Polo Resources takes strategic stake in oil firm

Hibiscus seems like a horse to bet on.

Dateline 2015-12-02, Proactive investors:

Polo Resources (LON: POL) has taken an 8.4% stake in a Malaysia listed oil firm, whose assets, it says, are set for a step-jump on completion of two recent acquisitions.

Polo has subscribed for US$5mln of shares in Hibiscus Petroleum Berhad settled atUS$4.238 a share – a 4.08% discount to the Hibiscus closing price yesterday.

Hibiscus’s current development assets are in Australia with an estimated 8 million barrels of 2P/2C reserves/resources.

But that’s set to jump to around 47million barrels with the completion of the Hydra and Anasuria acquisitions.

In August, Hibiscus announced  a joint venture agreement with Ping Petroleum to each acquire 50% of the entire interests of Shell UK Ltd, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited in the producing Anasuria oil and gas fields in the North Sea.

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