Page 15 - AfrOil Week 21 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

The non-oil sector contributed 93.37% to GDP GBP1.25mn unsecured Loan Note entered into 650mn cubic metres of natural gas annually, the
growth – mainly driven by the ICT, trade, finan- in 2021, which was due to be repaid by April maximum amount required, at a 50% discount
cial and insurance, agriculture and manufactur- 21, 2022, Hadron has agreed to not declare an to the international price in solidarity with its
ing segments – up from 90.75% in Q1-2021 but event of default and stay any enforcement action impoverished people following the Levantine
down from 94.81% in Q4-2021. on the non-repayment of this Note. Hadron country’s financial collapse over the past cou-
bna/IntelliNews, May 23 2022 has reserved its position to take any action in ple of years. The natural gas from Egypt will be
the event that at any time it reasonably believes directed towards operating the Deir Ammar
Cameroon: Victoria that the financial position of the Company is electricity generation station. The Lebanese
unlikely to be stabilised. This stay also applies to energy ministry has also reached an agreement
Oil & Gas announces the GBP1.15mn unsecured Loan Notes entered with Syria to receive its transit fees for Egyptian
natural gas coming from Jordan and going to
into with Hadron on March 1, 2022.
Q1-2022 operational mented: “GDC turned in another robust quar- Lebanon in kind, as a portion of the natural gas
Roy Kelly, CEO of Victoria Oil & Gas, com-
transiting its territory.
and corporate update ter of gas sales, partially buoyed by the AFCON Following the signing of the contractual
football competition hosted by Cameroon, and agreement, Lebanon will seek World Bank
Victoria Oil & Gas, whose wholly owned subsid- that performance has continued into the start financing to pay for its natural gas import
iary Gaz du Cameroun (GDC), is the onshore of the second quarter. Despite the post-period requirements from Egypt. US government sup-
gas producer and distributor with operations Arbitral award and the suspension of trading in port has been instrumental in securing World
located in the port city of Douala, Cameroon, VOG shares whilst the Company is in a position Bank financing for the Egyptian natural gas sup-
has provided shareholders with a brief opera- of financial uncertainty, it remains very much plies to Lebanon.
tions update for the first quarter of 2022 and an business as usual at the operational level whilst bna/IntelliNews, May 24 2022
update on corporate matters. we continue to earnestly seek a post-award
Operations summary, Sales: Average daily settlement. Our Russian asset is of course not
gross gas sales rate for the quarter was 5.5 mcf immune from global events and the interna- PROJECTS & COMPANIES
per day (up 4% on Q4-2021: 5.3 mcf per day), tional sanctions on the country, though we con-
and a gross volume of 4,691 barrels (Q4-2021: tinue to receive encouraging interest in the sale Mauritania: Chariot
5,584 barrels) of condensate was shipped to process.”
customers. Victoria Oil & Gas, May 19 2022 completes pre-feasibility
Logbaba Performance: The field has been
meeting the demand using two of the three wells study of large-scale green
at any one time, with Well La-108 alternating POLICY
with Well La-107. hydrogen project
Matanda: Following the rig tendering exer- Lebanon on verge of
cise, a suitable rig has been identified in nearby The Government of Mauritania through the
Chad, and this rig would be capable of drilling signing natural gas Ministry of Petroleum, Mines and Energy and
deeper Cretaceous targets as well as the shal- Chariot, the Africa-focused transitional energy
lower Tertiary targets. As the rig is currently idle, supply deal with Egypt group, are pleased to announce that the Pre-Fea-
the rig owner will mobilise the rig to Cameroon sibility Study (PFS) for the large green hydrogen
whilst contract negotiations continue. The Com- Lebanon’s outgoing cabinet has delegated Min- project Project Nour in Mauritania has been
pany continues to market the Matanda Farm- ister of Energy Waleed Fayad to finalise and completed and a Framework Agreement has
Out opportunity. sign the contract to import natural gas from been signed, mapping out the next phases of
Corporate summary, Post-Period: RSM Liti- Egypt via the Arab pipeline, the cabinet said in development.
gation & Suspension of Trading. As announced a press release. This comes on the heels of the PFS confirms that Mauritania is exceptionally
on April 4, 2022, the Arbitral Tribunal made its Lebanese government concluding commercial well-placed for green hydrogen production due
Partial Final Award under ICC Rules on April 1, negotiations with their Egyptian and Syrian to its world-class solar and wind resources and
2022. The net award to RSM was $12.1mn, with counterparts. the project has the potential to produce some of
interest and costs to be agreed by the parties Egypt has pledged to supply Lebanon with the cheapest green hydrogen in the world.
separately.
Neither GDC nor the VOG Group has the
ability to pay the Award and accordingly the
trading of VOG shares on the London Stock
Exchange was temporarily suspended as of 7:30
a.m. on April 4, 2022, pending resolution of this
fundamental uncertainty to continue as a going
concern.
As stated in the April 4, 2022, RNS, the parties
continue to work towards a post-award settle-
ment, albeit such settlement cannot be assured.
However, the settlements reached in September
2021 and January 2022 show that these sorts of
agreements are possible.
Hadron Loan Notes: Referring to the

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