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Politics / SPECIAL REPORT: Four Years After Award Of Contract, Osogbo-gbongan Road Remains by FKO81(m): 2:08am On Apr 14, 2018
SPECIAL REPORT: Four years after award of contract, Osogbo-Gbongan road remains a death-trap
Ever since he became a bus driver at Wema 448 Motor Park, Ibadan in 2002, Sunday Oke, 67, has literarily been living from hand to mouth with his wife, a local trader, and three children.
However, things got worse in 2013 for the Ibadan indigene, who plies the Osogbo-Ibadan route, due to the never-ending construction work going on in the Osogbo-Gbongan axis of the road.
”My expenses on the vehicle is far beyond the money I realise,” Mr. Oke said almost moved to tears.
“I spend a minimum of N20,000 on this vehicle monthly. The steering control unit that could last for one or more years if the road is in good condition, now takes just a month to repair. The hardship is so tough that the microfinance institution has become my saving grace for countless times. I lend money for repairs and maintenance from ‘SEAP.’ I usually reimburse every other month after borrowing.”Mr Oke’s experience captures the major challenges bus drivers and private car owners have to contend with since the Osun State Government commenced work on the Akoda-Gbongan axis of the Osogbo-Ibadan road in 2013.
When the Osun State Government kicked off the construction of the 30km Gbongan-Akoda road, named Omoluabi Motorway, and the Adebisi Akande Trumpet Interchange Bridge in Gbongan,
Ayedaade Local Government Area in June, 2013, motorists and residents alike jubilated on the prospect of safe travel on the road that leads the state capital to the expressway that links Ibadan.
The 30km road project, which includes construction of a dual carriageway and bridge was awarded to RATCON Construction Company Ltd at N29.3 billion. It was proposed to be completed within 18 months. It is now over 50 months.
Bad roads regrettably are responsible for many road accidents that claim lives and leave hitherto able-bodied individuals permanently incapacitated, an avoidable depletion of our valuable human resources. Bad roads also have health cost, besides the possibility of road accidents. People are loath to travel on bad roads because of the possible challenge to their health after construction
project tagged, ‘road revolution’ by the state government was borne out of the need to transform Gbongan/Akoda city from the neglect experienced under the past administration of Governor Olagunsoye Oyinlola to an economic beehive, Governor Rauf Aregbesola said.Good roads, on the other hand, will enhance economic and social activities, bring down the cost of goods and services and reduce the wear and tear on vehicles,” Mr Aregbesola said while flagging off the road project in June, 2013.
According to information on the official website of Osun State Government, the road is intended to have four pedestrian bridges, street lights, two layers of asphaltic surface with 60mm and 40mm thickness, reinforced concrete side drain, culverts and ditches, reinforced retaining wall, earthwork landscaping and road marking and signs.
However, contrary to this vision, the road is laced with ditches, huge potholes, failing drainages and bare ground in most parts, thereby making life unbearable for commuters.WE SUFFER ON

THIS ROAD – DBridge
Commercial bus drivers at the Gbagi motor park, Ibadan, have deserted the road due to the high rate of car maintenance fees incurred by them.
One of the drivers, who spoke with this reporter said that the Gbongan-Akoda way has been degraded to a ‘road less taken’ as many drivers prefer to abandon their vehicles rather than travel.
Why would we ply the road only to return and make a cheap money-venture for mechanics on expenses such as shock absorber, spring board, steering control unit, brake shoes among others?” he queried.
”Only motor park buses available for regular drivers and who have no choice ply the road since the maintenance cost isn’t on the driver himself. We haven’t scrapped out the route on our travel map because of the consideration to meet the needs of some passengers,” he added.Omolewa Sikiru, a driver at the Olaiya /Aregbesola Motor Park in Osogbo said that despite the increased cost of vehicle maintenance, the transport fare has remained the same due to the country’s economic situation[b].
“The pain we bear is excruciating and personal. For over four years now, the transport fare is still fixed at same cost. We can’t place a stiff-necked cost on passengers because of recession in the country but I, for one, run a mechanical check-up on my vehicle at least two times weekly.
Honestly, I cannot accurately calculate my cost on weekly basis but a close example is one of my colleagues who just spent N40, 000 on the accumulated faults on his vehicle. This is how expensive it is to repair our buses. It’s so harsh but I have to do it because I can’t watch my family starve,” Mr Omolewa lamented.[/b]
For Musa, a commercial driver at the Wema 448 Motor Park, Ibadan, the project was more attention-seeking and with political undertone.”I have been plying this road for the past 20 years and I can say that the road has never been as bad as it is in the last four years. The intention to dualise Gbongan -Akoda wouldn’t have been perceived to be such laced with selfish political interest such as campaign to harvest votes, if it had been completed as at when due.
”Now, the work has not even reached half. It harbours risks for the users.
For the record, two of our road users from another garage have had fatal accidents on this road. I spend a minimum of four thousand naira on my vehicle every time I visit my mechanic, all of these defied the intention behind this project.”
He said the Osun State Government shouldn’t have initiated the project when it wasn’t buoyant enough to complete within stipulated time.

