Polo Resources

• 

  15/05/13

  Polo Resources could spin out assets ‘sooner rather than later’, new backer says

  Polo Resources new co-chairman plans to advance the group's oil and gold investments strategically in 2013.

• 

  14/05/13

  UPDATE: Polo Resources shares advance as Malaysian investor moves in

  New MD Michael Tang says today's announcements are a turning point in Polo’s development.

• 

  14/05/13

  Polo Resources appoints new co-chairman

• 

  15/03/13

  Polo Resources pencils in Nimini gold estimate for June

• 

  05/12/12

  Polo Resources: Encouraging drill results point to more progress in Sierra Leone

• 

  06/08/12

  Polo Resources files NI43-101 technical report on Nimini-Komahun gold project

• 

  25/06/12

  Polo Resources stock up on executive share buy, broker remains upbeat

• 

  19/06/12

  Polo Resources unveils ‘significant’ increase in Nimini-Komahun gold resources

• 

  16/05/12

  Polo Resources increases stake in Signet Petroleum

• 

  27/03/12

  Polo Resources sells 10pct stake in Nimini gold project to Plinian Capital

• 

  18/05/13

  Proactive Investors Mid & Sml Cap Weekly Roundup - Key catalysts come from boardroom changes
• 

  14/05/13

  Proactive news summary: Anglesey Mining, Bullabulling Gold, Union Jack, Motive Television, Polo Resources, Jubilee Platinum
• 

  14/05/13

  Wall Street surge hoists FTSE 100
• 

  14/05/13

  US stocks firmer as small business confidence rises

Polo Resources (AIM and BSX: POL) is a natural resources investment company that manages substantial holdings in companies and projects offering strong growth and value enhancement potential.

Polo’s experienced management team has a proven track record in the identification of under-valued investment opportunities; both in production and pre-production, listed and unlisted. Large-scale investments include Nimini Holdings Limited (90%), Signet Petroleum Limited (48.21%) and GCM Resources plc (29.80%).

Well financed, strategically experienced and backed by a strong portfolio in the gold oil & gas, coal and iron ore sectors, Polo Resources is well positioned to build upon its success in developing its portfolio and returning value to shareholders. 

Gold Projects, Sierra Leone

90% equity interest

• Two high-grade gold projects in Sierra Leone: Nimini Hills East and West and Matotoka
• Flagship Komahun Gold Project has NI 43-101 compliant Indicated Resources of 110,000 ounces gold and Inferred Resources of 435,000 ounces gold (SGS Canada Inc. estimate, 2012)
• Exceptional results obtained from the Q4 2011 diamond drill programme (3,332 metres)
• US$2 million drill programme on-going, tsrgeting 1 million ounce gold resource at Komahun
• Pre-Feasibility Study at Komahun scheduled for completion in Q1 2013
• Plinian Capital appointed to manage and direct exploration, development, administrative and production activities
• Sierra Leone is stable and encourages mine development

Oil & Gas, Africa

48.21% equity interest

Signet Petroleum is an independent oil exploration company focused on acquiring and developing high impact exploration assets in Africa. Four highly prospective assets have already been acquired, in Benin, Burundi, Namibia and Tanzania, and the Company is actively pursuing additional assets in other African focus countries.

Benin 

Signet has acquired a 90 per cent shareholding interest in Signet Petroleum Benin, a company that entered into a petroleum contract with the Republic of Benin for the exploration and exploitation of hydrocarbons in offshore Block No. 3 on 15 July 2011. Block No. 3 covers an area of 2,863 square kilometres in the hydrocarbon bearing Dahomey Embayment. Within Block No. 3, there are three major sandstone reservoirs all of which have been penetrated in the Seme field in neighbouring Block No. 1 located to the east. 

In February 2011, the Brazilian state oil company Petrobras acquired a 50 per cent interest in Block No. 4 located to the south adjacent to Block No. 3 offshore Benin.

Burundi 

Signet has acquired rights to an 87.5 per cent shareholding interest in Minergy RE (Rare Earths) Limited, which entered into a petroleum contract with the Republic of Burundi for the exploration of hydrocarbons in Block C in Lake Tanganyika on 21 May 2011.

