http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 28 Jul 2017 16:05:10 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - CELAMIN HOLDINGS NL - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20170530070959_13241611/ Tue, 30 May 2017 07:09:59 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20170530070959_13241611/ <![CDATA[RNS press release - GCM RESOURCES plc - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20170519084907_13231682/ Fri, 19 May 2017 08:49:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20170519084907_13231682/ <![CDATA[RNS press release - NOTICE OF ANNUAL GENERAL MEETING ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161230070005_013081161/ Fri, 30 Dec 2016 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161230070005_013081161/ <![CDATA[RNS press release - RESULTS FOR THE YEAR ENDED 30 JUNE 2016 ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161220152205_013073721/ Tue, 20 Dec 2016 15:22:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161220152205_013073721/ <![CDATA[Media files - Polo Resources shares tipped to reach 12-14p in coming months ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6586/polo-resources-shares-tipped-to-reach-12-14p-in-coming-months-6586.html Fri, 09 Dec 2016 11:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6586/polo-resources-shares-tipped-to-reach-12-14p-in-coming-months-6586.html <![CDATA[RNS press release - GCM RESOURCES PLC - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161111144041_013032909/ Fri, 11 Nov 2016 14:40:41 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161111144041_013032909/ <![CDATA[RNS press release - NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161021114931_013009378/ Fri, 21 Oct 2016 11:49:31 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161021114931_013009378/ <![CDATA[RNS press release - CELAMIN HOLDINGS NL - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161020070010_013007011/ Thu, 20 Oct 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161020070010_013007011/ <![CDATA[RNS press release - BLACKHAM RESOURCES LIMITED - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161018123117_013004839/ Tue, 18 Oct 2016 12:31:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161018123117_013004839/ <![CDATA[News - This resource investment stock could really fly ]]> http://www.proactiveinvestors.co.uk/companies/news/167572/this-resource-investment-stock-could-really-fly-167572.html Polo Resources PLC (LON:POL) shares have moved from bear to bull territory, according to a leading technical analyst, who reckons they could go as high as 14p.

Zak Mir, in his regular spot for Proactive Investors, noted the change in Polo’s fortunes began around 10 months ago.

“The chart reflects the big turnaround at the end of December, recovering the 50-day moving average and then recovering the 200-day moving average – a trend changing event,” Mir said.

“[This] takes the shares officially from a bear trend to bull trend… That happened in mid-April, and really we’ve been right above the 200-day line ever since.”

WATCH: Zak talks us through the Polo chart

Currently, the stock is changing hands for 5.6p, having risen more than 40% in the year to date as it has hung onto the coat-tails of the boom in the mining sector.

There is the potential, in a couple of steps, for Polo’s stock to return to levels last seen in 2014, Mir said.

“From a chartist’s perspective you’d be looking for a little bit of progression in a rising trend channel, based at 5p, and currently heading towards the 8p area which offers reasonable upside from current levels,” he explained.

“If you’re cautious, maybe wait for a break of the 50-day moving average now at 6.09p before going long, but this does look like an extended turnaround situation.

“You can see that in 2014 the shares were as high as 14p, and this looks like the type of slow turnaround that you expect for the shares to be able to return to those values sometime, hopefully next year.”

Polo’s assets span gold, coal, phosphate, iron ore, copper and oil and gas, with investments in projects around the world.

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Tue, 18 Oct 2016 11:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167572/this-resource-investment-stock-could-really-fly-167572.html
<![CDATA[Media files - Polo Resources could recover some 150% to around 14p in 2017, says Zak Mir ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6200/polo-resources-could-recover-some-150-to-around-14p-in-2017-says-zak-mir-6200.html Tue, 18 Oct 2016 10:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6200/polo-resources-could-recover-some-150-to-around-14p-in-2017-says-zak-mir-6200.html <![CDATA[RNS press release - HIBISCUS PETROLEUM - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161013070008_012999140/ Thu, 13 Oct 2016 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161013070008_012999140/ <![CDATA[RNS press release - MATILDA GOLD PRODUCTION COMMENCES ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161012120437_012998539/ Wed, 12 Oct 2016 12:04:37 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161012120437_012998539/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161011163530_012997300/ Tue, 11 Oct 2016 16:35:30 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161011163530_012997300/ <![CDATA[RNS press release - MAJOR SHAREHOLDERS ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161007162124_012994275/ Fri, 07 Oct 2016 16:21:24 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20161007162124_012994275/ <![CDATA[News - Polo's investee company Blackham raises funds ]]> http://www.proactiveinvestors.co.uk/companies/news/129495/polo-s-investee-company-blackham-raises-funds-129495.html Blackham Resources Limited (ASX:BLK), in which investment company Polo Resources Limited (LON:POL, TSE:POL) has a stake, has raised around A$25mln through a share placing.

