Page 10 - AfrOil Week 14 2022

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According to a company statement, though, the The SG 4571 licence area encompasses the
closing date of the option has now been pushed Muzarabani and Msasa fields. Together, these
back to April 30, 2022. two sites may contain a combined volume of
“The extension request follows [Invictus’] 9.25 trillion cubic feet (261.94bn cubic metres)
agreement with the Republic of Zimbabwe and of natural gas and 294mn barrels of gas conden-
Sovereign Wealth Fund of Zimbabwe (SWFZ) to sate in gross mean unrisked reserves. Muzara-
increase the SG 4571 licence area from 100,000 bani is the larger of the two sites, holding 8.2 tcf
to 709,300 hectares,” the statement explained. (232.2 bcm) of gas and almost 250mn barrels of
“The additional time will allow CEA to assess gas condensate, while Msasa may have 1.05 tcf
the extended SG 4571 area and finalise addi- (29.73 bcm) of gas and 44mn barrels of conden-
tional funding requirements associated with sate. ™
the drilling campaign and past costs,” it added.
It also noted that the new expiration date
would put CEA in a position to make its decision
on joining the Cabora Bassa project around the
time that Exalo Drilling (Poland) is due to start
moving its Rig 202 from its current location in
Tanzania to Muzarabani, one of the fields within
SG 4571. Rig 202 is due to arrive at Muzarabani
in mid-June, allowing Invictus to begin drilling
the first of two planned exploration wells there
in late June.
In the meantime, the Australian company
is still working to bring additional investors on
board. In the statement, it said it was in “active
discussions with multiple parties” on the SG
4571 project. It did not name any other potential
partners, though. Invictus intends to spud its first well in late June (Image: Invictus Energy)

PERFORMANCE
TotalEnergies Marketing Kenya says its

after-tax profit dropped to $23.4mn in 2021

KENYA TOTALENERGIES Marketing Kenya Plc and final dividend of KES1.31 per share for the
reports that its after-tax profit declined to year ending December 31, 2021 (down from
KES2.7bn ($23.4mn) for the 12-month period from the 2020 dividend of KES1.57), payable
ending on December 31, 2021, down from KES- on or around July 30, 2021. This recommenda-
3.2bn in 2020. tion will be subject to shareholder approval at
The gross margin of the petroleum product the company’s virtual annual general meeting
marketing firm, which is listed on the Nairobi (AGM), which is scheduled to take place on
Securities Exchange (NSE), decreased to KES- June 24.
8.8bn compared to KES9bn in 2020. The shift Eric Fachini, the managing director of
was heavily influenced by a lag in price adjust- TotalEnergies Marketing Kenya, said results had
ment arising from a sharp increase in fuel costs. been affected by the Kenyan economy’s recov-
TotalEnergies Marketing Kenya said its ery in 2021, after sustaining damage from the
directors have recommended payment of a first COVID-19 pandemic in the previous year.

TotalEnergies filling stations in Kenya have been rebranded (Photo: TotalEnergies Marketing Kenya)

P10 www. NEWSBASE .com Week 14 06•April•2022