Page 14 - AfrOil Week 01 2023

AfrOil NEWS IN BRIEF AfrOil

Now including selections from NewsBase’s partner service

INVESTMENT longstop timelines for the completion of the Migration (completed October 2022), with angle
MLPL Reorganisation Agreement and the ELI stacks and gathers is also available to prospective
San Leon Energy Reorganisation. bidders. Links to all data can be accessed via the
dedicated NUPRC portal.
Unless otherwise defined herein, the capital-
announces further update ised defined terms used in this announcement The Mini Bid Round is a market-driven pro-
have the same meaning as those used in the gramme and will follow a transparent and com-
on proposed transactions Admission Document. petitive procurement process designed to attract
competent third-party investors from across the
San Leon Energy, 03 January 2023
with Midwestern world that have the capability and proficiency in
operating in deep-water environment.
San Leon, the independent oil and gas produc- Announcement of Nigeria Historically, this Mini Bid Round intends to
tion, development and exploration company Mini Bid Round 2022 build on the successes of the last bid round that
focused on Nigeria, has announced a further held in April 2007, during which a total of 45
update in relation to the Proposed MLPL Reor- On behalf of the Federal Government of Nigeria, blocks, drawn from the inland Basins of Anam-
ganisation, details of which were set out in the the Nigerian Upstream Petroleum Regulatory bra, Benue and Chad; the Niger Delta Conti-
Company’s AIM Admission Document pub- Commission (NUPRC) is pleased to announce nental Shelf; Onshore Niger Delta and Deep
lished on July 8, 2022. the Mini Bid Round 2022). The Mini Bid Round Offshore were put on offer. The 2007 bid round
Further to the announcement made on is an opportunity to spur new exploration and was held under a different regulatory regime
December 1, 2022, the MLPL Reorganisation drilling activities in the prospective deep waters (the Petroleum Act, 1969) and generated mas-
Agreement’s deadline for the satisfaction of offshore Nigeria. sive interest and participation with its attended
the condition relating to the New Eroton Debt The Mini Bid Round is the first in a series of revenue which made the exercise a success.
Facilities being entered into, which had already bid rounds, aimed at further development of In this year’s Mini Bid Round, seven Offshore
previously been extended to December 31, 2022, this prospective petroleum basin will be held blocks covering an area of approximately 6,700
has now been further extended to March 31, in accordance with the Petroleum Industry Act square km in water depths of 1,150 metres to
2023, by agreement between the Company and 2021 (PIA), with its enhanced legal and regula- 3,100 metres are put on offer.
Midwestern. tory frameworks that seeks to encourage new The success of the Mini Bid Round will
As previously announced, the Sahara OML investors and investments into the next phase of ensure all stakeholders gain value from the coun-
18 Acquisition Agreement will not be entered exploration in this region. try’s resources, whilst paying close attention to
into until after the New Eroton Debt Facilities The Mini Bid Round will be managed by the reduction in carbon emissions, as well as overall
have been entered into and the funds to allow NUPRC, in line with the provisions of the PIA, environmental, social and governance (ESG)
the Eroton OML 18 Transactions to proceed are as the statutory body responsible for ensuring considerations.
available, and therefore the MLPL Reorganisa- compliance with petroleum laws, regulations, A dedicated programme portal (br.nuprc.
tion Agreement‘s deadline for the Sahara OML and guidelines in the Nigerian upstream petro- gov.ng) for the Mini Bid Round has been pub-
18 Acquisition Agreement to be entered into has leum industry. lished by NUPRC, which provides details of the
also now been further extended to March 31, The National Data Repository (NDR) of bid round process, including the registration
2023, by agreement between the Company and NUPRC and our multi-client partners are and prequalification requirements, and detailed
Midwestern. delighted and ready to support the Mini Bid guidelines for applicants. A pre-bid conference
These extensions bring the timelines for Round underpinned by high-quality datasets. is scheduled for January 16, 2023, to provide
the satisfaction of the MLPL Reorganisation The blocks have extensive 2D and 3D seismic potential applicants with an opportunity to ask
Agreement’s conditions relating to the New data coverage, including multi-beam and analog questions they may have concerning the Mini
Eroton Debt Facilities and the Sahara OML 18 data. Additionally, a remarkable quality, 3D Bid Round process and requirements, after
Acquisition Agreement in line with the current Mega Survey Plus reprocessed Pre-stack Time which interested companies will be invited to
submit their pre-qualification applications by
January 31, 2023. NUPRC will continue to pro-
vide further details and roadmap for this inter-
national competitive Mini Bid Round in due
course.
NUPRC, 21 December 2022

PERFORMANCE

Uganda’s FDI up
35% in Q4 2022 on

oil sector activity

Uganda registered a 35% growth in Foreign
Direct Investment (FDl) in the last quarter of
2022, supported by increased activity in the oil
sector, according to the central bank.

P14 www. NEWSBASE .com Week 01 05•January•2023