POLO INVESTS IN HIBISCUS PETROLEUM

2 December 2015

POLO RESOURCES LIMITED

("Polo" or the "Company")

POLO INVESTS IN HIBISCUS PETROLEUM

Polo Resources Limited (AIM: POL), the natural resources investment company with interests in

oil and gas, gold, coal, iron ore, copper and phosphate, announces that it has accepted, through

its wholly owned subsidiary Polo Investments Limited, a US$5 million cash subscription for 90

million new ordinary shares in Hibiscus Petroleum Berhad (HIBI: MK) ("Hibiscus"), a Main Market

of Bursa Malaysia Securities Berhad listed company. The holding represents a strategic 8.4 per

cent stake in the enlarged fully paid capital of Hibiscus and was acquired at a price MYR0.235

per share (settled in US$ at an agreed rate of MYR/US$4.238), a 4.08 per cent discount to the

Hibiscus closing price of MYR0.245 on 1 December 2015.

Hibiscus has a market capitalisation of approximately US$56 million and its strategy since listing

on 25 July 2011 has been to invest in a balanced portfolio of assets across the spectrum of

upstream oil and gas exploration and production activities with key focus on politically stable

areas. Its current development assets are located in Australia with an estimated 8.0 million

barrels (MMbbls) of 2P/2C reserves/resources, however, its asset base is set for a step-jump

with the anticipated completion of two recently announced strategic acquisitions.

The first, announced on 6 August 2015, is an exciting opportunity that will elevate Hibiscus to the

status of an oil producer through a joint venture agreement with Ping Petroleum Limited 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 Cluster ("Anasuria") oil and gas

fields in the North Sea. Anasuria is currently producing at an average of over 7,000 barrels of oil

per day net to Shell and Esso and has a 40.4 million stock tank barrels 2P Oil Reserves and 27.9

Billion Standard Cubic Feet 2P Gas Reserves together with potential for addition reserves

through infill drilling. The acquisition remains subject to, amongst others, regulatory approvals

and third party consents, including approvals from the UK government and Hibiscus

shareholders and is expected to complete in Q1 2016. Consideration payable by Hibiscus

amounts to US$52.5 million of which US$4 million has been paid.

The second is acquisition of 100 per cent of Hydra Energy Holdings Pty Ltd ("Hydra") through the

issue of new Hibiscus shares as announced by Hibiscus on 9, 11 and 13 November 2015. Hydra

has equity interests in seven operated Petroleum Titles located in the Carnarvon Basin, offshore

North West Australia with 4 having discoveries totalling 15 - 17 MMbbls net to Hydra and on

completion of this transaction, Hibiscus' net 2P / 2C Australian oil resource base would increase

from 8 MMbbls to 23 - 25 MMbbls. Importantly the Hydra acquisition also involves an

independent and separate US$20M financing facility that is in the advanced stage of discussion

with Global Natural Resource Investments ("GNRI"). This fund will cover existing operational

commitments and also allow Hibiscus Petroleum to explore new business opportunities. The

Hydra acquisition remains subject to shareholder and regulatory approvals and satisfaction of

conditions precedent amongst others. Consideration will be the fair market value of Hydra as

determined by an independent and competent valuer to be satisfied by the issue of new Hibiscus

shares at an issue price to be determined on the date the fair market value of Hydra is

determined.

With the completion of the Hydra and Anasuria acquisitions Hibiscus' global net 2P / 2C resource

base would be circa 47 MMbbls.

In its 18 month period ended 30 June 2015, Hibiscus reported audited losses before taxation of

MYR75.8 million (approximately £13.9 million at an average period exchange rate of MYR:£5.44)

on revenues of MYR15.6 million (approximately £2.9 million) (9 months ended 31 December

2013 profit before taxation of MYR10.7 million on revenues of MYR13.3 million). At 30 June

2015 it had audited consolidated net assets of MYR511.7 million (approximately £86.4 million at

MYR:£5.92). The placing shares are expected to be admitted to the Main Market of Bursa

Securities on or around 9 December 2015.

Polo Resources' Executive Chairman, Datuk Michael Tang said, "Although the oil and gas

industry is languishing in an environment of oversupply and low prices, Hibiscus is on track to

generate positive cash flow and grow its high quality asset base. We are very excited about the

prospects of our investment in Hibiscus."

Hibiscus Petroleum's Managing Director, Dr. Kenneth Pereira said, "We are truly excited by the

opportunity to have Polo Resources as a strategic investor in the company. We look forward to

working with Polo as we build out our business plan into 2016 and beyond."

For further details on Hibiscus, please see www.hibiscuspetroleum.com.

For further information, please contact:

Polo Resources Limited

Kudzayi Denenga, Investor Relations

+ 27 (0) 787 312 919

ZAI Corporate Finance Ltd (nominated adviser)

Ray Zimmerman, Peter Trevelyan-Clark

+44 (0) 20 7060 2220

Liberum Capital (broker)

Christopher Britton

+44 (0) 20 3100 2000

Blytheweigh (public relations)

Tim Blythe, Camilla Horsfall

+44 (0) 207 138 3204

About the Company

Polo Resources Limited is a natural resources 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.