Polo drew its shareholders’ attention the placing, which was down at A$1 a share, in a London stock market announcement on Friday morning.

The placing price was a 2% gross discount to the five-day volume-weighted average price of Blackham shares, Polo noted.

Funds from the issue will be used to continue development of Blackham’s wholly-owned Matilda gold project.

Blackham reports that Matilda gold production is targeted within three weeks.

 

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Fri, 19 Aug 2016 07:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129495/polo-s-investee-company-blackham-raises-funds-129495.html
<![CDATA[RNS press release - BLACKHAM RESOURCES - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160819070006_012936801/ Fri, 19 Aug 2016 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160819070006_012936801/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160803170934_012918295/ Wed, 03 Aug 2016 17:09:34 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160803170934_012918295/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721164048_012902008/ Thu, 21 Jul 2016 16:40:48 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721164048_012902008/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721163534_012901996/ Thu, 21 Jul 2016 16:35:34 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721163534_012901996/ <![CDATA[News - Mining underway at Matilda gold project, says Polo ]]> http://www.proactiveinvestors.co.uk/companies/news/128451/mining-underway-at-matilda-gold-project-says-polo-128451.html Natural resources investment company Polo Resources Limited (LON:POL) has told investors that contractors have commenced open pit mining and underground development work at the Matilda gold project in Australia.

The mine is operated by Blackham Resources (ASX:BLK),  in which  Polo holds a 8.11% interest.

“The commencement of mining represents another significant milestone in Blackham’s transition from gold explorer to gold producer at a time of record Australian gold prices,” Polo said in an update today.

The AIM-listed firm added that gold production remains on track for the September quarter this year.

Polo and Blackham have enjoyed some good news about the Matilda mine in recent months, after the project’s ore reserves, mining inventory and resource estimate were all increased.

The project has an initial mine life of eight years, which Polo says “has the potential to grow rapidly”.

Shares were up 0.16p, or 3%, to 6.04p.

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Thu, 21 Jul 2016 08:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/128451/mining-underway-at-matilda-gold-project-says-polo-128451.html
<![CDATA[RNS press release - Blackham Resources - Matilda Mining Commences ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721070009_012900652/ Thu, 21 Jul 2016 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160721070009_012900652/ <![CDATA[RNS press release - EQUUS PETROLEUM PLC - DISPOSAL ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160715170826_012894978/ Fri, 15 Jul 2016 17:08:26 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160715170826_012894978/ <![CDATA[News - Polo Resources boosts stake in Australian gold explorer ]]> http://www.proactiveinvestors.co.uk/companies/news/128235/polo-resources-boosts-stake-in-australian-gold-explorer-128235.html Commodity investor Polo Resources Limited (LON:POL) is issuing 9,832,358 new ordinary shares to pay for increasing its stake in Australian gold explorer Blackham Resources Limited (ASX:BLK).

It said on Friday that it had applied to get the consideration shares admitted to trading on AIM on Monday July 25, after which Polo's enlarged issued share capital will amount to 311,789,151 ordinary shares.

Polo has interests in oil, gold, coal, copper, phosphate, iron and vanadium.

The deal will result in its undiluted interest in Blackham rising to about 8.11% from its current combined direct and indirect holding of about 6.97%.

