By Business Wirevia The Motley Fool
Filed under: Investing
Polo Resources Limited: Unaudited Interim Results
for the Six Months Ended 31 December 2012
TORONTO–(BUSINESS WIRE)– Polo Resources Limited (AIM and TSX: POL),(“Polo” or “the Company”) the natural resources exploration investment company with interests in gold, oil and gas, coal and iron ore, today announces results for the six months ended 31 December 2012.
Highlights
- Net Asset Value per share at 8 March 2013 is 36.2 pence per share at close of business and 36.2 pence per share at 31 December 2012.*
- Nimini Mining Limited was awarded a large-scale Mining Licence in November 2012, for an initial 25-year period. That Licence covers the whole area (100 square kilometres) formerly held under the Nimini East and West exploration licences.
- Nimini is currently investing in a drilling programme, with particular emphasis on the delineation of strike extensions of the Komahun deposit to the north-east and south-west.
- Polo acquired in excess of 10 million Signet Petroleum Limited (“Signet”) shares in return for new shares in Polo Resources, increasing the Company’s interest in Signet to 48.21 per cent. Polo holds the option to subscribe for an additional 2.225 million Signet shares and a two-year warrant over an additional 1.43 million shares. Should these options be exercised, Polo’s interest in Signet would rise to 54.9 per cent.
- Signet is exploring a number of oil and gas concessions in Africa, and has processed and interpreted the relevant 2D seismic data over its Namibian acreage (Block 2914B). The initial interpretation of the Namibian data has identified a potentially major structure, which will now become the focus of intensive study and evaluation.
- First Energy Capital Corp. has been appointed by Signet to assess strategic alternatives for Mnazi Bay and to seek farm-in partners for the company’s blocks in Namibia and Benin.
- Polo reports net cash and short-term investments totalled US$42.5 million at 31 December 2012 and US$34.56 million at close of business at 8 March 2013, to fund future investments, which Polo continues actively to review.
- Polo reports US$5.0 million write-down in investment in Canadian iron ore explorer Ironstone Resources Limited.