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Issue 247 - 31 January 2013

AfDB: Bond pricing

Subscriber

On 16 January, the African Development Bank (AfDB) priced a $1bn fixed-rate US dollar global benchmark bond due 15 March 2018. The transaction pays a coupon of 0.875% and a spread of five basis points over mid-swaps, equivalent to 20.45 basis points over the UST 0.75% due 31 December 2017.

Issue 228 - 29 March 2012

Kenya permit has convoluted history

Subscriber

Tullow Oil and Africa Oil Corporation are in the enviable position of having no other partners in the 12,638km2 Block 10BB, where oil was found in March

Kenya
Subscriber

Midvaal Local Municipality in Gauteng has issued a request for qualification for a public-private partnership concession to finance, design, manage, operate, maintain and expand electricity services. The small municipality, which in 2016 had a population of 111,612 people, is blazing a trail as one of the first to seek a private concessionaire to run its electricity distribution responsibilities. The concession could run for 15-20 years.

South Africa
Subscriber

New York Stock Exchange-listed Ormat Technologies Ltd announced on 4 February that it had begun commercial operations at the 29MW Plant IV at the Olkaria III geothermal complex, bringing total installed capacity at the site to 139MW. Power will be sold to Kenya Power under a 20-year power purchase agreement, amended in October 2015 to allow for the future increase in phases of capacity at Plant IV to 100MW. Ormat brought the first phase of Plant I online in 2000 and the second phase in 2009.

Kenya
Subscriber

The UK’s Serious Fraud Office (SFO) has begun investigations into Rolls-Royce’s operations in Nigeria, following accusations that the London Stock Exchange-listed engineering group filtered payments through intermediaries such as Unaoil to win deals in Indonesia, China, India and Brazil. As with previous investigations, the deals under scrutiny were transacted by Rolls-Royce’s previous management, headed by Sir John Rose. The Times newspaper reported on 20 May that the Nigerian deals involved Rolls-Royce’s alleged use of an intermediary company, PSL Engineering and Control, to influence the sale of gas turbines.

Nigeria
Free

The deadline for financial close for projects in the third round of the Renewable Energy Independent Power Producer Procurement (REIPPP) programme has been put back to November from July. “Guided by factors such as the volatility of the rand, and in consultation with National Treasury and the Reserve Bank, we have opted to shift the date for financial close to November 2014. This will also allow Eskom to prepare adequately for the connection of these providers to the grid as planned,” energy minister Tina Joemat-Pettersson said while delivering the energy budget to parliament on 21 July.

South Africa
Subscriber

Ghanaian explorer Springfield Exploration and Production Limited has signed a contract with Stena Unicon Offshore Services Ghana to use the Stena Forth drillship for two wells on West Cape Three Points (WCTP) Block 2.“The campaign will first target the Oak-1x well, on trend with the Beech discovery made on the Deep Water Tano Cape Three Points Block to the south-west of WCTP Block 2,” Springfield said.

Ghana
Free

The president of the employers’ Fédération Nationale de l’Energie Moulay Abdallah Alaoui died on 8 February, aged 83. The federation has been a vocal lobby for industry interests, including moves to reduce the build up of payments arrears by Office National de l’Electricité et de l’Eau Potable and other state companies.

Morocco
Subscriber

Total has pulled out of a deal to take over Anadarko Petroleum Corporation’s Ghana assets after the US independent’s new owner Occidental Petroleum Corporation sought to sell its African holdings. The move, announced by Total on 18 May, follows the French major’s announcement that it would not be taking over Anadarko assets in Algeria’s producing Berkine Basin, another of the four deals included under the purchase and sale agreement (PSA) signed in August 2019.

Ghana
Issue 254 - 16 May 2013

Equatorial Guinea: Libel ruling

Free

A French court in late April ruled that NGO the Catholic Committee Against Hunger and for Development did not libel President Teodoro Obiang Nguema in a 2009 report. The report, entitled ‘Biens mal acquis, à qui profite le crime?’ said that Obiang and ten family members had laundered about $26.5m in property deals via an account at Santander bank Madrid between 2000 and 2003. The latest court ruling follows a lower court decision that the report’s allegations were covered by the right to free speech.

Equatorial Guinea
Subscriber

A company replacing Aggreko to provide 135MW of temporary power is linked to a local businessman and not to US interests as officials originally indicated (AE 296/8). A source at the energy ministry told African Energy that K Energy SA was registered by the businessman and honorary consul of South Korea in Guinea, Ibrahima Kassus Dioubaté. K Energy was established on 27 May 2014 and registered at investment agency Agence de Promotion des Investissements Privés on 28 May 2014. “Kassus has strong support within the presidency. He has been received several times by President Alpha Condé himself. It is he who introduced the company here, inspired by the Aggreko model,” one official told African Energy.

Guinea
Subscriber

Tullow Oil has announced that the Wawa-1 exploration well in the Deepwater Tano licence has intersected oil and gas condensate in a Turonian turbidite channel system separate from the Tweneboa, Enyenra and Ntomme (TEN) fields on the block. Wawa-1 encountered 20 metres of gas-condensate pay and 13 metres of good quality oil pay in turbidite sands.

Ghana
Issue 166 - 03 July 2009

Artumas restructures debt

Subscriber

Canada’s Artumas Group has converted $115m of bond debt into shares and successfully placed $8m of new convertible bonds. The company ran into funding problems

Mozambique
Subscriber

The Ministry of Power, Housing and Works, one of the so-called super ministries established in President Muhammadu Buhari’s first term, has been broken into two and a new power minister appointed. Although former minister Babatunde Fashola was not disliked, some in the industry are hopeful the change could result in renewed focus on fundamental issues and end personality clashes at the top of the ministry. The ministry was put under Fashola’s control at the height of his popularity in 2015 following an eight-year stint as governor of Lagos State.

Nigeria
Issue 247 - 31 January 2013

Madagascar Oil: Share placing

Subscriber

Madagascar Oil has carried out a share placing and open offer through London-based natural resources investment bank GMP Securities Europe to raise £49.5m ($78.4m) at 18p/share. The offering is fully underwritten by existing shareholders.

Madagascar