Page 18 - AfrOil Week 13 2022

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In addition, the Company expects to receive cus- following the signing of the rig contract earlier boost production by around 100,000 barrels per
tomary formal acknowledgment from the gov- in the month we anticipate drilling to commence day (bpd). It also said it will raise output at the
ernment of South Africa in respect of this change in late Q3 2022. We look forward to receiving the Mabruk field and help to construct 500 MW of
of control shortly. final formal acknowledgement from the South solar power to feed the local grid.
At no time will Azinam Holdings be entitled African government for the change of control bna/IntelliNews, March 27 2022
to subscribe for and purchase such amount of entities and to making further updates on our
Common Shares which, when aggregated with strategic acreage in due course.” Cameroon-focused
its already existing ownership of Common Eco (Atlantic) Oil & Gas Ltd, March 28 2022
Shares, would result in Azinam Holdings being Bowleven announces
the registered or beneficial holder of more than
19.9% of the then issued and outstanding Com- PERFORMANCE interim results for H2-2021
mon Shares, without the prior written consent
of the Exchange and Eco and in accordance with Libya’s NOC, French Bowleven, the Africa-focused oil and gas Explo-
the policies of the Exchange. Eco has agreed that, ration and Production Company with key inter-
for as long as Azinam Holdings holds at least a TotalEnergies plan to ests in Cameroon, has announced its unaudited
12.5% interest in Eco’s share capital, Azinam interim results for the six months ended Decem-
Holdings shall be entitled to nominate one direc- raise crude oil output ber 31, 2021.
tor for election to Eco’s board of directors. HIGHLIGHTS, Operational, Etinde: The JV
Admission of the Consideration Shares: Libya’s state-owned National Oil Corp. (NOC) partners concluded in December 2021 that the
Application has been made for admission of the is currently discussing with French TotalEner- development option of exporting gas to Equa-
First Tranche, which will rank pari passu with gies the capacity of the oil sector in the country torial Guinea (EG) was the preferred choice in
existing Common Shares, to trading on AIM. It to increase crude output while minimising car- terms of value, risks and benefits to Cameroon
is expected that Admission will become effec- bon emissions, according to NOC head Mustafa and each individual joint venture (JV) member.
tive and trading will commence at 8:00 a.m. on Sanallah. An operating committee meeting (OCM)
March 31, 2022. Both parties discussed TotalEnergies’ deci- was held in mid-January 2022, where New Age,
Following Admission of the First Tranche, sion to resume exploration operations at some as Operator, presented a technical, risk and
the enlarged issued share capital of the Com- locations, the French group’s plans to introduce financial evaluation of a wide range of potential
pany will be 224,989,935 Common Shares. The renewable energy facilities and how NOC could development options to SNH in support of the
above figure may be used by shareholders as the benefit from TotalEnergies’ experience in this JV partners’ conclusion.
denominator for the calculations by which they field. SNH agreed to study the JV partners’ recom-
will determine if they are required to notify their Both parties also agreed on providing train- mendation and report back with their own con-
interest in, or a change to their interest in, the ing programmes for Libyan students by Total sideration of the option alongside their proposal
share capital of the Company. Summer University in a number of oil-related for the next steps as soon as possible. The recent
Gil Holzman, Co-Founder and CEO of Eco oil disciplines. Ukraine crisis has impacted the ability to coordi-
Atlantic, commented: “We are happy to now Earlier this month, NOC said it had discussed nate efforts amongst all the JV members and we
officially own Azinam Group and its subsidiar- gas opportunities with TotalEnergies to restore envisage a period of normalisation will resume
ies. We now look forward to operating a number production from the Mabruk field and boost in due course to facilitatethis effort.
of highly prospective licences in three explo- Waha Oil Co. (WOC) output. The aim was set Whilst one of our JV partners, Lukoil PJSC,
ration hotspots: Guyana, Namibia and South out for the Mabrouk field to resume production has been impacted by the recent imposition
Africa. We continue to make strong progress in early 2023. of Russian sanctions, their participation in
towards the upcoming drilling of the Gazania-1 TotalEnergies said in November last year it the Etinde PSC is as a non-operating minority
well on Block 2B offshore South Africa, and will inject $2bn into Libya’s Waha oil project to partner. Notwithstanding being a private sec-
tor concern, we are as yet uncertain of how the
Ukrainian conflict will impact the timeframe for
obtaining final investment decision (FID) for the
project.
At this stage, we remain satisfied that the JV
partners could be able to reach a final investment
decision during 2022; however, we also recog-
nise that the outstanding commercial and polit-
ical issues are not within Bowleven’s or our JV
partners’ control and may therefore in practice
require further time to negotiate and receive the
relevant approvals to reach FID.
Corporate: The loss for the six-month period
was $1.2mn, compared to $900,000 for the same
period in the prior year. The increased loss is pri-
marily due to lower interest income.
Group cash balance at December 31, 2021,
was circa $2.5mn with a further $2.5mn held in
a financial investment, with no debt or material
financial commitments.

P18 www. NEWSBASE .com Week 13 30•March•2022