Block C covers an area of 658.1 square kilometres. Lake Tanganyika lies on the western branch of the East African Rift System. The exploration area in Burundi includes the Rusizi and Lake Tanganyika basins and has been divided into four blocks, of which Block C is one. Block A located in the Rusizi basin was awarded in May 2011 to A-Z Petroleum Ltd. The other two blocks, Block B and D, are owned by Surestream Petroleum Limited.

In August 2011, Total SA was granted the Lake Tanganyika North Area license following a competitive bid process in which nine companies applied.

Namibia 

On 17 June 2011, Signet entered into a petroleum agreement with the Government of the Republic of Namibia in relation to Block 2914B which gave Signet a 75 per cent interest in the block. On 19 August 2011, petroleum exploration licence no. 0039 was issued to Signet and its partners in relation to Block 2914B, which comprises an area of 12,299 square kilometres. 

Block 2914B is located in the highly prospective Orange Basin to the southwest of the Kudu gas field (estimated proved and prospective reserves of over 6 trillion cubic feet) operated by Tullow Oil plc. Block 2914B is also adjacent to blocks operated by HRT Participações em Petróleo S.A.

Tanzania 

Signet holds an 80 per cent shareholding interest in Hydrotanz Ltd (“Hydrotanz”), a company incorporated in Tanzania. Hydrotanz entered into a production sharing agreement with the United Republic of Tanzania and the Tanzania Petroleum Development Corporation pertaining to the North Mnazi Bay on 29 May 2008. North Mnazi Bay is located offshore and covers an area of 252.27 square kilometres. Hydrotanz has recently completed the acquisition of 375 km of 2D seismic and these results will be interpreted with existing data to design a work programme for the block.

A joint venture between BG International Limited and Ophir Energy plc has interests in Blocks 1, 3 and 4 offshore southern Tanzania. These blocks cover 20,853 square kilometres in the Ruvuma and Mafia Deep Basins area, located in water depths ranging from approximately 100 metres to 3,000 metres. The results of the recent drilling activity in Blocks 1 and 4 have confirmed the presence of both Tertiary and Cretaceous reservoir systems. All three of the recent wells drilled in Blocks 1 and 4 have encountered gas within Tertiary reservoirs. According to a report prepared by RPS Energy Limited in July 2011, Blocks 1, 3 and 4 had 2,454 bscf of gross mean contingent resources and 5,643 bscf of gross mean risked prospective resources. Block 1 is located to the north adjacent to the North Mnazi Bay block. 

In the Company’s opinion, the potential further investment in Signet provides a good investment opportunity for Polo. Based on comparable companies in the region, Signet’s diverse portfolio of assets has the potential to create significant shareholder value.

Michael Tang (aged 40) Executive Co-Chairman and Managing Director

Mr. Tang is the principal of Mettiz Capital Limited (“Mettiz”), an investment company with significant corporate and financial experience in natural resources, power generation, manufacturing and real estate.  Mr. Tang qualified as a barrister in London and holds a Bachelor of Laws degree from the London School of Economics and Political Science.

Stephen R. Dattels (aged 65): Executive Co-Chairman

Mr. Dattels is a seasoned senior mining executive and is Executive Co-chairman of two companies listed on the AIM market of The London Stock Exchange, both of which are in the mining sector: Polo Resources Limited and West African Minerals Corporation, where he is also Chief Executive. In late 1982 he joined Barrick Gold Corporation and was one of the key executives during its formative years, where he was involved in the company’s growth from a capital base of US$10 million to a market capitalisation of over U$2 billion when he left in early 1987. Since leaving Barrick, Mr. Dattels has been a mining financier of numerous mining ventures in several continents in diverse commodities including gold, uranium, copper, iron ore and coal. In 2005 he founded UraMin Inc., which acquired and developed uranium assets in Africa. The Company was sold in August 2007 to Areva, the French Government-owned, fully integrated nuclear company for cash consideration of approximately US$2.5 billion. He is also an active investor in oil & gas exploration in Africa. Mr. Dattels is currently a Non-Executive Director of AIM listed GCM Resources plc and Non-Executive Co-Chairman of Hong Kong listed Regent Pacific Group. Mr. Dattels has a Bachelor of Arts degree from McGill University, a law degree (cum laude) from the University of Western Ontario and has completed the Program for Management Development at Harvard University.

