Page 16 - AfrOil Week 48 2021

AfrOil NEWS IN BRIEF AfrOil

Given that the Proposed Eroton Transaction is Nguesso on Tuesday, delivering a special mes-
to be financed through a debt facility, it is not sage on behalf of Equatoguinean President,
expected that the consideration payable under Teodoro Obiang Nguema Mbasogo, regard-
the Potential Transaction (being an issue of ing regional energy integration. The meeting
new shares in the Company to Midwestern), addressed growing South-South cooperation
will be impacted. As previously announced, it is and encouraged the establishment of a more
expected that, inter alia, as part of the Potential robust regional energy sector able to meet the
Transaction, the amounts currently owed to San needs of the citizens of Central African Eco-
Leon by MLPL (pursuant to the loan notes) will nomic and Monetary Community (CEMAC)
be eliminated. member states.
The heads of terms for the Potential Trans- President Nguesso was also accompanied
action (the signing of which was announced by Congolese Minister of Hydrocarbons Bruno November.
on July 12, 2021) are being updated to reflect a Jean-Richard Itoua, who held his own bilateral Driving the development and production of
proposed restructuring of Midwestern’s indirect meeting with Minister Lima. Both oil ministers renewable sources to support the global energy
holding in ELI (which is currently held through participated in the CEMAC Energy Business transition, green hydrogen is seen as an attractive
a joint venture) to facilitate the proposed transfer Forum in Brazzaville, taking place November source of electricity, due to the relative ease of its
of this holding to San Leon as part of the Poten- 29-30 and seeking to foster discussions among storage capabilities and the global shift by com-
tial Transaction. There is expected to be no eco- regional stakeholders and accelerate sustainable, panies and countries towards carbon-neutrality.
nomic impact on the Potential Transaction from regional energy growth. With the potential to become an interna-
San Leon’s perspective in respect of Midwestern’s The Republic of the Congo is not the only tional exporter of green hydrogen, Namibia will
restructuring of its holding in ELI. country at the forefront of Equatorial Guinea’s facilitate the development of and research into its
The parties continue to work with their campaign to expand cross-border cooperation. development by foreign institutes, with interest
respective advisers to prepare the necessary In September, Minister Lima met with Cam- already having been clinched by Germany.
transaction documentation in relation to the eroonian President Paul Biya to boost cooper- Utilising the opportunity for the entire Afri-
Potential Transaction (including publishing an ation in the hydrocarbons sector and enhance can continent to leverage off green hydrogen
AIM admission document, given that the Poten- commercial exchanges between CEMAC mem- development, The African Hydrogen Partner-
tial Transaction will be classified as a reverse ber countries, with a view to driving economic ship, an association dedicated to the develop-
takeover under the AIM Rules for Companies development within the region. Intra-African ment of green hydrogen in Africa, has supported
and to carry out due diligence. cooperation is being positioned as the key to the integration of 40 GW of electrolyser capacity
In accordance with Rule 14 of the AIM Rules, unlocking Africa’s energy prosperity, able to in Europe and another 40 GW in North Africa.
the Company’s ordinary shares will remain sus- increase investors’ confidence, trigger large-scale “There is a huge demand for green hydrogen,
pended from trading on AIM until such time as projects that individual countries could not sup- but the supply side from Africa needs to be very
either an AIM admission document is published port alone, and generate a more active African much boosted,” said Internal Renewable Energy
or an announcement is released in the event that influence within the global energy community. Agency project facilitation director Ahmed
the reverse takeover in contemplation is not African Energy Chamber, November 30 2021 Badr.
proceeding. “Hydrogen is dispatchable and in the best
Given the need for binding contractual doc- case we will have pipelines, and there are existing
umentation and applicable regulatory consents, HYDROGEN pipelines between the African continent, espe-
there can be no guarantee at this stage that the cially from Tunisia via Italy and from Morocco
Potential Transaction (including the proposed Namibia projected to via Spain,” stated CEO of Hydrogen Europe,
debt and equity investments by San Leon in Jorgo Chatzimarkakis, adding that, “There are
ELI) or the Proposed Eroton Transaction will become global leader in new pipeline projects to be built from Egypt to
be entered into or, if entered into, that they will Cyprus, Greece and Italy and it is important that
complete. green hydrogen production here we can use basically existing infrastructure
The Company will release further announce- that needs to be repurposed.”
ments as and when appropriate. Namibia is expected to become one of the world’s “We really see this as an historic moment
San Leon Energy, November 29 2021 key players in the green hydrogen market, with and an opportunity to build a new win-win
production costs that will make the south- history and this is why we are trying to prepare
ern-African country an attractive partner for the ground in Morocco,” added Samir Rachidi,
DIPLOMACY the international community during the global Head of the Research Institute for Solar Energy
energy transition towards green energy. and New Energies.
Equatorial Guinea’s oil ing strong potential for wind and solar energy, The Government of Namibia selected project
Announced at COP26 in early-November,
With its vast areas of unused land provid-
minister meets Congolese as well as the use of platinum and iridium in its development company, Hyphen Hydrogen
manufacture (platinum group metals are found Energy, a joint venture between strategic invest-
president, advances CEMAC in abundance in the southern-African country), ment and infrastructure project developer, Nich-
it is projected that production for green hydro-
olas Holdings Limited and independent German
energy co-operation gen from Namibia will cost approximately $2 per company, Enertag South Africa, as the preferred
kg, a record low, according to Innovative Com-
bidder for a $9.4bn green hydrogen project in the
Equatorial Guinea’s Minister of Mines and missioner for Green Hydrogen at the German in the Tsau//Khaeb National Park, in southern
Hydrocarbons, Gabriel Mbaga Obiang Lima, Federal Ministry of Education and Research, Namibia.
met with Congolese President Denis Sassou Dr. Stefan Kaufmann during a webinar in Energy Capital & Power, November 29 2021

P16 www. NEWSBASE .com Week 48 01•December•2021