Member Info for happysparrow

https://allafrica.com/stories/201908280652.html

WTO clean break, too, Lobon.
None of this appalling May Withdrawal Agreement (aka 'Surrender Treaty').

First worms this morning, K. (all courtesy of the NewsNow site - google 'Oil and Gas Nigeria'):

https://tribuneonlineng.com/fg-should-invest-more-in-gas-to-power-projects-stakeholders/

https://allafrica.com/stories/201908280034.html

This discovery is about 200km west of us.
In our area it's estimated we have about 40tcf of undiscovered gas.

https://oilprice.com/Latest-Energy-News/World-News/Eni-Strikes-Major-Gas-Find-In-Nigeria.html

https://guardian.ng/news/agip-discovers-1trn-cft-of-gas-60m-barrels-of-condensates-in-niger-delta/

http://news.aniamey.com/h/93272.html

http://news.aniamey.com/h/93283.html

O&W - this was from Zengas on 19th August:
'Last time I enquired about what was happening to ongoing cash flow it was supposedly also reducing debt so beneficial to us ultimately anyway as Savp takes it over. '

This is from the recent Hannam report:
SAVP will also take on its 80% share of US$575mm of gross debt
relating to Accugas and Uquo.

This is from the 2017 Admission document (page 35-36):
2. The Capital Restructuring
2.1 The Seven Energy Group’s existing indebtedness is US$887 million at 30 June 2017 and this is spread across eight separate facilities. The Capital Restructuring will involve a US$334 million reduction in the Seven Energy Group’s existing indebtedness in exchange for a combination of new debt facilities, cash and newly issued Ordinary Shares. It has been agreed that around 85 per cent. of the reinstated debt will be repositioned in Accugas, with no recourse to the Company or any other assets of the Enlarged Group (save as set out in paragraph 2.3 below).

Any the wiser?
Would be good to have a proper update from SAVP on this debt to be taken on.

https://www.energymixreport.com/nnpc-plans-gas-production-surge-to-3bn-scuf-daily/

https://guardian.ng/business-services/nigeria-others-to-attract-103b-gas-investment-in-2019/

http://statisticstimes.com/economy/projected-world-gdp-ranking.php

In his keynote address, the Group Managing Director of the NNPC, Mallam Mele Kyari, said the corporation, beyond efforts to fix the refineries, was focusing on unlocking the huge opportunities in the gas sector to fast-track the country’s industrialization agenda.
“Of much importance is the position of gas as a catalyst for national development. All hands must be on deck to ensure that, using the realistic government policies, gas is fully utilized domestically to power industries and fast-track the nation’s march towards industrialization”, the GMD stated.

https://www.nnpcgroup.com/News-and-Media/news/Lists/Posts/Post.aspx?List=20b7f5cf-4d4b-499e-98da-ee0bbdc39041&ID=189&Source=https://www.nnpcgroup.com%2FNews-and-Media%2FNews%2FLists%2FPosts%2FAllPosts.aspx&ContentTypeId=0x01100062C684CCEEAA2149BAF11615E438EC91

https://thenationonlineng.net/sylva-to-meet-buhari-for-mandate/

Key positions:

President Buhari - Minister of Petroleum
Timipre Sylva – Bayelsa State – Minister of State for Petroleum

Sale Mamman – Taraba State – Minister of Power (new ministry)
Goddy Jedy Agba – Cross River State – Minister of State, Power
https://punchng.com/breaking-buhari-unbundles-ministries-merges-creates-others/

http://www.lesahel.org/index.php/2019/08/21/a-la-presidence-de-la-republique-le-chef-de-letat-recoit-lambassadeur-de-la-republique-populaire-de-chine-au-niger-2/

https://punchng.com/buhari-ministers-to-pursue-pib-passage-power-reform/

https://www.sunnewsonline.com/transforming-nigerias-oil-and-gas-industry/

Thanks, fellars, nice to know I wasn't imagining it.
Good luck all.
Strong 'Hold' for me.

Well done, all.

'The principal remaining conditions precedent for the Transaction relate to the execution of long-form documentation in relation to the Accugas debt restructuring and the Frontier Swap, following which the Transaction completion process is expected to commence. '

I recall someone saying that not long back (AGM call) AK estimated this to be a further 3 weeks.
Can anyone confirm this?

http://news.aniamey.com/h/93107.html

le Niger ambitionne de quintupler sa production journalière actuelle de brut pour passer à 110.000 bj d'ici 2021, a-t-on indiqué de source officielle.

More detail:
https://allafrica.com/stories/201908170041.html

https://www.irishtimes.com/business/energy-and-resources/irish-owned-firm-gets-right-to-try-seize-9bn-in-assets-in-gas-dispute-1.3988718

Not sure this will endear British / Irish firms with Buhari? Or make him even more cautiously snail-like in signing agreements?
Hopefully of no relevance.

No longer a non-exec at Sound Energy from yesterday.
Hopefully because he intends to be too busy as our COO to do anything else!

DAVID CLARKSON
Over 40 years’ experience in the oil & gas industry, mainly at BP where he was SVP for Projects & Engineering (Upstream) and a member of BP’s Leadership Team
Delivered major projects in frontier areas prior to holding the SVP role in which he was functionally accountable for embedding rigour and discipline in BP’s upstream major project investment decisions and for building engineering capability to support the company’s growth agenda
Chartered Engineer and Fellow of the Institution of Mechanical Engineers

From the last few questions:
The well flows really well, with minimum draw down. It's a 55 metre single column. Not reached oil/water contact yet. Oil quality (AP) is currently being analysed so no result on quality yet.