Member Info for happysparrow

Few trades, Rec, as everyone still waiting for the ICC ruling.
However, today's RNS means that, if the ICC ruling is in our favour, then when that further RNS arrives the SP jump will be more substantial.

Perhaps, optimistically, this augurs well for the ICC result. It seems clarification of contracts was the issue, and that would have come through a better understanding of the earlier court proceedings when each side laid out their position more clearly. As RSM have agreed to existing terms, perhaps they now accept that their non-acceptance of terms for the ICC matters was unfounded, and expect the ruling to go against them.
We don't know until the Fat Lady sings.

Note that this is about the follow-up hearing, not the result of the ICC hearing in April.
'The settlement of the UNCITRAL arbitration is without prejudice to all claims pending in the ICC arbitration Case No. 23991/MK. The ICC arbitration hearing took place in April of this year, and the ICC has yet to issue its Award.'

It is hard to know what to make of today's RNS as no figures are given. It seems we have agreed what the existing contracts mean, and we pay RSM in accordance with such clarification.
'The settlement involves the agreement of certain accounting policies and procedures, the clarification of certain decision-making processes, and an agreement on the amount of monies payable to RSM in line with their existing contractual arrangements from existing cash resources in country. '
Thus, I assume we are not paying RSM any more money than expected in the normal course of business. To that extent it is good news. It gives certainty, and avoids legal costs and management time - so one more legacy issue crossed off the list.

If they can agrre such clarification for the UNICITRAL hearing, it is a shame they couldn't have agreed earlier regards the matters of the ICC hearing on which we still await a result. I expect we will get that announcement very soon.

Telepathy, HM ?

' wireline logs indicating that the well was in hydrocarbon pay at total depth.'
Presumably if they had kept going down further, net pay would have been more. Where would it have stopped?

3CB - agree - on both accounts.

https://digitgaps.com/report-store/rsm-production-corporation-company-profile-financial-and-strategic-swot-analysis-mergers-and-acquisitions-partnerships-and-investments-news-key-profiles-and-competitors-report/
RSM Production Corporation operates as an oil and gas exploration and production company. The company was incorporated in 1996 and is based in Denver, Colorado. RSM Production Corporation operates as a subsidiary of Grynberg Petroleum Company.

https://en.wikipedia.org/wiki/Jack_J._Grynberg

Jed, where did your post and my reply go?
Yes, all quiet here until RSM arbitration ruling. Interest will pick up after that.

latest tweet from VOG:
Great to have an update on the great work
@ukorbis
continue to do in Cameroon and learn about their new surgical fund

Does anyone know what our connection with Orbis is, and the amount we contribute (probably buried in the accounts?).

Here is the need: https://www.orbis.org/en/where-we-work/africa/cameroon

I would like to think we make a significant contribution if we are gaining shareholder PR, and employee and government goodwill through such donations. Is this so?

'this new factory will increase the company's overall production from 200,000 tonnes per year to over 300,000 tonnes, we officially learn.'
Thus 1.6 billion CFAF /2 x3 /555 (XAF to $) =$4.3m annual payment to GDC.

https://sputniknews.com/20210910/watch-western-cameroon-faces-snow--reports-1088966085.html

Here's some examples discussed in this article:

https://www.researchgate.net/profile/Jean-Tchouankoue/publication/344974082_GEOTHERMAL_DEVELOPMENT_IN_CAMEROON/links/5fa1223da6fdccfd7b979ebb/GEOTHERMAL-DEVELOPMENT-IN-CAMEROON.pdf?origin=publication_detail

VOG to diversify into renewables also?

https://www.investiraucameroun.com/energie/1009-16835-la-societe-nationale-des-hydrocarbures-envisage-dinvestir-dans-les-energies-renouvelables

(Business in Cameroon) - In its news magazine that it has just published, the National Hydrocarbons Company (SNH) reveals that it plans to invest in renewable energies.

Thus, according to this magazine, the company indicates that it sees " the enhancement of development opportunities for renewable energies ". This is in line with its new actions in the 2020/2024 development plan. SNH does not give details of its planned investments in the development of renewable energies. She just specifies that this is one project among many in terms of development.

If its new investments materialize, it will be the death knell for diversification for this state-owned company whose core business, for the moment, is the management of hydrocarbons. SNH could thus invest in the still embryonic renewable energy market in Cameroon.

Indeed, according to Unesco, Cameroon has a significant potential in renewable energy sources, with in particular a significant solar deposit and large biomass resources. Access to energy remains precarious, however, especially in rural areas. This precariousness is more severe in the regions of the North and the Far North where the electrification rate is very low, less than 22%, and in which more than 95% of households use wood fires as energy for cooking.

(Business in Cameroon) - The Minister of Water and Energy (Minee), Gaston Eloundou Essomba, has just published the results of the call for tenders launched on May 7, 2020 for the prequalification of partners in view of carrying out studies, construction and operation in “Build Operate Transfer” mode (build, operate and transfer, in French) of the Limbé gas-fired power plant (350 MW) and associated power lines.

