CONGO-B AT WHAT COST COULD ANGLO AFRICAN OIL & GAS EXTEND TILAPIA?

摘要

In a buoyant press release posted early March,rnAnglo African Oil & Gas, partly controlled byrnFrench businessman Gerard Bourgoin, enthusiasticallyrndeclared that Societe Nationale desrnPetroles du Congo (SNPC) had “recommended”rnthat its producing block Tilapia be extended forrna further 20 years. However, there are severalrngrey areas to consider. The hydrocarbons coderndoes not allow the Congolese State to renew arnpermit more than 12 months before the end ofrnthe contract. This means the minister will not bernable to approve the extension until 2019, givenrnthat the current production period legally endsrnin 2020. While AAOG aims to drill a well overrnthe coming months, it will need to raise fundsrnfrom investors convinced that the permit hasrnbeen renewed. Again, this possibility cannot bernconfirmed until 2019. With 2018 proving to be arnyear of uncertainly, as the promise of a renewalrnis only based on a recommendation from thernSNPC, Bourgoin has been trying to protect hisrnback. He has the support of his friend DenisrnGokana, who previously chaired the SNPC.rnGokana, who enjoys close ties with PresidentrnDenis Sassou Nguesso, as does Bourgoin himself,rnreportedly assured the French entrepreneurrnthat the permit will be renewed in 2019. Accordingrnto our sources, it is not entirely impossible thatrnGokana’s firm Africa Oil & Gas Corp will investrnin Tilapia if the renewal is signed.