Ian Burns (aged 53): Finance Director

Mr. Burns is a fellow of both the Institute of Chartered Accountants in England and Wales and the Chartered Institute for Securities and Investment. He is the founder and Senior Executive Director of Via Executive Limited, a specialist management consulting company and the Managing Director of Regent Mercantile Holdings Limited, a privately owned investment company. For over twenty years Mr. Burns has specialised in corporate governance, risk management, accounting and administration for companies in a number of industry sectors and is currently a Non-Executive Director of Phaunos Timber Fund Limited, a US$700 million company listed on the London Stock Exchange, as well as several fund management companies engaged in the property, emerging markets and alternative energy sectors. He is licensed as a personal fiduciary by the Guernsey Financial Services Commission. Previously Mr. Burns was an Executive Director at Anson Fund Management Limited and, prior to that, Group Managing Director of Investec Trust. He is the former Chairman of the Guernsey Association of Trustees and a current member of the Society of Trust and Estate Planners Guernsey committee.

Guy Elliott (age 54): Senior Non-Executive Director

Mr. Elliott is a co-founder of F3 Capital Management, LLC, an independent alternative asset management firm specialising in early stage financings in the natural resources field. Prior thereto, Mr. Elliott was president and co-founder of Croesus Capital Management, a specialist emerging markets hedge fund from 1993 until 2001, President of Rothschild Emerging Markets and manager of the Rothschild Emerging Markets Natural Resources Fund. Mr. Elliott is Vice Chairman of AIM listed Top Level Domain Holdings. Past Directorships include Aurelian Oil & Gas an AIM listed E&P company and Direct Petroleum Exploration Inc, a private Denver based E&P company.

Kian Meng Cheah (aged 40) Non-Executive Director

Mr. Kian Meng Cheah has more than 16 years banking and investment management experience with financial institutions in South East Asia including Standard Chartered Bank and Merrill Lynch International.  He has held a number of private company directorships in Singapore and Malaysia involved in private equity and real estate investment.  He is an Executive Director and a member of the Investment Committee of Infiniti Premium Resources Ltd., a fund focusing on resource-based industries with current investments in gold mines across Asia, Australia and Africa. Mr. Cheah holds no interest in the issued ordinary share capital of Polo.

Mr. Cheah is also an Executive Director of the Select Equity Growth Ltd. fund with a focus across diversified sectors in South East Asia, Hong Kong and Australia. He holds a Bachelor of Commerce (Accounting) from Curtin University of Technology, Australia.

Neil L. Herbert (aged 46)Senior Investment Advisor

Mr. Herbert has managed resource exploration and mining companies since 1998 when he joined Antofagasta plc having previously worked in finance with Price Waterhouse. He was appointed Executive Director of Polo Resources in 2008, Managing Director in 2009 and Executive Co-Chairman in 2010. He is also Chairman of uranium explorer UrAmerica Limited, in which Cameco is a significant shareholder, and he is a Director of Nimini Holdings Limited and African oil explorer Signet Petroleum Limited. Mr. Herbert has previously managed a number of resource companies taking these through project acquisitions and disposals together with stock market listings and fund raisings and was formerly Finance Director of UraMin Inc. from formation in 2005, taking the company through listing on both AIM and TSX to raise over US$400 million and managed its sale for US$2.5 billion in 2007. He was also formerly Finance Director of Galahad Gold plc, International Molybdenum plc, Kalahari Diamonds plc and Patagonia Gold plc and was also Chief Financial Officer of Brancote Holdings plc. He is a fellow of the Association of Chartered Certified Accountants.

The Company's issued share capital consists of 269,622,745 Ordinary Shares of no par value (last updated 14 May 2013).

The Company does not hold any Ordinary Shares in Treasury.

As of 14 May 2013 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Percentage of shares not in public hands

The percentage of the Company's shares not in public hands is 19.2%.

There are no restrictions on the transfer of the Company's AIM securities.