Indeed, referring to the list of pre-qualified companies, the Sino-Ghanaian consortium Sunon Asogli Power Limited (Ghana) / China Energy Engineering Corporation Limited, headquartered in Tema, Ghana, is ranked number one ahead of four others. candidates.

The other respective contenders are: the Sino-Cameroonian consortium Folder Energy Partners Limited-China Machinery Engineering Corporation (CMEC) based in Douala, Cameroon; the Chinese Power Construction Corporation of China Limited (Power China) based in Chengongzhuang West Road (China); Turkish Aksa Enerji Uretim AS and Acwa Power based in Dubai.

" The managers of these companies are invited to contact the Minee cabinet (...) for the rest of the procedure, " said Mr. Eloundou Essomba. The next step will consist of an audition of the candidates in order to obtain a short-list of three companies. Later, the successful tenderer will be declared.

With a production capacity of 350 MW, the future Limbe gas-fired thermal power station aims to improve the supply of electrical energy in the Littoral, West and South-West regions, indicates the Minee. The project itself must be delivered by 2024 at the latest, according to the official timetable.

This pre-qualification stage puts an end to the collaboration between the Cameroonian government and the Eranove group on this project. Indeed, on April 22, 2014, the State of Cameroon had already signed a memorandum of understanding for the realization of this project, with this independent producer of electricity and water, controlled by the investment fund Emerging Capital Partners (57%). But the partnership between Eranove and Cameroon has not flourished for reasons that are not disclosed so far.

https://www.investiraucameroun.com/energie/0909-16826-le-consortium-sino-ghaneen-sunon-asogli/china-energy-e-en-pole-position-pour-construire-la-centrale-a-gaz-de-limbe

Thanks, Forest.
Very interesting that Aksa is on the list. What bearing does the outcome have on Bekoko? Will they build Limbe as well as Bekoko if chosen? Will they progress Bekoko more quickly if not chosen? Either way, it shows some commitment by Aksa towards Cameroon.

Just interested in LNG export, or power and gas development within Cameroon?

https://www.investiraucameroun.com/economie/0709-
(Business in Cameroon) - It is in its news magazine published this September that the National Hydrocarbons Company (SNH) reveals that Korean investors are interested in Cameroonian hydrocarbons.

“ A delegation of four investors, representing Daewoo and Korea Midland Power Company (KOMI-PO), was received at SNH headquarters on May 6 [2021], by Councilor 2, Jean-Jacques Koum. The objective of the meeting was to better understand Cameroon's potential in hydrocarbons and, more broadly, the energy sector. Exploitation and production opportunities, as well as the development of gas resources, were presented by the exploration and gas division ”. SNH does not reveal the end of these discussions with Korean investors.

Daewoo is best known as a South Korean industrial group founded by Kim Woo-Choong, active in shipbuilding, construction, weapons, home appliances, electronics and automotive manufacturing. The company is also developing gas engines. Korea Midland Power Company, for its part, operates one of the largest power plants in the Republic of Korea. She has expertise in operating electric power manufacturing processes and skills in building factories. This state-owned electricity company also regularly imports small volumes of LNG (liquefied natural gas) for its electricity production. A product exported by Cameroon since 2018.

According to SNH, Cameroon LNG was exported for the first time in South Korea, Kuwait and Turkey during the 1 st quarter 2020. The arrival on site in Cameroon Daewoo and Korea Midland Power Company that could boost trade gas to Asia.

Thanks, PB.
Much appreciated.

https://www.businessincameroon.com/energy/1304-6136-cameroon-two-local-companies-will-invest-fcfa-4-billion-in-biomass

https://ijglobal.com/search/site/articles

Cameroon biomass seeks partners

Of interest to VOG?

https://www.investiraucameroun.com/gestion-publique/2608-16767-kribi-les-riverains-demandent-des-compensations-des-risques-lies-a-leur-proximite-avec-le-pipeline-gazier-de-la-snh

During a recent awareness campaign by the National Hydrocarbons Corporation (SNH) alerting the populations of Kribi to the risks and damage of bushfires near the Bipaga-Mpolongwé gas pipeline, located in South Cameroon, residents took the opportunity to ask for compensation.

“ Many grievances have also been recorded. They concern in particular the employment of local residents, the supply of electricity and the advantages that local residents consider necessary to improve their living conditions and compensate for the risks associated with their proximity to the SNH gas pipeline ”, we learn. At the end of the discussions, these residents also promised to continue to watch over the Bipaga-Mpolongwé gas pipeline while hoping that " SNH will be grateful ".

It is the Pipeline Steering and Monitoring Committee (CSP) which notably ensures the environmental monitoring of the Bipaga-Mpolongwe gas pipeline. Within this framework, the integrity of its right-of-way is checked every month, as well as the sensitization of local authorities and neighboring populations on the risks (fires, gas leaks, material damage, etc.) associated with its operation.

This gas pipeline, which is operated by SNH, has been supplying natural gas since February 25, 2013 to the Kribi thermal power station, whose initial power is 216 megawatts