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Fri, 15 Jul 2016 08:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/128235/polo-resources-boosts-stake-in-australian-gold-explorer-128235.html
<![CDATA[RNS press release - Polo increases stake in Blackham Resources ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160715070005_012893583/ Fri, 15 Jul 2016 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160715070005_012893583/ <![CDATA[RNS press release - Polo Second Largest Shareholder in Hibiscus ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160712113702_012889376/ Tue, 12 Jul 2016 11:37:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160712113702_012889376/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160610163540_012850264/ Fri, 10 Jun 2016 16:35:40 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160610163540_012850264/ <![CDATA[News - Polo Resources to increase shareholding in Blackham ]]> http://www.proactiveinvestors.co.uk/companies/news/126930/polo-resources-to-increase-shareholding-in-blackham-126930.html Polo Resources Limited (LON:POLO) has confirmed it intends to exercise a right which effectively sees it raise its stake in Blackham Resources, a company with interests in gold and coal assets in Australia.

It will issue shares worth A$3mln as it exercises its right to acquire a further 49% of Perfectus Management Ltd, a 2.3% shareholder in Blackham.

Polo’s stake in Blackham will rise to 8.11% from 6.97%. The AIM quoted natural resources investor holds 5.83% directly in Blackham.

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Thu, 09 Jun 2016 08:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126930/polo-resources-to-increase-shareholding-in-blackham-126930.html
<![CDATA[RNS press release - Polo Increases Interests in Blackham Resources ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160609070006_012847041/ Thu, 09 Jun 2016 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160609070006_012847041/ <![CDATA[News - Polo invests in Indonesian coal project ]]> http://www.proactiveinvestors.co.uk/companies/news/126528/polo-invests-in-indonesian-coal-project-126528.html Polo Resources Limited (LON:POL) is investing S$5mln (Singapore dollars) into Indonesian coal as it struck a convertible loan deal with Universal Coal Resources Pte Ltd (Universal).

Universal has inked a conditional agreement to acquire a 75% interest in  PT Transcoal Minergy Coal Project (TCM), which owns a business licence for a  mining concession in Mantewe District, Tanah Bumbu Regency, South Kalimantan Province.

Universal wants to list in Singapore and the loan note entitles Polo to convert the principal outstanding plus any accrued interest into not less than 20% of Universal up to 18 months from draw-down, or earlier upon the receipt of approval in principle to list.

The TCM project, which has a production permit to April 2028, is focused on developing a two million tonnes (Mt) a  year underground operation delivering high quality bituminous coal.

The current JORC Resource of 129 Mt has been derived from the southern area and there is potential to upgrade the resource via the northern area.

Further drilling and a full final feasibility study are required and forestry approval before any mine development begins.

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Tue, 31 May 2016 07:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126528/polo-invests-in-indonesian-coal-project-126528.html
<![CDATA[RNS press release - Polo Invests in Universal Coal Resources ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160531070015_012833994/ Tue, 31 May 2016 07:00:15 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160531070015_012833994/ <![CDATA[RNS press release - Celamin Holdings - Investment Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160414122122_012777543/ Thu, 14 Apr 2016 12:21:22 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160414122122_012777543/ <![CDATA[News - Polo Resources Limited updates on associate Ironstone’s Clear Hills project ]]> http://www.proactiveinvestors.co.uk/companies/news/124436/polo-resources-limited-updates-on-associate-ironstones-clear-hills-project-124436.html Polo Resources Limited (LON:POL) has highlighted progress reported by its 18.84% owned associate Ironstone Resources which has completed a strategic plan for its Clear Hills project.

The plan at Clear Hill is intended to see Ironstone through the commercialisation phase, Polo said.

Ironstone’s partner, North American Coal, has outlined a conceptual mine plan for Clear Hills which features a relatively low-cost open pit mine design and environmentally-friendly electric drag-lines for overburden removal and surface miners to strip the ore body.

According to the plan, at least 5mln tonnes of ore will be mined each year in order to support Ironstone’s mill operations.

Polo also highlighted in the update that a steel market study, by the Alberta Government, due in the third quarter of 2016, will provide important data determine the type of finished steel products to produce for domestic consumption.

