Page 16 - AfrOil Week 16 2020

AfrOil
NEWS IN BRIEF
AfrOil
FPSO JAK is a joint venture project, with a 26% stake being held by a Japanese consortium com- prising of Sumitomo, Kawasaki Kisen Kaisha (K Line), JGC Holdings and Development Bank of Japan.
FPSO JAK is currently operating in OCTP Block offshore Ghana and is chartered to Eni Ghana Exploration & Production, a wholly owned subsidiary of Eni, an Italian multinational energy company that has a long-term credit rat- ing of A- from Fitch.
Yinson Group Chief Strategy Officer Daniel Bong said that the deal was able to be completed only because of the close relationships that had been forged between all participating banks, joint venture partners and the client, particularly given the present turbulent environment.
“It was definitely not the most straightfor- ward process, as movement control is being imposed in many countries due to the COVID- 19 situation. However, we collectively managed to overcome this hurdle despite all odds, achiev- ing the objectives of all parties. I would like to personally thank our client, our joint venture partners and the banking group for their unwa- vering support shown for this transaction, and I look forward to continued collaboration in future projects,” he said.
Yinson, April 16 2020
INVESTMENT
Victoria Oil and Gas
announces Q1-2020
operational update
Victoria Oil & Gas, the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders an operations update of the Company. The Company intends to revert to the regular provision of quarterly updates to shareholders.
Summary: new Chief Executive Officer, Non-Executive Director announced and now on board; an average of 5.1mn cubic feet (144,400 cubic metres) per day of gas plus 1,656 bpd of condensate was produced safely and sold to industrial customers, resulting in net revenue to GDC of $5.3mn for Q1-2020 (unaudited); grid power customer ENEO has arranged pay- ment of four invoices amounting to a net total of $2.9mn to GDC via promissory notes in the quarter (as has been done before); we continue to pursue full and regular payments from ENEO; a number of expatriate crew were evacuated from Cameroon due to the COVID-19 lockdown and we await the return of the expatriate members of the rig crew required to continue the La-108
remediation work; we are proceeding with the facilities enhancement project to lower the surface pressure and thus reduce the backpres- sure on the reservoir, adding deliverability and reserves.
Roy Kelly, Chief Executive of the Company, commented: “Whilst this quarter saw the spread of COVID-19 and some inevitable impact on VOG, we are pleased to report a solid perfor- mance from our operating divisions, including continued revenue from the Logbaba project at previously reported levels and ongoing cost reduction in the SGI project in Russia. Look- ing forward, we have two capital projects on the Logbaba project that will hopefully take place this year and potentially add deliverability and reserves.”
Victoria Oil & Gas, April 17 2020
MOVES
Savannah Petroleum
announces change of
name to Savannah Energy
Savannah Petroleum, the British independ- ent energy company focused around activities in Nigeria and Niger, has announced that it is changing its name to Savannah Energy.
The change of name reflects the Company’s increasingly diversified asset portfolio. Savan- nah is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the Company currently provides gas to power stations accounting for over 10% of Nigeria’s power generation capacity and operates one of the largest privately-owned gas transportation and distribution systems in sub-Saharan Africa. In Niger, Savannah is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term.
Trading in the Company’s shares on AIM will commence under the new name Savan- nah Energy PLC and the Company’s ticker will change to SAVE with effect from 8:00 a.m. on Monday, April 20, 2020. The Company’s ISIN and SEDOL will remain unchanged.
The website address, at which the informa- tion required pursuant to AIM Rule 26 is availa- ble, will be www.savannah-energy.com once the name change has taken effect.
Shareholders should note that shareholdings will be unaffected by the change of name.
Andrew Knott, CEO of Savannah Energy, said: “The name change to Savannah Energy is reflective of the asset portfolio and business model development that we have seen over the course of recent years. Savannah is now a major
supplier of gas for domestic power projects in Nigeria, and we expect to be able to strongly grow this business over the course of the coming years in a similar manner to our plans for our business in Niger.”
Savannah Energy, April 17 2020
LEKOIL reports directorate changes
LEKOIL, the oil and gas exploration and pro- duction company with a focus on Nigeria and West Africa, announces the resignation of Heze- kiah Adesola Oyinlola and Thomas Schmitt as Non-Executive Directors.
Further to the implementation of the Com- pany’s general and administrative (“G&A”) cost reduction measures, Oyinlola and Schmitt have voluntarily resigned from the Company’s Board of Directors with immediate effect. Following these departures, Anthony Hawkins will assume the role of Chairman of the Audit Committee, and Aisha Muhammed Oyebode will retain her role as the Chairman of the Remuneration Committee.
Hezekiah Adesola Oyinlola, Non-Execu- tive Director, commented: “As a member of the LEKOIL Board for almost five years, I have had the opportunity to be part of a great team build- ing a collection of world class assets. I am grate- ful for the opportunity and will remain a strong supporter of the LEKOIL team whom I wish the best of luck in the years ahead.”
Thomas Schmitt, Non-Executive Director, commented: “It has been a pleasure to be part of the LEKOIL Board and team. I am confident that despite the current challenges within the oil and gas industry, the Company has the wealth of experience, resources and ability to handle what are indeed unprecedented times in the global economy and emerge even better equipped to generate value for all stakeholders.”
Samuel Adegboyega, Chairman of LEKOIL, commented: “On behalf of the Board, we would like to thank Sola and Tom for their contribu- tions to LEKOIL and wish them both well in their future endeavors.”
LEKOIL, April 21 2020
P16
w w w . N E W S B A S E . c o m
Week 16 22•April•2020