16th Jan 2019 17:20
LONDON (Alliance News) - Polo Resources Ltd on Wednesday said that estimated reserves and contingent resources in the Malaysian North Sabah production sharing contract have increased.
Shares in Polo Resources closed down 5.0% at 3.87 pence on Wednesday.
Polo Resources is an investor and its 8.8% investee company Hibiscus Petroleum Bhd announced a summary of the estimates, which were prepared by a Hibiscus subsidiary.
Hibiscus holds a 50% participating interest in the North Sabah PSC, which is located offshore Malaysia. The estimates concerned the Barton, St Joseph, South Furious and SF 30 oil fields.
As at December 31, the gross proved probable reserves of oil in the North Sabah fields were estimated at 55.3 million stock tank barrels, an increase of 9.9 million stock tank barrels from what was previously expected.
Despite this, estimated gross proved probable reserves are still below the January 2016 announcement of 62 million stock tank barrels, as 16.6 million stock tank barrels have been produced since then.
Also on December 31 the gross contingent resource estimate was for 85.7 million stock tank barrels, 6.7 million stock tank barrels more than its prior estimate.
Related Shares:
POL.L