Daniel Nonor
10 March 2009
UK-based oil explorer Tullow Oil said it had made a significant new discovery offshore Ghana and secured $2 billion in loans to develop its African finds, sending the company's shares up over 9 percent.
Tullow and Ghana partners Anadarko Petroleum and Kosmos Energy said in statements on Monday that their Tweneboa-1 well had yielded the latest in a string of discoveries in the West African country.
"Tullow's success in Ghana continues apace with the Tweneboa discovery," Richard Griffith, oil analyst at Evolution Securities said in a research note. "Initial results suggest that the P10 reserves could be .. twice the pre-drill estimate."
Tullow said in a statement that it had secured its financing package for which it would pay an interest rate of up to 3.75 percent over US$ LIBOR on its debt facility. Before the credit crisis, the company paid around 1 percent above LIBOR, executives said at the time.
Investors had been waiting eagerly for confirmation the debt had been secured. Many small and medium-sized oil producers have had difficulties securing debt to fund field developments and some have been forced to put assets up for sale to meet cash needs.
Also on Monday, UK-listed Sterling Energy said it was in talks with lenders about a waiver on debt repayments while it continues in talks about the sale of U.S. assets.
Tullow shares traded up 6.5 percent at 783 pence at 0903 GMT, compared to a 1.1 percent drop in the DJ Stoxx European oil and gas sector index.
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We are still being robbed under the guise of aid. Stop giving away our resources. Develop them, process them ourselves. “ Daniel 11: 14 And in those times there shall many stand up against the king of the south: also the ROBBERS of your people shall exalt themselves to establish the vision; but they shall fall. “
Modern Slavery started in Ghana with the Portuguese 1442 . We still have a form of Slavery going on in Africa. Could the Portuguese be trying to enslave us again ? Also let’s not forget (The Berlin Conference of 1884-1885) – where 14 European Nations, Turkey & America agreed on how they would rob Africa . The prophet Daniel foretold this robbing of Africa ; see Daniel 11:14 . WAKE UP MY BROTHERS & SISTERS . BE SELF-SUFFICIENT.
We are still being robbed under the guise of aid. Stop giving away our resources. Develop them, process them ourselves. Daniel 11: 14 And in those times there shall many stand up against the king of the south: also the ROBBERS of your people shall exalt themselves to establish the vision; but they shall fall. Slavery from the Portuguese 1442 to the present down-played forms of Slavery (The Berlin Conference 1884-1885) –
(Nkosi Sikeleli Africa )
God bless Africa May her glory be lifted high Hear our petitions
God bless us, Your children God we ask You to protect our nation Intervene and end all conflicts Protect us, protect our nation, our nation