HOW WE MANAGE TO DRIVE ON THE ROAD – NURTW

[b]Investigation by this reporter revealed that the government financed the project with an initial mobilisation fee of 15 per cent payment in 2013. Evidently, a component of the project, the Trumpet Bridge, is near its completion.
But the dualisation is yet to fully commence as the path for dualisation has only just been channeled at the Morakinyo route to RATCON yard, [/b]with works undertaken by compactors and bulldozers.An officer of the National Union of Road Transport Workers, NURTW, at Wema 448 zone, Adeagbo Segun, reveals how members of the union have been managing to travel on the road.Mr Segun said that while they travel on an average of 80 kilometres speed because the road is bad, negligent drivers of private cars, who rarely travel along the route ram into them in their bid to avoid potholes, thereby making accidents inevitable.
“There are measures in place to control the speed of our workers on the road. If any of our drivers is reported by his co-driver on the highway or affected passenger to have oversped, we either warn such driver if it is his first-time or seize his vehicle for certain days and weeks,” he said.LACK

FUNDS DELAYING US – ENGINEER
A site engineer of RATCON at the Gbongan road, Patrick Ijalaye, told this reporter that the delay should not be blamed on the contractor.
“There are only two factors that cause delay in road construction, either flood as a result of heavy rainfall in its season and unavailability of funds to run project. In this case, it’s the latter,” he said.
“It’s not our fault that work is dragging and halted sometimes. We temporarily put work on hold after expending the fund remitted to us. When there’s enough money to work, we will only have little or none to urgently deal with other contingencies.”
He hinted that the road construction will take at least a year more to complete.
On whether he could provide paperwork for the past payments made by the Osun government, Mr Ijalaye said only the State’s Ministry of Works and Transportation was in capacity to divulge such information
Meanwhile, another top official of RATCON disclosed that fund wasn’t the only factor responsible for delay on the construction.
He explained that the former contractor in charge, Dany Boumikhael, a Lebanese, died early into the project.Most of us working on the project now weren’t part of the team that started the work in 2013,” he said. “As a matter of fact, the first contractor died before coming back from Christmas break. Since then, staff management and work supervision have not been stabilised because it even took three months before another contractor could be transferred for the Gbongan project.

STATE GOVERNMENT KEEPS MUM
All efforts at getting the reaction of the state government on the current status of the project was frustrated.
At midday, November 9, 2017, our correspondent reached the office of the Permanent Secretary of Osun State Ministry of Works and Transportation, Nurudeen Adeagbo, after being scheduled for an appointment.
After the reporter waited for over an hour, the official declined granting the interview.
The same evasive attitude was put up by the Special Adviser to the Governor on Information and Strategy, Semiu Okanlawon, who after initially agreeing to speak denied the reporter an interviewMeanwhile, the state Ministry of Works and Transport did not respond to a Freedom of Information request on details of the project.
Mr Adeagbo told a PREMIUM TIMES journalist in a meeting he insisted must hold before replying to the FOI request that he will only release the information if the journalist ‘liaises’ with the Ministry of Information.
When reminded about the provision of the FOI act and that the request had been submitted since January 2018, Mr. Adeagbo insisted on his stance.

He also declined to facilitate the ‘liaise’ with the information ministry and failed to explain how this journalist would go about it.
DRIVERS CRY FOR HELP
With Mr Aregbesola’s tenure as governor coming to an end in November, motorists fear the road will be left in its terrible state till a new administration comes in.
“In reality, Governor Aregbesola’s government cannot complete this project again,” Mr Oke, the bus driver, said.
Also, Muyideeen Olaoye from Segelu motor park expressed doubt on the completion, saying it will only be good if the incumbent government can, ”sincerely ensure proper handing-over” to its successor.
”I am only hoping that the next government in Osun State will take this project as priority as soon as soon as its gets inaugurated because as it is, the current Osun Government will not finish that road,” he said.