Ironstone also intends to transition its image and brand from a metallics resource company to a diversified manufacturer of high strength steel, vanadium and related value-added by-products.

As part of that initiative the company will be renamed Prism Diversified Limited.

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Tue, 05 Apr 2016 11:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124436/polo-resources-limited-updates-on-associate-ironstones-clear-hills-project-124436.html
<![CDATA[RNS press release - Ironstone Resources - Investment Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160405103537_012764125/ Tue, 05 Apr 2016 10:35:37 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160405103537_012764125/ <![CDATA[News - Polo Resources Ltd eyes commodity uplift but losses widen ]]> http://www.proactiveinvestors.co.uk/companies/news/124205/polo-resources-ltd-eyes-commodity-uplift-but-losses-widen-124205.html Natural resources investor Polo Resources Ltd (LON:POL) is eyeing a positive year ahead as commodity prices show signs of recovery, it said, but reported a widened loss in the latest half year.

The AIM  group said its total net assets as at March 16 were US$73.53mln - up slightly from the end of December 2015 at US$73.03mln.

Meanwhile, net asset value per share on the same day had risen to 17.23 pence, compared to 16.31 pence a share on December 31 last year.

For the six months to December 31, the loss before tax was US$3.46mln versus a loss of US$2.1mln in the same period a year ago, while cash and equivalents at the end of 2015 stood at US$15.7mln versus US$23.5mln in 2014.

At Namibia focused Weatherly International PLC, where it has a 5.2% stake, Polo said the  future looked promising with its Tschudi mine delivering planned output at lower costs along with an opportunity to boost production.

At Blackham Resources, where it has a 7.08% stake, the gold focused Australian group has recently released a definitive feasibility study, which showed very strong economics for the Matilda project.

Following the successful DFS, Blackham raised A$20.3 million through a placement and is committed to implement the Matilda Project with first production targeted for Q3 2016, noted Polo.

The firm also has a 8.16% stake in oil and gas group Hibiscus Petroleum Berhard and it announced last year  a deal with Ping Petroleum to each acquire 50 % of interests held by Shell U.K. Limited, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited in the relevant licenses of the Anasuria oil and gas fields in the UK Central North Sea for US$52.5 million.

This has now been completed and is a significant milestone for Hibiscus as it strives to become a major operating oil producer. 

Datuk Michael Tang, executive chairman of Polo, said: "With improving investment sentiment and prices emerging across the natural resources sector, the board of Polo is looking forward to an exciting 2016 where we anticipate through our producer sector portfolio investments, Blackham, Hibiscus and Weatherly a year of positive news as commodity prices show signs of recovery."

Polo shares were unchanged at 3.035p.

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Wed, 30 Mar 2016 11:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124205/polo-resources-ltd-eyes-commodity-uplift-but-losses-widen-124205.html
<![CDATA[RNS press release - INTERIM RESULTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160330103547_012755652/ Wed, 30 Mar 2016 10:35:47 +0100 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160330103547_012755652/ <![CDATA[RNS press release - BLACKHAM RESOURCES - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160314150258_012736438/ Mon, 14 Mar 2016 15:02:58 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160314150258_012736438/ <![CDATA[RNS press release - HIBISCUS PETROLEUM - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160310101107_012731822/ Thu, 10 Mar 2016 10:11:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160310101107_012731822/ <![CDATA[RNS press release - BLACKHAM RESOURCES - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160301074032_012718027/ Tue, 01 Mar 2016 07:40:32 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160301074032_012718027/ <![CDATA[RNS press release - HIBISCUS PETROLEUM - INVESTMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160217070007_012701423/ Wed, 17 Feb 2016 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160217070007_012701423/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160208164019_012690950/ Mon, 08 Feb 2016 16:40:19 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160208164019_012690950/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160208163514_012690940/ Mon, 08 Feb 2016 16:35:14 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160208163514_012690940/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160118070008_012662102/ Mon, 18 Jan 2016 07:00:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20160118070008_012662102/ <![CDATA[RNS press release - POSTING OF ANNUAL REPORT AND ACCOUNTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151230181615_012641764/ Wed, 30 Dec 2015 18:16:15 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151230181615_012641764/ <![CDATA[RNS press release - Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151224104439_012637614/ Thu, 24 Dec 2015 10:44:39 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151224104439_012637614/ <![CDATA[News - Resources sector challenges take toll on Polo ]]> http://www.proactiveinvestors.co.uk/companies/news/120682/resources-sector-challenges-take-toll-on-polo-120682.html Challenging conditions in the resource sector took their toll on investor Polo Resources (LON:POL) but it remains excited about the potential to grow its portfolio.

