Polo Resources Limited Hibiscus Petroleum - Investment Update (7273W)
12 Diciembre 2019 - 9:02AM
UK Regulatory
TIDMPOL
RNS Number : 7273W
Polo Resources Limited
12 December 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.
12 December 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus Petroleum completes acquisition of the Crown Discovery
in the North Sea
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
pursuant to the earlier disclosures made by Hibiscus on 17 July
2019 and 7 October 2019, its indirect wholly- owned subsidiary,
Anasuria Hibiscus UK Limited ("AHUK"), has completed the
acquisition of North Sea Blocks 15/18d and 15/19b ("License P2366"
or "Blocks"), from United Oil & Gas PLC ("United") and Swift
Exploration Limited ("Swift") (collectively referred to as
"Sellers") for a total cash consideration of up to USD5
million.
Completion of the acquisition occurred pursuant to the receipt
of approval from the United Kingdom's Oil and Gas Authority ("OGA")
for the assignment of License P2366 to AHUK from the Sellers and
the appointment of AHUK as Exploration Operator on 4 December 2019.
In accordance with the terms of the conditional Sale & Purchase
Agreement executed on 7 October 2019 ("SPA"), a further USD0.9
million has been paid upon achieving completion of the
acquisition.
The Blocks are located offshore in the United Kingdom sector of
the North Sea, approximately 250km northeast of Aberdeen. The
Blocks include the Crown Discovery which consists of 2C contingent
resources that range between 4 to 8 million barrels of oil ,
subject to an independent 3rd party expert assessment. The Blocks
are located 12km south-east of Marigold field, which together with
the Sunflower field, was acquired by AHUK in October 2018.
United and Swift were awarded License P2366 as part of the OGA's
30(th) Licencing Round, in August 2018, and they each hold 95% and
5% participating interest respectively.
AHUK holds 50% operated interest in Licence P198 Blocks 15/13a
and 15/13b containing the Marigold and Sunflower oilfields
respectively, in addition to 50% joint-operating interests in the
P013 licence consisting of the Teal, Teal South and Guillemot A
fields, as well as 19.3% non-operating interest in the P185 licence
consisting of the Cook field. The Teal, Teal South, Guillemot A and
Cook fields which produce oil and gas to the Anasuria Floating
Production Storage and Offloading facility are collectively known
as the Anasuria Cluster. The Anasuria Cluster is located offshore
in the United Kingdom sector of North Sea.
Subject to further milestones being achieved post SPA
completion, an additional sum of USD3 million will be paid within 7
business days of the actual date of approval of the Marigold Field
Development Plan ("FDP") which includes the development of the
Crown discovery as part of the overall Marigold development ("FDP
Approval"), by the relevant United Kingdom regulatory authority,
which is expected to be received by the end of 2020. However if FDP
Approval is not achieved, or if the Marigold FDP submitted does not
include the development of the Crown discovery, AHUK may, at its
discretion, proceed with the USD3 million payment or transfer
License P2366 back to the Sellers at nominal consideration without
any further payment obligation. In addition, up to USD1 million
will be paid through an overriding royalty scheme once the Crown
discovery has commenced production.
Given its proximity to Marigold, the contemplated development of
Crown is based on a single well subsea tieback to the Marigold
field.
About United Oil & Gas Plc
United Oil & Gas PLC is an independent oil & gas
start-up established in 2015. It is listed on the AIM market of the
London Stock Exchange.
About Swift Exploration Limited
Swift Exploration Limited is a private oil and gas exploration
company formed in 2003. It focuses on developing exploration and
production opportunities in the North Sea and the UK onshore for
farm- out/sale.
The full details of these announcements 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDGMMMZKZGGLZM
(END) Dow Jones Newswires
December 12, 2019 10:02 ET (15:02 GMT)
Polo Resources (LSE:POL)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Polo Resources (LSE:POL)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024