Overview focused on Cameroon in Africa We are dedicated to realising material shareholder value from our assets in Cameroon whilst maintaining capital discipline and employing a rigorous approach to other value- enhancing…
Delivering value for all our shareholders New leadership Chris Ashworth was appointed Chairman and Eli Chahin was CEO in March. The Board was subsequently expanded with two new non-executive Directors. Joe Darby was appointed in…
Financial results Strong balance sheet with over 84m cash at 30 November 2017 No debt and no outstanding work programme commitments Etinde farm-out transaction: o Access to 40 million (net) carry; covers share of…
Near-term Business Objectives Maximise the value of Etinde Ensure appraisal drilling is carried out in 2018 Work towards prompt development alignment FID to be achieved quickly thereafter De risk Bomono Relinquish operator status…
Asset overview Etinde In a strong financial position with 40M carry for the 2018 appraisal wells Equity Interest NewAge (operator) 37.5 % Benin Nigeria LUKOIL 37.5 % Togo Bowleven 25 % Ghana SNH 0% P50 contingent 290…
2018 Etinde Appraisal drilling (1) Work Programme and timeline Isongo Marine Discovery Outline agreement to proceed with two appraisal wells in 2018 JV partners closely aligned re well location Final decision in Q1 2018…
2018 Etinde Appraisal drilling (2) Primary target IM-5ZR well discovery Drilled to the SE of the earlier IM-3 well with approximately 0.47 tcf of wet gas resource) Tested 10,800 boepd from 29m net pay (37mmscfd & 4,664 bcpd) IM-6…
2018 Etinde Appraisal drilling (3) Secondary target IM-6 well The IM-6 well located to explore two additional potential reservoir formations above and below the 410 resource Shallower depth 510/Grinder sandstone formation Deeper…
Etinde exploitation JV focus is on achieving earliest possible development in a cost effective manner within technical and timing constraints Early stages for approval of a two-phase development: o 70 mmscd dry gas to be made…
Gulf of Guinea Floating LNG proving ground Perenco, Gazprom marketing and trading and SNH signed an 8 year deal with Golar LNG Golar provide a Floating LNG vessel (the Hilli Episeyo) to process 500 bcf of gas from Perenco/SNHs…
Bomono Monetising the asset is dependent of finalising the agreement with VOG Victoria Oil & Gas plc (VOG) represent an ideal partner to develop Bomono Farm-out transaction for 80 % stake signed with VOG in March 2017 subject to…
Conclusion creating shareholder value Deliver value to all our shareholders by developing our resource base in our Cameroon assets Right sized our organisation commensurate with the needs of our current portfolio Convert…
Loading...
