Page 18 - AfrOil Week 27 2021

AfrOil NEWS IN BRIEF AfrOil

NDEP Plc is a foremost Independent integrated ENEO in 2020. The attributable revenue in 2019
Energy Company. Through its wholly-owned included $8.0mn related to grid power provided
operating Companies, Niger Delta Petroleum to ENEO. Thermal and industrial power revenue
Resources Ltd (NDPR), ND Gas Ltd and ND was $13.0mn in 2020 compared to $12.0mn in
Refineries Ltd, it owns a range of assets, includ- 2019, a 8% increase year-on-year and a healthy
ing its flagship asset, the Ogbele Oil and Gas increase considering the backdrop of Covid-19
Field with a fully self- managed Flow Station, the and its effects on business. Unaudited revenue
soon-to-be commissioned Refinery with 11,000 to 31 May 2021 was $6.2mn (2020 for the same
bpd processing capacity, a 100mcf (2.8 mcm) per period: $5.4mn).
day gas processing plant, and a Joint Venture in Cash and Cash Equivalents: Unaudited cash
South Sudan with Nile Petroleum. “We have confidence that with the passage of and cash equivalents at December 31, 2020, was
NDEP, June 30 2021 the PIB, existing operators and second-genera- $1.8mn (December 31, 2019: $7.2mn). Cash as at
tion International Oil Companies will have the June 1, 2021 was $2.5mn (June 1, 2020: $5.0mn).
reason to consolidate their business in the coun- Unaudited net debt as at December 31, 2020, was
POLICY try. In a related sense, the concept of in sector $12.8mn (December 31, 2019: $10.7mn. The
diversification must take on to add impetus to Company continues to manage its creditors and
DPR lists ways to fortify economic stability and growth,” Auwalu added. cash flow as appropriate. As announced on June
He noted that economic diversification 18, 2021, VOG has arranged additional finance
Nigeria oil, gas sector entails many things adding that the industry through a loan note instrument with Meridian
must look inwards to drive value for growth and Capital (HK) Limited, part of which is condi-
The Department of Petroleum Resources (DPR) stability. tional on a Rule 9 waiver being granted by The
has listed five ways to fortify the Nigerian oil and DPR, July 6 2021 Takeover Panel and approval by independent
gas sector for economic stability and growth. shareholders on a poll in due course.
The Director and Chief Executive Officer of Victoria Oil & Gas, June 30 2021
DPR, Sarki Auwalu, made the suggestion while PERFORMANCE
presenting a keynote address at the 20th Nige-
ria oil and gas conference in Abuja on Tuesday. Victoria Oil and Gas MOVES
The theme of the conference is: “Fortifying the
Nigeria oil and gas sector for Economic Stability.” announces trading update Chariot appoints
Auwalu said the DPR would remain com-
mitted to the development of oil and gas sector Victoria Oil & Gas has provided an update in drilling manager
for economic growth and development. “For us relation to its Annual Report and Accounts and
in the DPR, we contemplate five broad areas in trading position. Chariot, the Africa focused transitional energy
which the industry needs to support the nation Annual Report and Accounts: Due to the company, is pleased to announce the appoint-
for economic growth and stability. The areas are impact of the COVID-19 outbreak on staff avail- ment of David Brecknock to the role of Drilling
legal, institutional, financial, in-sector diversifi- ability and interaction time with our auditors, Manager, with responsibility for the Company’s
cation and indigenous capacity,” he said. the Company will be unable to post its annual planned Anchois gas appraisal well within the
According to him, under the legal front, the audited accounts to shareholders for the year to Lixus licence, offshore Morocco.
long-awaited Petroleum Industry Bill (PIB) December 31, 2020, by the June 30, 2021, dead- The objectives of the drilling campaign are
that has been passed will enhance clarity in line pursuant to AIM Rule 19. to further evaluate the resource volumes of the
legislative, regulatory, fiscal and administrative Further to the guidance provided by AIM Anchois gas field to unlock the initial develop-
frameworks. He said that evolving commercial Regulation in Inside AIM on January 27, 2021, ment, to provide a future producer well location
institutions would be strengthened for efficiency, the Company requested an additional period of and potentially drill the additional prospec-
prudent management, financial stewardship and up to three months to publish its Annual Report. tive sands with the aim of establishing a larger
operational management. AIM Regulation has granted the extension, and resource base for longer term growth.
“[In] the same vein, the regulatory insti- therefore the Company will publish its Annual David has considerable experience with high
tutions should be strengthened to streamline Report by September 30 2021. However, VOG profile deepwater offshore drilling with over 20
roles, prevent duplication and promote ambi- expects to publish the Annual Report well ahead years of international experience gained with
tion that will promote regulatory clarity in rules of that date. Enterprise, Shell, BG, Devon, Perenco, Ophir as
of doing business. The overall industry financial The Company has also applied for and been well as leading Chariot’s drilling in Namibia in
provision must be improved for sustainability to granted an extension to delay the filing of its 2018.
protect the oil and gas production level,” he said. audited annual accounts by Companies House Adonis Pouroulis, Acting CEO of Char-
Auwalu noted that millions of dollars were until September 30, 2021. iot, commented: “I am delighted to welcome
required for investment in infrastructure in Trading Update, Revenue: The Gaz du Cam- David back to the Company. He played a pivotal
the deep offshore, inland basin, frontier basins, eroun (GDC) operation in Douala, Cameroon role in Chariot’s previous drilling campaign in
marginal field development and gas infrastruc- has continued to deliver natural gas to 30 or so Namibia, which was operated safely, on time and
ture, among others. He added that investments industrial customers, supplying safely and con- under budget, and we expect him to play a simi-
in the NLNG train 7, AKK gas pipeline project, tinuously throughout 2020 and the year to date. larly important part in our exciting Anchois gas
among others were an indication of an improved Unaudited attributable revenue for calen- appraisal well. We look forward to keeping the
business model in the country. He noted that a dar year 2020 was $13.2mn (2019: $20.8mn). market up to speed over the coming months as
stable and legal fiscal operation was critical for The overall reduction in revenue year-on-year we get closer to drilling.”
improved investment in businesses in Nigeria. is due to the reversal of any revenue invoiced to Chariot Oil & Gas, July 1, 2021

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