RE: Before emption of JOHL's acquisition of Anadarko's stake... CSOs were misled!
In recent times, the media in Ghana has been filled with baseless and malicious allegations about Freddie Blay, the Chairman of GNPC. These baseless statements, spread by the alleged statements of 29 Civil Society Organizations (CSOs), went as far as demanding my resignation as the Chairman of the Board. Mydetractors, without verifying the facts with GNPC, pointlessly claim that my involvement in the transaction is "too bad" to remove 50% of GNPC in the Deepwater Tano contract area (DWT ). Also,they say that this practice is changing the practical interestsof the state. Interestingly, there are others who claim, unfortunately, that they have exposed the secret, covert efforts of the GNPC and its Chairman of the Board for the sale of 7% of the stock acquired by the Republic of Ghana through Anadarko West Cape Three Points Company (Anadarko) and Petroleum. South African Oil and Gas Corporation (Petro SA). In order to prove the truth, I am providing the following information for those who seek the right understanding. Saleand transfer of 7% of "shares" acquired by Jubilee Oil Holdings Limited (JOHL) Ghana is a legal country, and there are rules and regulations governing the sale and transfer of shares, under the Ghana Companies Act 2019 (Act 992). ) even for private companies.
I encourage all my accusers and members of the public to google "what is the procedure for transfer of shares in Ghana",educate yourselves and come to your own conclusion as tothe truth or two of the allegations . The cost of thecompany is not one pack of cigarettes for everyone, besides, the chairman of GNPC can keep them in his pocket and sell them on the street! Allegations of \"surreptitious\", \"clandestine\" and \"sinister" sales of so-called GNPC shares are undisputed lies. There is no intention on the part of GNPC,or myself as its chairman, to dispose of the 7% stake in JOHL and there is no request fromPetroSA to acquire assets in JOHL. Such declarations may come from an ignorant and malicious mind. Oil and Gas Company of South Africa ("PetroSA") case
In March 2006, the Government of the Republic of Ghana ("State"), represented by the Minister of Energy ("Minister"),the Ghana National Petroleum Corporation ("GNPC"), signed a Petroleum Agreement ("PA)" in respect of Deepwater Tano ("DWT") contract area with Tullow Ghana Limited ("Tullow"), Saber Oil and Gas Limited ("Sabre"),Kosmos Energy Ghana HC ("Kosmos") and Anadarko Offshore Holding Company, LLC ("AOHC"). These companies are collectively referred to as the "Contractor". GNPC, as required in AP, has a 10% stakein DWT. PetroSA in July 2012 completed the acquisition of Saber shares after receiving approval from the Minister of Energy, Honorable Joe Oteng-Adjei, earlier in February of thatyear. By acquiring the assets and liabilities of Saber, PetroSA has legally secured Saber'sinterests as a contractor to DWT PA. Specifically, PetroSA bought Saber's interest in three assets, namely the producing Jubilee field (1.7%), the Deepwater Tano block at (4.05%) and the West Cape Three Points block at (1.854%). In addition, by being a contractor under the AP,PetroSA also became a party tothe Joint Operating Agreement (JOA) related to DWT. As part of the DWT JOA, PetroSA, like all other parties to the Agreement, is entitled to the benefits and rights granted therein. This includes the possibility of expressing the right of first refusal and any dismissal to third parties not knowing about any transfer or part of any interest, whether directly or indirectly through the transfer , merger, consolidation or sale of shares or shares. or other means of transportation. In 2021, AOHC established and incorporated a new company, namely Jubilee Oil Holdings Limited ("JOHL") in the Cayman Islands. JOHL and Anadarko transferred to JOHL ("JOHL Transfer") a 7% interestin the DWT JOA and a 5.95% interest in the DWT Petroleum Agreement. And he made a sale and purchase agreements with Kosmos Energy for the sale of Anardarko, and GNPC for the sale of JOHL. After the acquisition of JOHL by GNPC, after serving a notice of pre-emption of the right to purchase 7% interest in DWT JOA currently held by JOHL, PetroSA has been calling GNPC to obtain said interest. As a compromise solution, we proposed the option of a 50/50split of the 7% shares owned by GNPC.
It is important to note that we have not explained the details of the end of the matter, and this agreement depends on the approval and other recommendations from the Minister.
GNPC's doors are open to community members and individuals. I invite you to investigate and verify the truthbefore you fall into the deception and nonsense. The call for my resignation, and that of the president, regarding this issue is deeply troubling. CSOs should protect the interests and rights of the public, pursuepublic and national interests. Instead, the 29 CSOs whocalled for my resignation chose to rush this matter without seeking the truth, instead of informing the public, pursuingulterior motives and vested interests. This harms public and national interests. I have identified the insults that I have been insulted by, including the said CSOs, and have reserved my right to take legal action against these organizations and anyone who engages in this diabolical act of defaming my name and reputation.
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