Market likes shorter approval/regulatory process for new assets, good for Nigeria and helps to de-risk projects there. Afren getting a lift on the news..
From SP Angel:
Today’s news from Eland is positive not only for the Company, but for Nigeria too. While there have been delays in bringing the asset on stream (from original expectations), there appears to be a significant shortening of the cycle, between application to approval and delivery. This is excellent news, and would indicate that Nigeria’s Nigerian National Petroleum Corporation (“NNPC”), Nigerian Petroleum Development Company (“NPDC”) and Department of Petroleum Resources (“DPR”) are starting to dovetail and streamline the process. While there is a long way to go before it would match the Norwegian Petroleum Directorate (“NPD”) or Department of Energy & Climate Change’s (“DECC’s”) approval process, which we believe is the gold standard. Nevertheless, the changes that appear to be happening in Nigeria’s regulatory community are now starting to match the quality and depth of the opportunity that is presented in country.
There's an excellent article on the Afren page via your link entitled Solo oil Tanzania, nothing to do with Solo, it's about Afren's $100m investment in Tanga and the local impact on business opportunity, they just love Afren.
To me, looks good, next week very interesting, if the results are up again, bonus deserved, just wish afren could get the sp up where it belongs, when Kurdistan is sorted this may happen, more results to come from there as with GKP maybe they are being held back. Gla dyor and I don't know much.
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