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Foday B.L. Mansaray, PDSL’s director general, opens the licensing round in London (Photo: Hawilti)
Citing two sources familiar with the matter, it non-governmental organisations (NGOs) took
reported that Eni had decided against going legal action last year in a bid to force the Depart-
forward with work at ER 235 because it was ment of Forestry, Fisheries and the Environment
concerned about the technical challenges that (DFFE) to review its authorisation of offshore
would be involved in drilling at the deepwater exploration drilling plans. Eni and its partner
block, which lies in waters ranging from 1,000 Sasol had hoped to sink up to six wells at ER 236
to 3,000 metres deep. in waters ranging from 1,500 to 3,000 metres
Technical difficulties may not have been deep, and the NGOs claimed that the drilling
Eni’s only concern. The company was also programme posed a serious risk of harm to sen-
facing a lawsuit in South Africa, as several sitive ecosystems. ™

Tullow, Capricorn in Africa-focused merger

REGIONAL TWO London-listed companies, Tullow Oil
and Capricorn Energy, have reached agreement
on an Africa-focused merger valued at nearly
GBP657mn.
In statements published on June 1, Tullow
and Capricorn noted that the merger would
result in the creation of “a leading African
energy company,” with headquarters in London
and assets in Ghana, Egypt, Côte d’Ivoire and
Gabon. They also said the transaction would be
executed entirely with shares and not in cash
and that the entity that emerges from the tie-up
would be owned 53% by Tullow and 47% by
Capricorn, which was formerly known as Cairn
Energy.
The parties have not yet chosen a name for CEO Rahul Dhir will become CEO of the new
the new merged company, the statements said. company, while Capricorn’s CFO James Smith
They noted, though, that the new entity would will become its CFO.
have a new name that did not include “Tullow” Phuthuma Nhleko, the chairman of Tullow,
or “Capricorn” and that key stakeholders would will serve as chairman of the new entity’s board
be consulted during the naming process. of directors, while Nicoletta Giadrossi, the
The combined company, they added, will be chairwoman of Capricorn, will serve as its sen-
headed by key figures from both sides. Tullow’s ior independent director.

Week 22 01•June•2022 www. NEWSBASE .com P7