EXECUTIVE CHANGES: Sterling Energy recruits former Tullow Oil top team
Tue, 16th Mar 2021 16:38
(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Tuesday and not separately reported by Alliance News:
Sterling Energy PLC - oil and gas company with exploration asset in Somaliland - Hires Paul McDade as chief executive officer and Ian Cloke as chief operating officer, starting immediately. McDade is the former CEO of FTSE 250-listed producer Tullow Oil PLC, and Cloke is Tullow s former executive vice president. McDade left at the end of 2019 by mutual agreement following disappointing business performance , Tullow said at the time. At Tullow, he was replaced by Rahul Dhir, who joined from Delonex Energy Ltd, where he had been the Africa-focused firm s founder and CEO. At Sterling Energy, McDade is replacing Tony Hawkins, who was appointed only in December. Hawkins previously had been CEO of Columbus Energy Resources PLC,
March 15, 2021
The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. Download the full report here. Learn more about Gladius Commodities at www.gladiuscommodities.com.
NIGERIA
The Federal Government has provisionally awarded tenders to develop 57 of its marginal oilfields, which could net the government $500 million in signature bonuses. The Department of Petroleum Resources sent out provisional award letters requesting payment within 45 days to secure the awards, which companies can for the first time pay in either dollars or naira.
Marginal fields are smaller oil blocks typically developed by indigenous companies. Nigeria is looking to produce from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the nation’s foreign exchange. The 57 fields in the current auction were launched in June 2020 and are part of the first marginal field round in nearly 20 years.
The loss was driven by non-cash exploration write-offs and impairments, according to annual results from the company.
Revenue at the Irish-founded group fell to $1.4bn in 2020, from $1.7bn in 2019.
During the year Tullow’s working interest production averaged 74,900 barrels of oil per day, in line with expectations.
The company had net debt at year-end of around $2.4bn.
As part of its ongoing refinancing discussions, Tullow said it has now received approval for a new debt capacity amount under the Reserve Based Lending facility of $1.7bn. It now has liquidity headroom and free cash of around $900m.
Tullow said the combination of “strong business delivery, increased liquidity, recent asset sales and higher commodity prices is providing a positive impetus to constructive discussions with creditors.”