Page 16 - AfrOil Week 08 2021

AfrOil NEWS IN BRIEF AfrOil

PetroNor increases indirect Invictus receives non-

ownership of PNGF Sud binding farm-in offer for

PetroNor E&P has announced that the Compa- Cabora Bassa project
ny’s net indirect interest in PNGF Sud, PetroNor’s
core asset, will increase from 10.5% to 16.83% Invictus Energy has provided an update of its
following i) a $18mn contingent acquisition of activities for the quarter ending December 2020.
all of Symero’s shares in Hemla Africa Holding During the quarter, the Company received
(HAH), and ii) a court ruling in Congo related a non-binding offer for farm-in to the Cab-
to parts of MGI International’s indirect share in ora Bassa Project. The proposed transaction is aim to secure and deliver new contracts in coun-
PNGF Sud. Symero’s shares in HAH represent subject to completion of further technical, legal try. Maússe brings with him over 15 years of oil
29.293% of all issued and outstanding shares in and commercial due diligence by both parties, and gas engineering experience, having worked
HAH, and following completion of the Symero approvals and agreements by requisite gov- as a process engineer in the areas of engineer-
Transaction, the Company will own 100% of all ernment authorities and execution of binding ing, commissioning and start up across projects
issued and outstanding shares in HAH. Farm Out Agreement(s). Further details of the around the world.
Furthermore, PetroNor announces that it is proposed transaction will be made public upon Previously, he led business development
considering raising $50 to 60mn of new equity, completion of a binding FOA(s) and satisfaction in Sub-Saharan Africa for companies such as
whereof $32 to 42mn in cash and $18mn as (or waiver) of conditions. SNC-Lavalin and Kentz and has held general
in-kind consideration for the Symero Transac- The Petroleum Exploration Development management positions in Mozambique for both
tion. The Company has mandated Arctic Secu- and Production Agreement (PEDPA) between Kentz and Golder Associates. In these roles,
rities, Pareto Securities and SpareBank Markets Geo Associates and the Republic of Zimbabwe Maússe serviced clients in the mining and oil
as Joint Managers and Bookrunners to arrange a was reviewed by the Inter-Ministerial Commit- and gas industries across the region, providing
series of equity investor meetings and calls com- tee established to review the agreement and has specialist engineering solutions to enhance pro-
mencing on 19 February 2021. Petromal Sole been approved. The PEDPA provides the frame- ject delivery and operational capacity.
Proprietorship and related group companies work for progression of the Cabora Bassa Project EnerMech has also established an office in the
(Petromal), the company’s main shareholder, through the exploration, appraisal, development capital city of Maputo, the gateway to Mozam-
owning 38.28% of all issued and outstanding and production phases and the obligations and bique’s international energy market.
shares in the Company, has committed to sub- rights of each party over the project lifecy- EnerMech, February 23 2021
scribe for its pro-rata share of the Contemplated cle. The Company is awaiting execution of the
Equity Financing, representing a subscription of agreement.
approximately $19-23mn. Following the approval of the Environmental FINANCE
PetroNor, February 18 2021 Management Plan, the Company undertook a
successful field reconnaissance program in the San Leon Energy reports
DRC to tender 19 Cabora Basa Basin during the quarter and was on Decklar Resources’
concluded ahead of schedule. Detailed travers-
blocks in Q4-2021 ing and mapping across the area was completed
and identified the optimal acquisition routes.
The Democratic Republic of the Congo (DRC) The Company is making significant progress funding arrangements
will launch a public tender for 19 onshore explo- on executing the first seismic acquisition pro- San Leon, the independent oil and gas produc-
ration blocks at the end of 2021 in a bid to boost gram in the country for 30 years and is working tion, development and exploration company
exploration activities throughout the country. closely with the seismic contractors on a planned focused on Nigeria, notes the announcement
According to an announcement by Minister acquisition campaign in 2021 to commence once on the funding arrangements made by Deck-
of Energy and Hydrocarbons Rubens Muhima, the rainy season has concluded. This will be fol- lar Resources today. On September 1, 2020,
the DRC will offer 19 oil and gas blocks, repre- lowed by a high impact basin opening drilling San Leon announced that it had conditionally
senting the first international tender for explora- campaign to test the petroleum potential of the agreed to invest $7.5mn by way of a loan to
tion blocks in the country since the enactment of Cabora Bassa Basin. Decklar. Decklar is the holder of a Risk Service
its new Petroleum Code 2015. Of the 19 availa- Invictus Energy, February 17 2021 Agreement (RSA) with Millenium Oil and Gas
ble blocks, nine are located in the Central Basin, Company on the Oza oilfield in Nigeria. San
three in the onshore Coastal Basin, four in the Leon also announced that it was subscribing for
basin of Lake Tanganyika and three in Lake Kivu. MOVES a 15% equity interest in Decklar.
“We are putting together the data for these Decklar Resources has today announced that
blocks, which have proven to be lucrative after EnerMech establishes a private placement financing for a total of just
major finds in neighboring exploration areas,” over CAD4mn ($3.18mn) is in the final stages of
said Minister Muhima. presence in Mozambique completion, which will enable it to immediately
The new Petroleum Code was enacted in advance operational activities to re-enter the
2015 to aggressively transform the country’s EnerMech has appointed Celestino Maússe to Oza-1 well at the Oza oilfield in Nigeria. Closing
energy sector through the provision of clear and the newly created role of Mozambique country of this private placement is expected to provide
attractive policies for foreign investment, and manager, as the company seeks to expand its sufficient funds to re-enter the Oza-1 well and
is set to dramatically increase energy develop- business as local activity ramps up. to re-establish oil production at the Oza oilfield
ments and associated economic growth. In his new role, Maússe will lead the business through its wholly-owned Nigeria-based subsid-
Africa Oil & Power, February 18 2021 development effort within Mozambique and will iary, Decklar Petroleum.

P16 www. NEWSBASE .com Week 08 24•February•2021