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The fact the Nigerian government has been sat on its hand and In turn not being issuing licences for exploration has seen large reserves not tapped.
Now with the World wide shift to GREEN energy movement the Nigerian government need to act quickly to benefit from investment to recover its reserves before it’s too late.
My guessing is they will be processing as manny as possible. These are untapped reserves that need to be explored why viable or risk not being explored which means the government missing out on potential revenue.
No worries here just keep adding on the lows.
Just PIs trading the lows and highs why we wait which is fluctuating the SP up and down - GLA
Think this is more to do with SARS (the Special Anti-Robbery Squad), and cant really see at this time how it would affect us currently.
Serious social unrest in Lagos. 21 protestors shot dead. More delays???
Also from the link its obvious that Essar saw the pandemic as an opportunity to snuff out COPL, note Arts comments on how valuable OPL 226 is.
"We believe this legal action is merely opportunistic at this time of a global health pandemic and the associated global economic crisis. We have attempted for some time to resolve these issues with Essar Mauritius without success. We intend to defend the Essar Mauritius's legal action rigorously. The timing of this legal action during the upheaval in the global oil markets caused by the Covid-19 pandemic speaks volumes to the quality of the OPL226 asset. Time will tell how this plays out in Nigeria as it involves Shoreline, a prominent and well respected indigenous Nigerian shareholder. "
It’s all here, Essar spending $63 million on OPL 226.
Agree, they are not going to give that info to anyone.
https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwixg_LLksXsAhWkuXEKHWEGAoY4ChAWMAJ6BAgFEAI&url=https%3A%2F%2Fwww.londonstockexchange.com%2Fnews-article%2FCOPL%2Fshorecan-and-essar-mauritius-disagreement-update%2F14492025%3Flang%3Den&usg=AOvVaw0u02F1eQQkzwqsQ_R8J7lM
There are no impediments to gaining the PSC - its just paperwork.
That's fantastic in real terms - this isn't some permit approval to drill or not drill that is not guaranteed and being considered, it has been considered and if it was not acceptable to Nigeria that Essar drill this, they would have let them know by end July so they could get their preferred operator in - by direct award or competition - or face a protracted legal challenge by Essar on breaking these terms, with NNPC having not a leg to stand on from the get go - with extensive delays until a new operator could be in the same position as Essar now, having shot all the seismic, interpreted it and drill planning probably largely complete by now (This data is Essar property, not sure if NNPC has rights - it certainly wouldn't be handed over to any new operator that replaced them for a better margin or bigger incentive)
Nigeria need oil production - not expensive litigation and delays for no reason.
For those of us invested and underwater (as I am currently) I do take some comfort from sept 24 RNS and bar the persistent seller I have seen no monster sells. Mainly investors in last week thinking we were about to get licence and have moved on
On 4th August 2020, the Company announced that shareholders of the Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of this agreement is subject to the Nigerian National Petroleum Corporation ("NNPC") granting an extension of the exploration period under the OPL 226 PSC beyond 30th September 2020. The Nigerian Affiliate applied for this extension in early June 2020 and has subsequently held a number of constructive meetings with the NNPC post application.
COPL is confident that it will receive confirmation of its exploration licence extension during Q4 2020. No notice of termination has been received by COPL's Nigerian Affiliate, which under the terms of the PSC would need to be issued sixty days before the 30th September 2020 expiry date. The two previous extensions to the drilling license at OPL 226 were received by the Nigerian Affiliate post the previous expiration dates.
We all know this is last chance saloon for Art and essar and shore can Shorecan are the right people to deal with the nigerian government after their previous success in Mozambique I hope the hands of power have been suitably greased