North Sabah PSC"). The SJ--105A wellbore was drilled as
a horizontal well consisting of approximately 2,400 feet of
horizontal section which encountered approximately 1,000 feet of
oil in the targeted reservoirs of the St Joseph oil field. The
SJ--105A well was subsequently brought online and achieved a
stabilised production flowrate of slightly above 1,000 barrels of
oil per day, with 0% watercut, exceeding expectations.
As previously disclosed by Hibiscus on 27 May 2019, SEA Hibiscus
had received the approval from Petroliam Nasional Berhad
("PETRONAS") for the St Joseph Infill Drilling project Field
Development Plan on 21 December 2018. This project entails the
drilling of three infill wells intended to increase the total oil
production rate and reserves of the St Joseph field.
The St Joseph infill drilling project is a production
enhancement project which, together with the South Furious 30
("SF30") infill drilling project and SF30 early water injection
project, is part of a 7--well campaign being executed under the
North Sabah PSC in 2019. Two more oil production wells are
currently being drilled at St Joseph oil field, which will be
followed by three new oil production wells and one water injection
well in the SF30 oil field.
To recap, SEA Hibiscus assumed operatorship of the North Sabah
PSC on 31 March 2018, as a 50% joint venture working interest
partner with PETRONAS Carigali Sdn Bhd. The North Sabah PSC
consists of St Joseph, South Furious, SF30 and Barton, 4 fields
located offshore Sabah in Malaysia, which collectively produce to
the Labuan Crude Oil Terminal.
The full details of this announcement can be found at
http://www.hibiscuspetroleum.com/.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
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END
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