Aker Energy secures funding for offshore oil project in Ghana

first_imgAfrica Finance Corporation (AFC), an infrastructure solutions provider in Africa, has decided to finance Aker Energy’s deepwater project located offshore Ghana by investing in $100 million of convertible bond notes with a commitment to participate in follow on fund raising activities.Pecan POD. Source: Aker EnergyAker Energy said last week it had issued subordinated convertible bonds to AFC of $100 million. The bonds have a coupon of 5.5 per cent per year and will be converted to equity in the event of an Initial Public Offering (IPO) of Aker Energy, at an agreed discount to an IPO offering price of 1.85 per cent per year. The bonds have a maturity of five years, with an option to extend with another three years.In a separate statement on Monday, July 15 AFC confirmed its support of Aker Energy and said the funds would be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points block (DWTCTP), a block offshore Ghana containing multiple oil fields.The asset is owned by joint venture partners, including Aker Energy (50%), Lukoil (38%), Fueltrade (2%) and a 10% carry for the Ghana National Petroleum Corporation (GNPC), wholly owned by the Government of Ghana. The Pecan field, which is the most appraised in the DWTCTP block and the field to be developed in the first phase, is an oil field estimated to contain reserves of about 334 million barrels of oil equivalent.AFC explained that this investment was in line with its overall natural resources strategy, which entails building a portfolio of value added assets across the energy value chain.This investment also marks the beginning of AFC and Aker’s relationship in the exploration and production sector across the African continent; AFC will offer support to Aker, open new opportunities, and mitigate potential geopolitical risks. On the other hand, AFC said that Aker was an ideal partner for AFC, as it seeks to broaden its partnerships with developers within the natural resources sector.The Deepwater Tano Cape Three Points field is one of the Ghana’s principal hydrocarbon assets and is expected to contribute to Ghana’s near term target of an annual production volume of 500,000 barrels of oil equivalent per day.Aker Energy submitted an integrated plan of Development and Operations (PDO) to Ghanaian authorities for the Deepwater Tano / Cape Three Points (DWT/CTP) block in late March 2019. The integrated PDO presents an overall plan for a phased development and production of the resources in the DWT/CTP contract area. The phased development plan will start with the development of the Pecan field as a firm phase one, being the largest of several discoveries in the area.Upon PDO approval, the partners will initiate a process to make a final investment decision (FID). First oil from the Pecan field is estimated 35 months after the FID is made.Samaila Zubairu, President & CEO of AFC, commented on the announcement: “This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa, both of which AFC is ideally placed to offer.”Jan Arve Haugan, CEO of Aker Energy, added: “We value AFC’s vote of confidence by collaborating with Aker Energy and the commitment to further strengthening this partnership going forward. We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lies ahead of us.”Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.last_img read more

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Here’s a List of 58 Gender Options for Facebook Users

first_imgABC News 13 February 2014Facebook introduced dozens of options for users to identify their gender today – and although the social media giant said it would not be releasing a comprehensive list, ABC News has found at least 58 so far.Previously, users had to identify themselves as male or female. They were also given the option of not answering or keeping their gender private.User’s can now select a “custom” gender option.“There’s going to be a lot of people for whom this is going to mean nothing, but for the few it does impact, it means the world,” Facebook software engineer Brielle Harrison told the Associated Press. Harrison, who worked on the project, is in the process of gender transition, from male to female.Facebook will also allow users to select between three pronouns: “him,” “her” or “their.”The following are the 58 gender options identified by ABC News:AgenderAndrogyneAndrogynousBigenderCisCisgenderCis FemaleCis MaleCis ManCis WomanCisgender FemaleCisgender MaleCisgender ManCisgender WomanFemale to MaleFTMGender FluidGender NonconformingGender QuestioningGender VariantGenderqueerIntersexMale to FemaleMTFNeitherNeutroisNon-binaryOtherPangenderTransTrans*Trans FemaleTrans* FemaleTrans MaleTrans* MaleTrans ManTrans* ManTrans PersonTrans* PersonTrans WomanTrans* WomanTransfeminineTransgenderTransgender FemaleTransgender MaleTransgender ManTransgender PersonTransgender WomanTransmasculineTranssexualTranssexual FemaleTranssexual MaleTranssexual ManTranssexual PersonTranssexual WomanTwo-Spirithttp://abcnews.go.com/blogs/headlines/2014/02/heres-a-list-of-58-gender-options-for-facebook-users/last_img read more

