Update and Extension of Backstop Date The Company can confirm that it has received a letter from the legal representatives of APECï¿½s funder advising that on July 9, 2019, the funder arranged for the remittance of $US 10 million from HSBC to Providenceï¿½s account. The legal representatives further advise that the remittance is expected to be completed shortly pending compliance checks by the bank. Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before July 19, 2019.
The report further indicated that within the period, the NNPC recorded a total of $580.32 million in export sales of crude oil and gas which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed $458.59 million which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.
The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.
Total crude and gas export receipt of $547.61m was recorded in May 2019 as against $432.80m in April 2019, the NNPC said in its latest monthly report.
“Of the export receipts, $168.59m was remitted to the Federation Account while $379.02m was remitted to fund the JV cost recovery for the month of May 2019 to guarantee current and future production. Naira portion of N988,990,794 was transferred to the JVCR from domestic crude oil receipts,” it added.
President Muhammadu Buhari had directed that immediate action be commenced to restructure the JV oil assets “so as to reduce government shareholding to not less than 40 per cent and that this exercise must be completed within the 2019 fiscal year.”
Our John B, has a new job!!
Chief Operating Officer John Buggenhagen has been appointed as chief executive, replacing Colin Hutchinson. Buggenhagen is a geophysicist who served as CEO of Palomar Natural Resources and exploration director of San Leon Energy PLC. He was appointed to an operating role with Ascent in January and joined the board a month later. Hutchinson will remain with the company on a part-time basis as a finance director on an interim basis.
Rapidan’s report, “Battlespace & Barrel Flow: Oil Market Impacts of a US-Iran Conflict,” forecasts that a weeklong shutdown would cause an immediate $15-$20/b spike in Brent oil prices, with prices exceeding $100/b likely if the disruption drags on.
For those wondering if the new pipeline is underway which it looks like a few non holders looking to make trouble are advocating …
Here is the main guy working on it, his CV credentials are very impressive and been working for eroton for 1 year 5 months…
Subsea Project Engineer
May 2005 – Dec 20083 years 8 months
Houston, Texas Area
Team member for the Detailed Design, Factory Acceptance Testing and System Integration Testing of various subsea equipment for the $3.5Bn Agbami Field Development Project- a deep subsea production system tied back to an FPSO, with the subsea production and injection wells controlled from the FPSO through dedicated umbilicals.