The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
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https://www.africaintelligence.com/oil--gas_corporate-strategy/2022/06/09/perenco-poised-to-take-over-new-age-s--cursed--etinde-block,109790790-art
"We strongly welcome the change of operatorship in the Etinde field, Perenco is a tried, true and tested operator and has shown operational excellence in the country" states Executive Chairman of the African Energy Chamber, NJ Ayuk, adding, "We hope that Perenco, a company that knows the region very well, will be able to fast-track development of the Etinde field, as well as the field’s surrounding prospects. We look very much forward to seeing Perenco expedite the prospects for local, African gas development, as well as the development of gas for export markets, particularly to Europe."
from https://www.marketscreener.com/quote/stock/BOWLEVEN-PLC-4004978/news/Perenco-s-Acquisition-of-New-Age-s-Participating-Interest-in-Etinde-Asset-Offshore-Cameroon-is-a-boo-40668450/
RNS here in case anyone missed it https://www.londonstockexchange.com/news-article/BLVN/change-of-partner-and-operator-at-etinde-licence/15482952
Perenco has a track record in Cameroon, which seems encouraging.
I got this response from Bowleven PR:
The Group retain the view around Lukoil as a non-operated partner in Etinde. It appreciates that there has been personnel changes at Lukoil however Lukoil itself is not currently subject to sanctions.
Clearly the situation is extremely dynamic so second guessing potential infrastructure partner opinions on a JV which includes Lukoil is difficult, however as mentioned, Lukoil remains both a non-operated partner and unsanctioned at present.
This shows that it is possible for a Russian company to buy assets from a UK company, which might be one scenario for Bowleven. For now I would guess Lukoil has much bigger fish to fry, but Russian oil companies have extensive interests in multiple African countries and at some stage they might decide to take a larger slice of the project.
Hargreaves Lansdowne say they need to submit votes on my behalf. Has anyone else found the same or been able to do the votes directly and electronically? I am following the voting suggestions in the linked article. Basically I want to see share buy backs but no more shares issued, and replace some of the board. https://www.prnewswire.com/news-releases/lucerne-capital-management-discloses-vote-for-the-may-4th-just-eat-takeawaycom-annual-general-meeting-301525486.html
A busy fortnight ahead. Lets see if some "activist" shareholders have any success at the AGM, voting to replace the board, allow buy backs up to 10%, and forbid new share issuance, amongst other things. See the link for a Dutch manager's voting intentions: https://www.prnewswire.com/news-releases/lucerne-capital-management-discloses-vote-for-the-may-4th-just-eat-takeawaycom-annual-general-meeting-301525486.html I wonder how many private investors get time to vote on AGM stuff?
Pasted in full below in case anyone not on the list: Sirius Petroleum Plc
(“Sirius” or “Company”)
Proposed Acquisition of Interests in Angolan Offshore Blocks 18, 27 and 31
Luanda & London, 11 April 2022: Somoil S.A., the largest privately owned Angolan oil company, and Sirius, an Africa focused oil & gas production and development company, are pleased to announce that the joint Somoil-Sirus consortium, (‘the Somoil-Sirius Consortium’ or ‘the Consortium’), has been awarded the exclusive right to acquire participating interests of 8.28% and 10% respectively in the producing Angolan offshore blocks 18 and 31 from Sonangol, Angola’s state-owned oil company, which has announced the partial divestment of its participating interests in the blocks. The Consortium has also been awarded the exclusive right to acquire a 25% participating interest in the exploration block 27. The Consortium will be meeting with Sonangol in due course to finalise the Sale and Purchase Agreement for the proposed acquisition.
Summary – Acquiring Interests in World Class Assets
Block 18 is operated by BP Angola and is located offshore, 160 kilometers northwest of Luanda. Eight discoveries have been made in this block, of which the fields Galio, Cromio, Cobalto, Paladio, and Plutonio make up the first producing complex known as Greater Plutonio. Production started in 2007 and remains at material levels. Late last year the Platina project started production adding significant volumes and reserves to total block production. Licence partners are currently BP (26.67%), Equinor (13.3%), Sinopec International (15%), Sonangol (45%).
Block 31 is operated by BP Angola and is located offshore some 400 kilometres north west of Luanda. The block consists of four oil fields; Plutão, Saturno, Vénus and Marte, which were discovered between 2002 and 2004 in water depths of up to 2,000 metres in the North East part of Block 31. PSVM is the second BP-operated development in Angola and production started up in December 2012. Licence partners are currently BP (26.67%), Equinor (13.3%), Sinopec International (15%), Sonangol (45%).
Block 27 is located offshore in the Kwanza basin, an area known for its gas potential. Block 27 is in its exploration phase.
Commenting, Bobo Kuti, CEO of Sirius, said: “Our partnership with Somoil has provided a strong platform for the proposed acquisition of the respective interests in these world class producing assets”.
Edson R. Dos Santos, Chief Executive Officer of Somoil, said: “This opportunity is aligned with Somoil´s growth strategy; entering ultra-deep waters not only enhances our portfolio but represents a huge step towards becoming a major player in the energy industry in Angola”.
www.somoil.co.ao
www.siriuspetroleum.com
Ends.
The interims mention Chevron's YoYo - Yolanda field. This is an example of constructive cooperation between Cameroon and Equatorial Guinea. https://www.africabusinessplus.com/en/809114/gabriel-mbaga-obiang-negotiates-with-cameroon-to-exploit-chevrons-yoyo-yolanda-gas-field/
2 US companies: Marathon Oil and Noble Energy; BG Gas Marketing (BGM). 2 Japanese companies; Mitsui and a subsidiary of Marubeni Corporation.
And local state oil company Compania Nacional de Petroleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea
Long term vision is EG becomes a gas hub for gas from EG waters, Cameroon and Nigeria.
from this site https://www.hydrocarbons-technology.com/projects/bioko-lng/
Lukoil's international unit has a range of joint ventures, including one in Spain that seems not to be worried about sanctions risks as per this: https://www.reuters.com/business/energy/spains-meroil-wont-break-ties-with-lukoil-confident-no-sanctions-impact-2022-03-11/ This reminds me of the Venezuelan oil company, PDVSA, which also has oil refineries and stuff in the US. Companies based in countries with sanctions can still have overseas units doing other stuff that is not sanctioned.
The gas itself is not sourced from Russia. Plus New Age is the operator of the Cameroon project. Note that Lukoil CEO publicly called for an end to the war. Lukoil is privately owned, its not part of the Kremlin family of companies.