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Aiming for bowl appearance, Marrone hands keys of offense to first-year coach Hackett

first_img Comments NEWPORT, R.I. –– When asked if he had a minute to sum up his expectations for the upcoming 2010 season, Syracuse head coach Doug Marrone provided his quickest answer of Big East Media Day. Heading into his second year, his goal is clear. And to Marrone, it’s a self-proclaimed, simple truth.AdvertisementThis is placeholder text‘I can give it to you in less than 60 (seconds),’ Marrone said. ‘We need to turn this thing around quick. We need to go to a bowl. If we don’t go to a bowl, I will be very disappointed. … Yes, I think I can stand on that statement. It’s the truth. As long as you tell the truth.’On Tuesday, Marrone laid out a finish line for his team. And with that, he elaborated on the first main step he took in reaching that finish line. A decision that will ultimately take an expected game-day load off him.There is a new offensive play-caller. An unexpected one, as it’s not Marrone. Instead, first-year quarterbacks coach Nathaniel Hackett will take control of the offensive plays, Marrone announced last Friday.The clock is ticking. Starting … now.Delving into the rationale behind the change Tuesday in Newport, Marrone said he will still share offensive game-planning duties with Hackett. Marrone also maintained that all calls will ultimately go through him and that he has the ability to change any and every play call — including those on defense and special teams.The decision came as a change in plans, as Marrone said throughout the spring that he would be taking on play-calling duties this fall after firing former offensive coordinator Rob Spence.Marrone clarified how exactly the 30-year-old Hackett’s role will break down as the play-caller and why he made the decision to shift duties from himself. ‘What happened was, in the beginning, we were looking for someone to fill that role and I knew that I could call the plays,’ Marrone said. ‘I knew that I could do that. But in the back of my mind, I was concerned about the management of the games. When you are a play-caller — I know myself, I get aggressive. When we get down to fourth-and-one, should we punt? Should we go for it? I just felt that if I was calling the plays I would want to go for all of them.’Extraneous greed on the part of the head coach was the main factor for Marrone’s delegation to Hackett, it appears. He seems to believe his ego would have been too big for the added duty this year. So, he passed it off to the little-brother figure he brought in from their time in the NFL. ‘There is an ego involved with calling a play at anytime,’ Marrone said. ‘All of a sudden you make the adjustments with the offensive coaches, then you are not watching the defense and special teams. All of a sudden, I don’t have a great flow of the game. What is good about it, with Nathaniel, if it wasn’t a good match for us, I could go ahead and cover the plays. So, I feel comfortable right now.’Marrone thinks Hackett, a former Buffalo Bills quality control chief, is tailor-made for the job. He and Hackett’s fellow former NFL colleague, current Pittsburgh head coach Dave Wannstedt, agree.Across the room, Wannstedt didn’t need a minute to think, either.‘He’ll do a great job,’ he said. ‘I don’t think his age is anything (of an issue). He’s been around football all his life. He’s got a great background.’ Facebook Twitter Google+ Published on August 3, 2010 at 12:00 pm [email protected]last_img read more

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Redirecting the railroad in Ridgefield

first_img RIDGEFIELD — As a fire engine from Clark County Fire & Rescue sat idling, stopped at a rail crossing by a slow-moving train, plumes of smoke billowed out of the windows of a burning houseboat a few hundred yards away at McCuddy’s Ridgefield Marina.“They were just watching the house burn,” McCuddy’s manager Steve Souza said, recalling the Feb. 1 fire, “and they couldn’t do anything about it.”Souza was at the marina watching as the fire engine waited at the rail crossing for five long minutes before it could cross the tracks.Todd Brooks, a maintenance supervisor for the marina, was in a truck directly behind the fire engine, and he could tell firefighters were anxious for the train to pass and the crossing arm to lift.Firefighters were eventually able to make their way down to the marina to extinguish the blaze, but not before two dogs died. The houseboat’s resident wasn’t home at the time of the fire, which was later blamed on electrical causes. Click to enlargelast_img read more

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