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Petrofac secures gas processing expansion contract from ADNOC Gas

Petrofac, a leading international service provider to the energy industry, has been selected by ADNOC Gas to undertake an Engineering, Procurement and Construction Management Services (EPCM) contract for a US$1.2 billion project to expand its gas production facilities on Das Island.

As part of the overall Rich Gas Development (RGD) Programme, Petrofac will provide EPCM services and oversee procurement and construction contracts to build a new inlet facility, two new gas dehydration and compression trains, each with a capacity of 420 million standard cubic feet per day (MMSCFD), and associated infrastructure. Petrofac will also upgrade existing facilities to increase the site’s capacity for collecting and transporting raw natural gas. These upgrades will significantly increase gas processing capacity to meet rising customer demand.

Petrofac's Group Chief Executive, Tareq Kawash, said:

https://www.petrofac.com/media/news/petrofac-secures-gas-processing-expansion-contract-from-adnoc-gas/

Good to see the SP creeping back up again, still a long way to go though

A technical question,,,,,I use II,

At close it will regularly show the last trade price as close to the top of the spread but the SP as the the mid price.

Can I assume these "last trade prices" are sells?

The spread continues to be huge, cant believe there are that many trading AEX.

Soundings from Muscat and DAR suggest that very positive news is “imminent”.

Probably about time the board was held accountable for the disaster that this share has been over the last 8 months. Any other company and there would be resignations. The “this is Africa” excuse doesn’t work for a company that is supposed to be experienced in working in africa. They are not managing the operations or communications and clearly have no care about the SP or the shareholders. We need to hold them to account

Rig contract this week………..

Board need to get off Thier ass and do something, there complete lack of any real communication or progress on any front is going to drive the share price back below 1p.

I refer to your web enquiry below.

We are currently in the process of ingathering the remaining assets of the above company.

These assets consist of a number of contingent payments and we are trying to confirm the expected payment dates. Until we have confirmation of these dates we are unable to confirm the timescales of the distributions to shareholders.

If you want to get back in touch in December we should hopefully have a better idea of when a distribution will be made.

Nearly half a year since the licence was issued..... share price has come down significantly since then, no news on a rig contract and a now stagnant share price.

If all the upsides are so obvious and certain , why is no one buying? Has all the good potential been factored in and there is not much of an upside left in the SP?

Would love to see this go up but patience is running out and might be time to put it all in the bank where at least 4-5% is guaranteed.....

This adds some meat to the "rumours" that it could be implied that the Rig has now been identified, rig timeline has been "penciled in" and rig contract is awaiting final signatures....

Maybe some real operational process news to come out of ARA soon?

I would rather he doing less waffle and was confirming rill rig contracts and telling us about real developments that actually showed some progress towards returning some shareholder value.

If I wanted to invest in poverty reduction id buy a bar of chocolate in the Oxfam shop....

Its fairly obvious that its the market that has no faith,,,

Another week of the SP going backwards with no significant progress on the ground, hopefully we do have lots of gas but at the moment its just lots of hot air

It seems stating the facts ie the SP is going backwards now makes you a troll......

We have a lot of room to make just to get back to parity with the day of the Licence issue.

I fear the general market is not i interested and any potential has already been priced in. I hope I’m wrong but as a LTH and given previous flexibility in the timelines I see little evidence of real shareholder value: ie Dividend coming any time in the next 2 years. My other concern is that the really big players are just not interested in Tanzania.

Has anyone been able to contact the company?

Based on the impact of their "positive news" the SP maybe it is better if AEX just stay silent........

Well at the end of the day it's the market that sets the price and the market doesn't seem to be convinced by the financial report or the potential. If the potential was as certain as some people suggest then there are 2 realities:

a. The potential is already priced in.

b. the market doesn't believe the hype and wants to see the potential become reality and some value for shareholders,,,,,a dividend from first gas? (I very much doubt ARA would support that for a few years).

Yes I hope the SP rises but its probably going to go back to 2 over the next few years but I don't expect a new yacht any time soon.....

I think we should treat anything that ARA or TPDC say as both flexible in timeline and open to and alternative interpretation.

All the "positive news" and lack of any movement in the SP leads me to think that AEX its not going to go beyond the 2p limit until they drill and gas is actually coming out of the ground......History with AEX and TPDC lack of reliability and flexible timelines" would suggest this could still a couple of years away.

Market seems to have no confidence in AEX and there is no demand for the share, in the short to medium term its as likely to go backwards as forwards..

Apparently Rig contract award news is imminent…

Spud date q4?