Polo Resources Limited Hibiscus Petroleum - Investment Update (9914X)
03 Settembre 2020 - 4:18PM
UK Regulatory
TIDMPOL
RNS Number : 9914X
Polo Resources Limited
03 September 2020
3 September 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") reports that its indirect
wholly-owned subsidiary, Anasuria Hibiscus UK Limited ("AHUK"), has
today been offered the award of three licences, as part of the 32nd
United Kingdom ("UK") Offshore Licensing Round ("Licensing Round")
launched by the UK Oil and Gas Authority ("OGA") in July 2019.
The Licensing Round offered blocks in mature, producing areas
close to existing infrastructure, under flexible terms of the
Innovate Licence which enables companies like AHUK to define a
licence duration and phasing that would result in the execution of
an optimal work programme.
The licences that have been offered to AHUK for award are as
follows :
(i) Block 21/24d : The block contains the Teal West discovery,
which is contiguous to the Teal field and is located approximately
4 km from the Teal manifold of the Anasuria Cluster.
A 70% interest in Block 21/24D has been offered for award to
AHUK with the remaining 30% to be held by Zennor Petroleum
Limited.
AHUK bid for this licence as we believe the Teal West discovery
to be a potential tieback candidate to the Anasuria floating
production and offloading facility (Anasuria FPSO) in which AHUK
has significant interests.
(ii) Block 21/19c and Block 21/20c : These blocks are contiguous
with the Cook field. The Blocks offered for award will reflect a
similar equity holding as that of the Cook Field i.e. AHUK has been
offered 19.3%, Ithaca Energy UK Limited has been offered 61.4%, and
Ping Petroleum UK Limited has been offered 19.3% in each of both
the blocks.
(iii) Block 15/17a : This block is located 8 km from the
Marigold field which is currently operated by AHUK. This block
contains part of the Kildrummy discovery plus a minor part of the
Beaumaris discovery and the Udny prospect. The licence offered for
award to AHUK is on a 100% basis.
It is hoped that the Kildrummy discovery may become a potential
tieback candidate to infrastructure implemented as part of the
Marigold development.
Further documentation will need to be completed prior to
formalization of the awards and relevant disclosures will be made
by Hibiscus in due course.
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
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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