Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week 2023 as a Silver Sponsor

PRESS RELEASE

Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week (AEW) 2023 as a Silver Sponsor

Platform Petroleum Limited will participate as a silver sponsor at African Energy Week 2023, driving discussions on the role Nigerian-based E&P companies play in driving the next wave of energy developments in the country

JOHANNESBURG, South Africa, September 4, 2023/ -- The devleopment of the country’s 37 billion barrels of proven crude oil reserves and 200 trillion cubic feet of natural gas will position Nigeria as both a regional petroleum hub and major global exporter, creating a wealth of opportunities for economic growth on the back of hydrocarbon revenue. Leading the charge to monetize domestic oil and gas resources are Nigerian-based E&P companies such as Platform Petroleum Limited, a company which remains dedicated to driving investment and development across Nigeria’s oil and gas sector.

Platform Petroleum Limited has joined the African Energy Week (AEW) 2023 conference and exhibition, scheduled for October 16–20 in Cape Town, as a silver sponsor. This strategic sponsorship underscores Platform Petroleum Limited's steadfast commitment to expanding Nigeria’s energy sector. As a wholly Nigerian-owned company, Platform Petroleum Limited stands as a shining example of dedication, aiming to play a pivotal role in reshaping the continent's energy landscape and providing sustainable solutions to fuel Africa's growth.

Platform Petroleum Limited's remarkable journey in Nigeria's energy landscape has yielded triumphs, with the Egbaoma Field as a shining example. Covering 136 square kilometers within OML 38 in the Northern Depo-belt of the Niger Delta Basin, this field has been a significant milestone for the company. Secured in 2003/2004, the field development activities commenced in 2005 in joint venture partnership with Newcross Petroleum, and by 2007, first oil was achieved. Since then, Platform Petroleum Limited has continuously improved and optimized operations, with over nine workover operations, three wells drilled, and two side tracks executed to date. Additionally, the company achieved remarkable milestones in 2018. The year concluded with a cumulative production of over one million barrels and significant revenue growth compared to the previous year.

In the gas sector, the Platform/Newcross Joint Venture executed additional commitments, increasing lean gas supply to 45 million standard cubic feet per day with various third-party off-takers. A pivotal moment in the field's development was the upgrade of the Flow Station in 2013/2014 to include XHP Production and Test Separators, allowing for the optimization of gas condensate Wells and handling 40MMscfd gas production. The company’s commitment to gas commercialization aligns with the Federal Government's zero-flare policy. This journey reflects Platform Petroleum Limited's unwavering dedication to sustainable growth, operational excellence, and a brighter energy future for Nigeria and beyond. The company’s projects in progress include a drilling campaign targeting a minimum of 5,000 barrels of oil per day and the NGC gas monetization, aiming for first commercial lean gas by Q3/Q4. Flowstation upgrade projects for enhanced process and product recovery also take center stage, shaping the company's medium to long-term future.

Meanwhile, Platform Petroleum Limited is dedicated to promoting and adhering to a robust Local Content Policy that exemplifies its commitment to the communities and regions in which it operates. With a strong emphasis on local participation, the company has achieved impressive levels of engagement in various sectors, including engineering services, fabrication and construction, well drilling services, materials and procurement, and subsurface petroleum engineering and seismic. Additional services include transportation supply disposal services, health safety and environment, information systems and information technology, logistics services, and general banking services. These efforts reflect Platform Petroleum Limited's determination to empower local talent, stimulating economic growth and enhancing sustainability within the areas in which the company conducts its operations.

“Platform Petroleum Limited's journey in Nigeria's energy landscape is a testament to the transformative power of commitment and innovation. They have not only achieved remarkable milestones but have also demonstrated a deep dedication to local participation. The company’s accomplishments in the Egbaoma Field, strides in gas commercialization, and unwavering commitment to local content are truly commendable. Platform Petroleum Limited is shaping a brighter energy future for Nigeria and the continent as a whole,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

Platform Petroleum Limited joins a strong delegation from Nigeria comprising oil and gas Ministers, service companies and technology providers, and more. An Invest in Nigeria Energies session will further connect foreign companies and capital to Nigerian opportunities, with companies such as Platform Petroleum Limited set to drive the next wave of partnerships.

AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://AECWeek.com

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE

African Energy Chamber

Onyema calls for Market Transparency at Nigerian- South African Chamber of commerce breakfast forum

DG of NSE, Mr. Oscar Onyema


Onyema calls for Market Transparency as PanAfrican Capital Plc sponsors 2011 Nigerian- South African Chamber of commerce breakfast forum


By Ingram Osigwe


The Nigerian-South African Chamber of Commerce on Wednesday April 20 held its April 2011 Breakfast Forum. The Speaker at this edition was Mr. Oscar N. Onyema, Director General, Nigerian Stock Exchange (NSE)

Mr. Oscar Onyema, spoke on his vision for the capital market to include transparency, Innovation and liquidity. Speaking at the breakfast forum, Sponsored by PanAfrican Capital Plc, Onyema explained that his intension was to position the Nigerian capital market not only as a gateway to African frontier market but also a leading exchange for capital formation.

The NSE boss assured that his management would deploy such drivers of success at the exchange as organizational efficiency and fair level playing field for all participants in order to restore confidence in the market.


The DG of NSE with some members of staff of PAC.

He revealed that the plans of the exchange is to use better regulatory initiatives to attract more capitalization through new issues of from other sectors of the economy including the telecoms industry, adding that the market can do with significant foreign inflows but “ we are not looking for the high frequency trading”. Besides working with government to enthrone friendly policies, the new boss made it clear that new policies and procedures targeted at ensuring qualitative disclosure were best for the market at this point in time.

“Look at the market as a long term investment window instead of a speculative one,” Onyema further advised investors.



Mr Emeka Akwuaka, Company Secretary PanAfrican Capital Plc with the DG of NSE, Mr Oscar Onyema.


Mr. Eugene Ezenwa, MD CEO PAC Securities ltd and Mr Lanre Bakare, Head, Strategy and corporate Planning

He said the capital market was in need of market makers that would help to deepen it and improve liquidity.
"We will look at operational efficiency so that when you want to move a large chunk of stocks or bonds, you can do that easily without impacting on the price of the security, Said Mr. Onyema.

Mr. Onyema said the absence of market makers was affecting market liquidity.

"How do we make sure that securities have a standing bid and offer at any point in time? How do we get market makers that have the right depth and knowledge to provide liquidity in our market place? That is what we are looking at right now," he said

Managing Director/CEO of PAC Securities Limited, Chief Eugene Ezenwa, said the vision of the new CEO of NSE was going to affect the market positively, if well implemented.