Page 16 - AfrOil Week 17 2021

AfrOil NEWS IN BRIEF AfrOil

It is the intention of the Parties, together with the
risk sharing consortium in respect of Barracuda
Field, that a formal agreement will be entered
into in advance of any work commencing. The
CA may be terminated by mutual consent.
Subject to any potential formal agreement,
the intention is for OES to provide the swamp
drilling rigs required for the Project. 4Mation
would provide a variety of project management
services including well engineering services,
technical personnel, security and logistics.
In addition, OES and 4Mation may consider
providing vendor financing to achieve the scope
of work to be agreed, subject to terms and condi-
tions to be determined at the point of an award
of contract.
Osamede Okhomina, CEO of ADM Energy,
said: “The RSA partners continue to build a
high-quality circle of specialist partners to facil-
itate the development of the Barracuda Field.
These agreements are important steps in ensur- focus, we are proud to be assisting our clients in Exploration estimate). The addition of high
ing we are ready to deliver on our drilling plans achieving their goals through the installation of potential acreage in Guinea-Bissau delivers more
later in the year, which will bring the project on our environmentally friendly units.” high impact assets to our portfolio and enhances
stream and significantly ramp up our production Ramco Tubular Services, April 20 2021 our ability to monetise our exploration assets in
volumes.” due course.
ADM Energy, April 21 2021 “These assets have the potential to be truly
INVESTMENT transformational for our business, and we know
Ramco Tubular Services PetroNor provides update on there is firm interest in the MSGBC explora-
tion trend and our prospects are analogous
secures seven-figure SPE Guinea Bissau purchase to the world-class Sangomar field in Senegal.
Add to that the improving sentiment caused by
Senegal contract PetroNor, the independent oil and gas explora- strengthening crude prices and we have great
confidence that this is a well-timed and well-ex-
Ramco Tubular Services (Ramco), a leading spe- tion and production company with a focus on ecuted transaction that will deliver long-term
cialist in the care and maintenance of oil country sub-Saharan Africa, has provided an update value for our shareholders.”
tubular goods (OCTG), has recently secured on its purchase of SPE Guinea Bissau AB, as PetroNor, April 26 2021
a seven-figure, three-year contract in Senegal announced on November 20, 2020.
with a leading global supplier of steel tubular The Company has received the necessary Dana Gas terminates
products. approvals in country, representing a condition
The contract will see Ramco supply its latest precedent to completion which has now been agreement on sale of
generation pipe care unit, PCU4. An automated satisfied, consequently the transaction will
OCTG wash and rig ready prep system, it will complete as per the terms of the share purchase Egyptian assets
form part of a new OCTG storage and services agreement.
yard in Dakar, Senegal. Initially, Ramco will PetroNor will assume 78.57% interest as Dana Gas has announced the termination of
deploy two expat supervisors to the site, whilst Operator of the Sinapa (Block 2) and Esperanca its agreement for the sale of its Egyptian assets,
employing five local technicians to deliver the (Blocks 4A and 5A) licences in Guinea-Bissau, announced on October 25, 2020.
contract. which have been extended for 3 years and are A number of conditions precedent to the
Rob O’Neill, Ramco Business Development valid until 2 October 2023 maintaining the same transaction could not be completed to the sat-
Director, said: “Ramco is delighted to be exclu- attractive fiscal terms. PetroNor will now com- isfaction of both parties prior to the long stop
sively providing the pipe care, washing, inspec- mence discussions with the JV Partners on the date of the Sale and Purchase Agreement (SPA),
tion and drifting services to support our clients’ licences to discuss the work programme, with a which was Wednesday, April 14, 2021. The Board
new operations in Senegal. The PCU4 has been view to undertaking drilling activity in 2021/22. has therefore decided to retain and operate the
manufactured in Aberdeen to meet our client’s Commenting on the update, CEO Knut assets in Egypt alongside the highly prospective
particular specification and features our latest Søvold said: “We are delighted to have received exploration acreage offshore Block 6.
technology, which enhances safety by mini- the requisite approvals to complete the acquisi- As per ADX disclosure requirements, the
mising handling operations. It also reduces rig tion of these highly attractive and strategically Company is required to disclose the financial
downtime by delivering pipe consistently to the complementary assets. The acquisition diver- impact of this termination. While the Company
highest standard. sifies our exploration portfolio and provides is still assessing these in detail, it is expected
“The PCU4 can run for up to six months us with meaningful exposure to a number of that there will be positive consequences on the
using a self-contained and reusable water sys- drill ready prospects, with Atum and Anchova Company’s profitability and balance sheet and
tem, reducing the need to dispose of wastewater. containing a gross case recoverable prospective improvement in its cash flow in the coming
As our industry brings ESG targets into sharper resource of 498mn barrels (Svenska Petroleum years.

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