Regalis Petroleum Limited
Universal Coal Resources Pte Ltd

Energy and Petroleum, Kazakhstan
1.95 % equity interest

Polo invested CA$4,125,000 in Equus Petroleum, a Kazakhstan energy and petroleum company that operates oil and gas exploration and production activities in Central Kazakhstan through its Kazakh subsidiary Kumkol Trans Service LLP.

Equus is developing the Sarybulak oilfield, located within its 498-square kilometre licence in the oil producing South Turguay Basin, Central Kazakhstan. Sarybulak has been in operation since 2008 under a Pilot Production Licence, a component of the Exploration Licence, with all production to date being sold into the domestic market.

Equus has constructed a central processing facility in the field and is commissioning a gas processing plant and gas fired power plant. Production for the first half of 2013 averaged approximately 6,000 bopd under natural flow conditions, and is currently running at approximately 8,000 bopd. An eight well exploration drilling programme is underway, with a number of wells now undergoing testing. Equus has received approval for a two-year extension to its Exploration Licence to allow further evaluation of the discoveries made to date. The company expects to submit applications for full Production and Export licences in 2014. The 2014 capital investment programme includes the construction of an export pipeline and expansion of the gas processing facilities to allow uninterrupted deliveries to export sales markets.

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