Releasing final results for the year to end June, Polo revealed the loss after tax had widened to US$61.2 million (loss of US$19.1 million in 2014), mainly due to a write-down of US$54.6 million against GCM Resources (LON:GCM), Signet Petroleum, Ironstone Resources and Equus Petroleum.

There was also a US$3.5mln hit on the assets at its 90% owned Nimini Gold project in Sierra Leone.

The net asset value per share as at December 17 was 16.09p a share compared to 17.7p at the end of June this year.

Cash at June 30 stood at US$21.5mln (2014: US$30.5mln).

The group's executive chairman Datuk Michael Tang said the group's healthy balance sheet and exposure to near-term cash generating investments had allowed it to stay strong through what has been a challenging period for many companies.

 "We continue to follow our strategy of supporting near-term producers with proven reserves and inherent upside potential offering investors a balanced exposure to the resources sector.

"Over the period, Blackham Resources has been a highlight in Polo's investment portfolio with the pre-feasibility study for its Matilda Gold Project being released, the definitive feasibility study expected in the first quarter of 2016 and first gold pour anticipated for the second quarter of 2016," he said.

"And although the oil and gas industry is languishing in an environment of oversupply and low prices, we are excited about the prospects of our recent investment in Hibiscus Petroleum as they are on track to generate positive cash flow from the North Sea and grow its asset base in the United Kingdom and Australia.

"The achievements of Blackham and the other investments in our portfolio continue to provide significant upside potential to Polo and I look forward to updating the market with further progress and developments in due course."

This month Polo took an 8.4% stake in Hibiscus Petroleum, a Malaysia listed oil firm, whose assets, it says, are set for a step-jump on completion of two recent acquisitions.

Its 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.

Polo shares slipped 13.58% to 1.75p each in early deals.

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Mon, 21 Dec 2015 08:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/120682/resources-sector-challenges-take-toll-on-polo-120682.html
<![CDATA[RNS press release - RESULTS FOR THE YEAR ENDED 30 JUNE 2015 ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151221070007_012631061/ Mon, 21 Dec 2015 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151221070007_012631061/ <![CDATA[RNS press release - Cessation As Reporting Issuer in Canada ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151217092420_012627654/ Thu, 17 Dec 2015 09:24:20 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151217092420_012627654/ <![CDATA[News - Polo Resources takes strategic stake in oil firm ]]> http://www.proactiveinvestors.co.uk/companies/news/119939/polo-resources-takes-strategic-stake-in-oil-firm-119939.html 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.

Anasuria is currently producing at an average of over 7,000 barrels of oil.

The acquisition remains subject to approval from the UK government and is expected to complete in the first quarter next year.

Then in November, Hibiscus announced the  acquisition of 100% of Hydra Energy through the issue of new shares.

Hydra has interests in seven operated Petroleum licences in the Carnarvon Basin, offshore North West Australia.

Four of these have discoveries totalling 15 - 17 million barrels net to Hydra.

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."

In  the 18 months to June 30, Hibiscus reported a loss before tax of around £13.9 million on revenues of around £2.9 million.

As at June 30, it had consolidated net assets of around £86.4 million.

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Wed, 02 Dec 2015 08:25:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119939/polo-resources-takes-strategic-stake-in-oil-firm-119939.html
<![CDATA[RNS press release - POLO INVESTS IN HIBISCUS PETROLEUM ]]> http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151202070523_012606028/ Wed, 02 Dec 2015 07:05:23 +0000 http://www.proactiveinvestors.co.uk/companies/rns/798/LSE20151202070523_012606028/