- Polo Resources noted that investee company Hibiscus Petroleum had received a positive update on the progress of the Cook water injection project offshore UK from operator Ithaca Energy.

Ithaca said the Cook water injection well had been drilled to a total depth of 13,045 feet on 2 May.

The reservoir pressure at the injection well location was found to be as predicted.

Additionally, the oil water contact was deeper than originally anticipated.

'The implications of a deeper oil water contact whilst potentially positive, are still being evaluated and a further announcement will be made when the detailed work has been completed to establish the latest reserves estimates in the Cook field,' Polo Resource said.

Polo Resources owns 8.8% of Hibiscus Petroleum.

At 9:16am: [LON:POL] Polo Resources Limited share price was +0.12p at 4.23p

Story provided by