Monday, November 10, 2014

Jammeh plans to steal Gambia's petroleum proceeds

Photo (L-R) Martin Wensrich, Exploration Manager of CAMAC Energy, Fafa Sagnia, Commissioner of Petroleum Ministry and Dr. Tunde Fahma, Gambia Country Manager of CAMAC Energy.

CAMAC Energy signed agreement with the regime of Yaya Jammeh in May 2012 for off shore blocks A2 and A5 at about the same time that African Petroleum and Oranto Petroleum.  The two Nigerian-registered companies i.e. African and Oranto partnered with Buried Hill Gambia BV and were assigned off shore block A1 and A4 had their licences revoked for failing to meet the requirements of the licenses.

African Petroleum has since taken Gambia to international arbitration for unlawfully revoking its license.  It is not clear that Buried Hill Gambia BV has joined its partner in the filing of the request for arbitration by the World Bank's International Center for Settlement of Investment Disputes (ICSID).

Contrary to the impression given by the dictatorial and corrupt regime of Yaya Jammeh, CAMAC license has not been terminated.  In fact, the company told 'Today' newspaper of Nigeria that it is " fully satisfied with the level of cooperation it has received from the Gambian government and that it looks forward to even more fruitful collaboration."

According to CAMAC Energy claims further that it "continues to meet all of our obligations and requirements as set out in blocks A2 and A5."

CAMAC Energy is Nigerian-owned but headquartered in Houston, Texas and is listed in both the New York Stock Exchange and on the Johannesburg Stock Exchange.

In the company's Third Quarter Report dated October 11, 2014, it is reported that the company has completed a regional geological geophysical studies of offshore blocks of A2 and A5.  The report reveals the next step as being the acquisition of 3D seismic over the most promising areas.  CAMAC Energy is the operator and "owns 100%".

Of course, this is just the beginning of a long trail that we intend to pursue.