Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (7478I)
November 28 2018 - 3:03AM
UK Regulatory
TIDMPOL
RNS Number : 7478I
Polo Resources Limited
28 November 2018
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.
28 November 2018
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus Petroleum's Earnings Boosted by Two Asset Streams
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 its results
for the quarter ended 30 September 2018. Hibiscus reports that its
profit after tax ("PAT") rose by 827% to RM100.0 million (USD23.84
million) (1Q2018: RM10.8 million (USD2.57 million)) while earnings
before interest, tax, depreciation and amortisation ("EBITDA") rose
by 625% to RM209.2 million (USD49.87 million) (1Q2018: RM28.9
million (USD6.89 million).
Earnings Per Share ("EPS") for 1Q2019 on a fully diluted basis
increased to 5.25 sen compared to 0.73 sen in 1Q2018. Hibiscus
remains debt-free with a cash balance of RM302.2 million (USD72.04
million) as at 30 September 2018 compared with RM136.0 million
(USD32.42 million) as at 30 June 2018.
The financial performance in the quarter reflects the
contributions of Hibiscus' two producing assets - Anasuria in the
UK and the North Sabah PSC in Malaysia. A total of approximately
1.1 million barrels ("bbls") of crude oil were sold in the quarter.
This consists of about 524 thousand bbls from Anasuria sold at an
average realised oil price of USD73.88 per bbl, and about 595
thousand bbls of oil from the North Sabah PSC sold at an average
realised oil price of USD78.55 per bbl.
Commenting on the oil market, Hibiscus' Managing Director, Dr
Kenneth Pereira, said, "While we have achieved high prices for
crude oil sold in this quarter, world oil markets are experiencing
increased volatility. The Group has seen oil prices at various
levels; on some occasions lower and other times, higher, and we
have managed to remain profitable throughout. This is primarily
because our average unit production cost for both the Anasuria and
the North Sabah assets have always been significantly below the
average realised oil price. The careful management of costs to
maintain low operational expenditure and the delivery of production
enhancement projects are key towards achieving low unit production
costs. This remains an area of focus for the Group."
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
Blytheweigh (Public relations)
- Julia Tilley, Fergus Cowan, Jane
Lenton +44 (0) 207 138 3204
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
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