28th Aug 2018 10:23
LONDON (Alliance News) - Shares in investment firm Polo Resources Ltd rose Tuesday after it said an investee has accomplished a 21% increase in its proved and probable reserves.
Polo shares were trading at 3.05 pence each on Tuesday, up 9.3%.
Hibiscus Petroleum Bhd, in which resources investor Polo has an 8.8% holding, has increased its proved and probable reserve at the Anasuria Cluster, located in the UK North Sea.
The combined reserves are now 24.4 million barrels of oil and 17.5 billion cubic feet of gas, as of the start of July, 21% higher than the figure at the start of March 2016.
Hibiscus Managing Director Kenneth Pereira said: "We are pleased with the increase in the 2P reserves estimates in the Anasuria Cluster by an independent competent person.
"This demonstrates our efforts to extend the life of the Anasuria Cluster and unlock value from our assets are on the right track."
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