Politics / Re: Osun, Kogi, Ekiti Most Peaceful States, Says Report by FKO81(m): 4:07pm On Apr 11, 2018
kennygee:
Till Yahaya Bello invited Herdsmen into Kogi.

West and propaganda grin grin, after UN named southeast most peaceful region they formed their own to push their propaganda

NIP was formed by Adedayo Buremoh and Kifayat Kareem

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 2:38pm On Apr 11, 2018
Sunnynwa:


https://www.vanguardngr.com/2016/03/orient-petroleum-alaigba-gas-quit-anambra-host-community-amid-confusion/
Now I know you are daft, go through the report, moreover it was 2016 during IPOB wahala, and it was a gas project at Ayamelum LGA, Oil exploration is in Agulueri in Anambra east LGA

1 Like

Politics / Re: Throwback 2012 IGR Report Ebonyi State Trashed Anambra, Kano, Ogun, And Others by FKO81(m): 1:47pm On Apr 11, 2018
IGR junkies should come here
Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 1:43pm On Apr 11, 2018
QuotaSystem:


According to the 2012 data you provided, Ebonyi State was more productive than the mentioned states and this could be due to several reasons., olodo however it does not necessarily translate to a 'bigger economy' even though it is a proper measure of output for the period. But I am also aware that the same Ebonyi State recorded barely above 2 billion in 2016, which puts its 2012 claims in serious doubt.

This does not take anything away from the fact that in 2016 (the most recent NBS data), Kano and Kaduna alone generated more revenue than the entire South East combined, and therefore cannot be called unproductive or parasitic, especially not by a south easterner.

/b]
Od.e Anambra didn't post their IGR report 2016

Check IGR 2015 Anambra trashed Kano and Kaduna IGR doesn't measure economy junk.ie

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 12:35pm On Apr 11, 2018
QuotaSystem:

Od.e IGR doesn't measure economy this is 2012 IGR report, Ebonyi made more IGR than Anambra, Kano, Akwa Ibom, Enugu and Ogun, so are you telling me Ebonyi Economy is bigger than these states

4 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 12:19pm On Apr 11, 2018
QuotaSystem:


Go and hide your face in shame Oga Intergenerational Report (IGR).

So you again want to continue your show of shame by arguing that daily bank deposits & withdrawals by petty traders are better indicators of economic prosperity than internally generated revenue? You are alone on this journey of shame.

What a disgrace.
Anambra trashed your almaj..iiri state and home of junkies

4 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 12:06pm On Apr 11, 2018
QuotaSystem:


[s]No wonder he thinks Anambla is commercially and economically productive than Kano.

The fraudulent illiterate actually thought IGR (internally generated revenue) meant Intergenerational Report which was the link he gave us cheesy

http://www.abc.net.au/news/2015-03-05/cowan-intergenerational-report/6283626

I've directed him back to his school principal.

Dumb daft Ipob illiterates everywhere. [/s]

At least Anambra is more viable and make more money than your state, Kano only edge Anambra high numbers of beggars

How should we measure changes in an economy's standard of living, or compare living standards across countries? Typically, economists use GDP per capita as a proxy for a country's standard of living, but as International Monetary Fund head Christine Lagarde, Nobel prize-winning economist Joseph Stiglitz and MIT professor Erik Brynjolfsson noted at the recently concluded World Economic Forum in Davos, Switzerland, "GDP is a poor way of assessing the health of our economies and we urgently need to find a new measure."

Using GDP as a measure of welfare has well-known problems, which are among the first things macroeconomics principles courses cover. But the point of the discussions at Davos is that in the digital age, those problems are even deeper. Standard GDP statistics miss many of technology's benefits, so we need to rethink how we measure the typical person's well-being.

4 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 12:02pm On Apr 11, 2018
Sunnynwa:


You said the picture was from 2 weeks ago and I just busted you.
It was sent to my box two weeks ago, at least you've confirmed Orient refinery site

1 Like

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 11:57am On Apr 11, 2018
QuotaSystem:
Hard for you to comprehend effect of quota system

How should we measure changes in an economy's standard of living, or compare living standards across countries? Typically, economists use GDP per capita as a proxy for a country's standard of living, but as International Monetary Fund head Christine Lagarde, Nobel prize-winning economist Joseph Stiglitz and MIT professor Erik Brynjolfsson noted at the recently concluded World Economic Forum in Davos, Switzerland, "GDP is a poor way of assessing the health of our economies and we urgently need to find a new measure."

