Page 16 - AfrOil Week 14 2021

AfrOil NEWS IN BRIEF AfrOil

Roy Kelly, Chief Executive of the Company, companies respectively at the ceremony held at
commented: “We are very pleased at the sig- the Board’s liaison office in Abuja on Tuesday.
nificant progress that we have made as a com- The first agreement was the Accession
pany over the course of the past few months on Agreement between BFPCL, DSV Engineering,
a number of corporate and operational fronts. NNPC and the NCDMB Capacity Development
The company now has a well stock of four wells Intervention Company Limited by Guarantee. It
at Logbaba, albeit with very different production confirms that NCDMB has subscribed to the
characteristics. The operations team have done a terms and conditions contained in the compa-
great job managing the different wellhead pres- ny’s Share Subscription Agreement.
sures during the multi-well operations, and the The second agreement was the Share Sub-
higher water production. scription Agreement between BFPCL, DSV
“In the Matanda license, we’re pleased with Engineering and the NCDMB Capacity Devel-
progress on the ranking of prospects and the opment Intervention Company Limited by
start of the well planning phase. We have initial Guarantee. This agreement confirmed the allot-
interest in the farmout of Matanda but there is of ment of 18 percent of the authorised share capital
course a long way to go in that process.” of the Brass Fertiliser and Petrochemical Com-
Victoria Oil & Gas, April 01 2021 pany Limited to NCDMB.
as usual at the end of a calendar quarter, and will NCDMB, March 31 2021
Tower Resources wins also be reviewing long term incentive (share
option) awards for 2021 at the same time.
extension of first exploration tive Officer, commented: “We are grateful to the INVESTMENT
Jeremy Asher, Chairman and Chief Execu-
period of Thali contract Republic of Cameroon for their continued sup- AGC Authority to licence
port of the Thali project, and in particular to the
Tower Resources, the AIM listed oil and gas com- President of the Republic, the Secretary General AGC Shallow block offshore
pany with its focus on Africa, has announced an of the Office of the Presidency, and the Prime
update regarding planned operations on the Minister for taking a direct interest in our activ- Guinea-Bissau
Thali license in Cameroon held by its subsidiary ity, as well as the Minister of Mines, Industry and
Tower Resources Cameroon (TRCSA) and the Technological Development and his staff and all The AGC Authority (Agence de Gestion et de
NJOM-3 well. the staff at the Societé Nationale de Hydrocar- Cooperation entre Le Senegal at La Guinee-Bis-
The Government of the Republic of Came- bures who have supported us during this First sau) with the support of MGGS and GeoPart-
roon has notified TRCSA that the President of Exploration Period. We are looking forward to ners, has announced the start of the promotion
the Republic has approved a further extension seeing the NJOM-3 well drilled as soon as pos- of the block containing the oil discoveries at
of the First Exploration Period of the PSC, and sible, and we will notify investors when we have Domes Flore and Gea and the exploration pros-
the Company is now awaiting a formal confir- more material developments.” pect at Dome Iris. All the above salt related
mation from the Minister of Mines, Industry Tower Resources, March 31 2021 features are located in the AGC Shallow block
and Technological Development of the details which is now available for licensing.
of the extension. As previously announced, the Parties should register their interest by con-
Company declared Force Majeure in March PETROCHEMICALS tacting the AGC Authority directly, MGGS or
2020 in respect of the First Exploration Period GeoPartners.
of the PSC, in light of the restrictions required to NCDMB, NNPC, Brass AGC Shallow block: Located only 100 km
combat the Covid-19 pandemic. away from the city of Bissau, AGC Shallow has
The logistics involved in coordinating per- Fertiliser sign shareholders water depths varying from 25 metres to 100
sonnel and equipment from multiple service metres with the known oil at the Domes sitting
providers and locations (as required for an agreements on methanol in depths of 50-70 metres. A total of 14 wells exist
appraisal well with extensive testing) remain on AGC Shallow, of which only one was drilled
challenging, but the Company has a plan to com- plant project after the acquisition of 3D seismic data. The
plete drilling of the NJOM-3 well safely in the first 3D data was acquired in 1982 and re-shot
present circumstances. The Company intends The Nigerian Content Development and Moni- in 2003. The most recent acquisition of 3D was
to finalise a schedule with the multiple service toring Board (NCDMB), the Nigerian National in 2012.
companies involved, although this still depends Petroleum Corporation (NNPC), Brass Fertil- Significant volumes of oil have been found in
on pandemic developments and the individual iser and Petrochemical Company Limited and the early wells in shallow reservoirs overlying the
service companies’ circumstances. But a formal DSV Engineering on Tuesday signed two key salt-induced Domes at Flore and Gea. The AGC
extension of the First Exploration Period is an agreements for the construction of a 10,000- Authority is keen to see initiatives to commer-
important element of finalising a schedule as it tonne per day methanol plant and the 500 mcf cialise this oil, some of which has flowed upon
reduces the uncertainty associated with relying per day gas processing plant in Odeama, Brass, test, and seeks offers of a future work program
on the current state of Force Majeure, as well Bayelsa State. from interested parties - who have studied all
as underscoring the support of the Republic of The Executive Secretary of NCDMB Simbi previous data and can demonstrate competence
Cameroon for the Thali project. Kesiye Wabote signed for the Board, while the to operate offshore. The AGC Authority will for-
The Company also reminds investors that it Chief Operating Officer Gas & Power NNPC, ward further information to interested parties
will be reviewing the payment of director fees for Usman Yusuf, and the Managing Director outlining the block and its potential with details
the second quarter after the market close today, of BFPCL Chief Ben Okoye signed for their on the application process to award the block.

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