Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (0077X)
24 Août 2020 - 5:31PM
UK Regulatory
TIDMPOL
RNS Number : 0077X
Polo Resources Limited
24 August 2020
24 August 2020
Polo Resources Limited
( " Polo " or the " Company ")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
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 today released a
Corporate and Business Update (the "Update") outlining the Group's
targets and initiatives as well as operational updates in
conjunction with the release of its quarterly financial results for
the quarter ended 30 June 2020 ("4Q FY2020").
In the Update, the Group stated that its asset acquisition plans
have been accelerated as the outlook for the oil and gas market
improves. As established exploration and production players,
especially those in Europe, assess their portfolios in light of an
increasing focus on the renewable energy space, Hibiscus sees
acquisition opportunities for good-value and high-quality producing
assets.
The Group will prioritise assets with strong production
potential coupled with cost optimisation opportunities and remains
committed to growing its business in its areas of geographic focus,
particularly South East Asia.
In FY2020, the Group met its full year production target of 3.2
million barrels ("MMbbls") of crude oil, while it sold 2.6 MMbbls
across the North Sabah and Anasuria assets. The Group deferred two
crude oil offtakes initially planned for 4Q FY2020 ("offtakes
deferral") to the quarter ending 30 September 2020 in an attempt to
realise higher crude oil prices.
For its FY2020 results, the Group announced Revenue of RM646.5
million (USD154.81 million) and a Loss After Taxation of RM49.3
million (USD11.81 million). EBITDA for the year was RM213.3 million
(USD51.08 million). These results were affected by the provisions
for impairment of non-producing oil and gas assets amounting to
RM196.3 million (USD47.01 million) and impact of the offtakes
deferral.
The Group also reported an unrestricted cash balance of RM77.3
million (USD18.51 million).
Commenting on the outlook for the Group, Managing Director, Dr
Kenneth Pereira, said, "The Group has previously reiterated that it
is positioning itself to acquire good-value, high-quality producing
assets in our areas of geographic focus. With asset values dampened
due to the current oil market, we see this period as an opportunity
to add to our portfolio of producing assets. For our North Sabah
and Anasuria assets, we are working towards optimising our unit
production costs to maintain a greater headroom between our cost
base and crude oil prices."
Note: As part of the Company's efforts to keep stakeholders
engaged with the activities of the Company and informed of its
quarterly performance, Hibiscus will be releasing a webcast to
present the highlights of the Fourth Quarter Results ended 30 June
2020. The webcast will be released on the Company's website at:
https://www.hibiscuspetroleum.com/ by 8.00pm on 24 August 2020.
Hibiscus has today also announced the Reserves and Contingent
Resources Reports for Anasuria Cluster and Marigold & Sunflower
Field.
Hibiscus Petroleum Group's Latest Total Reserves and Resources
as at 1 July 2020:
Group's Total Reserves and Contingent
Resources
2P 2C
(MMbbl) (MMbbl)
-------------------------- -----------------------
Malaysia - North Sabah
Field 1 24.6 24.1
UK - Anasuria Cluster
2 21.5 2.0
UK - Marigold & Sunflower
Fields 3 - 24.9
UK - Crown Field 4 - 4.0
Australia - VIC/L31 4 - 8.0
-------------------------- -----------------------
46.1 63.0
-------------------------- -----------------------
Notes:
1. North Sabah 2P Reserves are based on SEA Hibiscus Sdn Bhd
("SEA Hibiscus")'s current estimated net entitlement, based on RISC
Advisory Pty Ltd's report dated January 2019 adjusted for actual
production and internally estimated incremental reserves from
executed projects in 2019 and for the 6 months ended 30 June 2020.
North Sabah 2C Contingent Resources are based on SEA Hibiscus'
current estimated net entitlement, based on RISC Advisory Pty Ltd's
report dated January 2019 less 2C contingent resources for executed
projects in 2019 and for the 6 months ended 30 June 2020. These
figures are pending Petroliam National Berhad's review.
2. Anasuria Cluster 2P Reserves and 2C Resources are based on
AHUK's interest and extracted from the Anasuria Cluster Report.
3. Marigold and Sunflower 2C Resources are based on AHUK's 50%
interest and extracted from the Marigold & Sunflower Fields
Report.
4. VIC/L31 and Crown 2C Contingent Resources are based on internal estimates.
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 .
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