Tende Energy PLC (Formerly Sirius Petroleum)
Tende Energy PLC (Formerly Sirius Petroleum) is an Africa-focused oil and gas development, production and exploration company, focused on building a range of diversified producing and development assets. The Company operates, in partnership with local partner COPDC, the prolific on shore OML65 block which is currently producing 10,000 bbls/d located within the Greater Ughelli Depobelt, Niger Delta. Sirius is developing the producing Abura field through a fully funded Phase 1 Approved Work Programme consisting up to 9 new wells, designed to increase oil production by a further 11,000 bbls/d.
About OML65: a producing block located within the Greater Ughelli Depobelt, Niger Delta.
- The existing producing field, Abura, has been in production since the 1970s, has been ascribed 16.2 mmbbls remaining 2P reserves.
- OML65 also contains two further discovered fields with an estimated 34.9 mmbbls1 additional 2P reserves, Owopele and Osioka. The fields have not been developed to date and will form part of the forward work programme.
- The recoverable volumes attributed to the Abura, Osioka and Owopele fields by Gaffney Cline are based on an assumed average recovery factor of 30%, which is conservative in the context of recovery factors typically achieved on analogous fields in the Niger Delta.
- Gaffney Cline has estimated 3P reserves of over 78mmbbls for Abura, Osioka and Owopele, implying an additional 27mmbbls of recoverable volumes in the high case.
- In addition, there are two targeted deeper prospects at Abura and Osioka containing an additional 227mmbbls1 oil in place, to which Gaffney Cline have attributed P50 prospective resources of 91mmbbls, implying a recovery factor of 40%.
- The production facilities servicing the Abura field are capable of handling up to 40,000 bopd.
1 Gaffney Cline & Associates June 2021 CPR
The Company will be seeking to commence the process for the proposed admission of its ordinary shares on London’s AIM market in H1 2023.
Mark age 50, is a Chartered Accountant and has focused on analysis of the global energy sector for over 20 years. He was formerly Director and Head of Oil & Gas at Stockdale Securities and a former Director Co-Head of European Oil & Gas Equity Research at Credit Suisse Securities. He was a Senior Equity Analyst at Commerzbank Securities and an Equity Analyst at Deutsche Morgan Grenfell. Between 1999 and 2003, Mr Henderson served as a Sector Portfolio Manager at the Abu Dhabi Investment Authority.
Mr Hayward, aged 61, is a chartered accountant and has been an investment banker since 1984. He was a director of corporate finance at Singer & Friedlander Limited and Henry Ansbacher & Co. Limited before becoming Head of Oil and Gas Equity Capital Markets at Canaccord Adams. He joined Jefferies International Limited as a managing director in 2005 with responsibility for the UK Equity Capital Markets and listed clients in the exploration and production sectors. He also undertook nominated adviser responsibilities. He left Jefferies in June 2008 to concentrate on a number of private initiatives. He has also previously held the positions of chairman and non-executive director at Severfield plc and non-executive director and interim CEO at Afren plc.
Mr Pryde, aged 74, is a Chartered Certified Accountant and has held various senior management positions in the investment banking industry. He is a former director and head of corporate finance at Henry Ansbacher & Co. and a former Vice-President of corporate finance at Canaccord Capital. He left Jefferies International as director of equity capital markets in May 2010. He has extensive experience of advising companies in the resources and energy sectors.
Mr Kuti, aged 34, obtained a BA from Duke University, USA. He studied Economics & Psychology and also received a Markets and Management Certificate. Since University he has worked as an Investment Advisor for a South African investment fund, Huxton Capital. He was instrumental in the formation and structuring of the Companys contact base in Nigeria and has responsibility for maintenance of those relations. He has been the CEO of Sirius since September 2013.
Mr Hawkins, aged 59, has over 30 years of experience in oil and gas finance, having worked in both the industry and in investment banking. Having had nine years international experience with the Royal Dutch Shell group of companies in London, The Netherlands and Nigeria, he became a director and equity analyst at UBS, Dresdner Kleinwort, Ambrian Partners, MF Global and N+1 Singer. After two years at Afren plc, where he was the global head of investor relations, Mr Hawkins served for a year on the board at Sirius. He is a member of the Chartered Institute of Public Finance & Accountancy, holds a BSc Econ (Hons) in Economics from the University of Wales and a postgraduate certificate in Oil and Gas Financial Management from the University of North Texas. Mr Hawkins was ranked number one by Thomson Extel for his coverage of European Gas while at UBS.
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