Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (6349J)
20 Agosto 2019 - 4:14AM
UK Regulatory
TIDMPOL
RNS Number : 6349J
Polo Resources Limited
20 August 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.
20 August 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus Petroleum Completes Three-Well St Joseph Infill
Drilling Campaign
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 that its
wholly--owned subsidiary, SEA Hibiscus Sdn Bhd ("SEA Hibiscus"),
has safely and successfully completed the St Joseph Infill Drilling
campaign in the 2011 North Sabah Enhanced Oil Recovery Production
Sharing Contract ("North Sabah PSC"). This campaign entailed the
drilling and completion of three infill oil producers, utilizing
triple splitter wellheads on the St Joseph Jacket--A ("SJJT--A")
platform with minimal modifications to topside facilities.
As previously disclosed by Hibiscus on 24 July 2019, the first
infill well, SJ--105A was brought online on 19 July 2019, and
achieved a stabilised production flowrate of above 1,000 barrels
("bbls") per day. Subsequent to this, the second infill well,
SJ--105C, was completed on 25 July 2019 and brought online with a
stabilised production flowrate of over 1,300 bbls per day. The
third and final infill well, SJ--105B, was completed on 1 August
2019, and achieved a production flowrate of over 900 bbls per day
in its initial well test.
The combined increase in production from the three infill wells
for the St Joseph Infill Drilling campaign of over 3,200 bbls per
day has exceeded pre--drill expectations of approximately 2,600
bbls per day. This project is expected to add life of field gross
reserves of 2.77 million stock tank bbls. Additional process
debottlenecking activities are currently underway to reduce the
backpressure on these new infill wells. This activity is expected
to further improve the stabilised production flowrates of the newly
drilled wells.
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 drilling campaign being executed
under the North Sabah PSC in 2019. The jack--up drilling rig
utilised for this campaign has mobilised from SJJT--A to South
Furious Jacket--C ("SFJT--C") to drill and complete three new oil
production wells and one water injection well in the SF30 oil
field.
Commenting on the results of St Joseph infill drilling project,
SEA Hibiscus Chief Executive Officer, Dr. Pascal Hos said, "Our
investment in the seven well drilling campaign is consistent with
our objective to enhance production from the North Sabah asset and
demonstrates that Malaysia is an integral part of our long--term
business strategy. I am extremely pleased with the outcome of the
first three infill wells drilled in the St Joseph oil field.
Not only have the results exceeded our pre--drill expectations,
we have also completed the drilling and completion of three infill
wells in just over one year since we assumed operatorship of the
North Sabah PSC. I thank PETRONAS and our partner, PETRONAS
Carigali, for their continued support since we began operating the
North Sabah PSC, and, I congratulate the project team, including
our contractors, for delivering this project safely and
successfully."
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.
Note: The technical details of the St Joseph infill drilling
project in this release, including flowrates, are subject to
PETRONAS' approval.
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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