Using GDP as a measure of welfare has well-known problems, which are among the first things macroeconomics principles courses cover. But the point of the discussions at Davos is that in the digital age, those problems are even deeper. Standard GDP statistics miss many of technology's benefits, so we need to rethink how we measure the typical person's well-being.

5 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 11:52am On Apr 11, 2018
GavelSlam:


Nothing should be trusted.

Just whatever you say must be accepted.


These are international bodies GDP and IGR fails as a measure of well-being, a situation Ogun rated as high in IGR but during recession they were bankrupt, they request for bailout twice to be able to pay workers salaries, recently they borrowed $350 dollars from world bank to fund 2018 budget , Anambra suspended taxes during recession, never ask for bailout and were paying workers promptly, lowest in debt

1 Like

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 11:42am On Apr 11, 2018
Sunnynwa:


You can lie like Lai Bro.
Lie how
Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 11:40am On Apr 11, 2018
QuotaSystem:


[s]Lord of mercy shocked

Omenka, deomelo, gavelslam, cleverly you guys have GOT to see this cheesy

"GDP & IGR are not reliable gauges of economic production" - FKO81(2018)

IPOB yoots are illiterates cheesy cheesy grin[/s]

Go and read trouble with GDP-measuring economics

I'm recommending economist.com
https://www.economist.com/news/briefing/21697845-gross-domestic-product-gdp-increasingly-poor-measure-prosperity-it-not-even

Also read Why GDP fails as a measure of well-being
https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/

3 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 11:02am On Apr 11, 2018
QuotaSystem:


Jesu!

Internally Generated Revenue of a state does not measure its economic output shocked shocked

Teacher please what does it measure?

Please I'm waiting.
Yes, from the five years financial report by CBN, you can see Anambra make much money than your Kano and Kaduna

IGR and GDP increasingly a poor measure of prosperity. It is not even a reliable gauge of production.
Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 10:52am On Apr 11, 2018
QuotaSystem:


IGR doesn't measure economy, Anambra is fourth largest economy after Lagos, Rivers and FCT

3 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 10:48am On Apr 11, 2018
QuotaSystem:


grin

Yet Kano makes much much more money than Onitsha from the same industrialization and commerce.

Keep telling yourself that okay?

Ndo!
Anambra make much money than Kano check CBN Report

3 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 10:34am On Apr 11, 2018
QuotaSystem:


I already could tell you were an exceedingly ignorant person from your first question to me. I bet my existence that you are totally clueless about the value of those commodities you tried to undermine on the international market. Commodities that will last the test of time even as the world rapidly moves away from fossil fuels.

Coming back to crude oil sef, you no dey shame to raise hand among oil producers in this country? Typical case of a snail that thinks itself a horned animal cheesy

Now since you've turned yourself to ambassador to Anambra state, can you please tell us how much the super-productive state produces? The challenge stands.
An.u we are not comparing Anambra to other Niger/Delta oil producing states, Anambra started pumping 2010 with 3000bpd by 2016 they were producing 10,000bpd it is a gradual process, Orient digging more wells and state government is creating more access roads and bridges to the fields
Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 10:25am On Apr 11, 2018
AuntLaVIV:
That is the right thing to do. If the FG is yet to gazette it then they should do so and communicate to the Anambra State Government appropriately. Anambra has been pumping out crude oil since 2010.

3 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 10:09am On Apr 11, 2018
QuotaSystem:


[s]You should answer that question yourself.

My state produces leather, limestone, hides and skins, sesame, soybean, cotton, garlic, gum arabic, groundnuts and chili pepper among others and would continue to be the mainstay of the economy if the FG was not distracted with the easy money from crude oil.
Apart from these, the heavy industrialized and commercialized nature of my state ensures superior revenue generation through taxation and levies. Ever heard of Bompai industrial estate? Sharada? Ignorance.

These economic activities still remain the reason the North West generates more revenue than the South East to this day. Kano is economically productive enough to build the longest flyover bridge in Africa while others are waiting for FG to complete a less than 1km phantom bridge for them. Should Amadioha not strike your mouth for calling my state unproductive?

Now you see why I was livid about a less productive parasite pointing fingers at their betters. The last person that can call anyone a parasite in this country is an Ibo man.

Argue with your keyboard.[/s]

Kano is below Anambra in industrialization and commerce

5 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 8:13am On Apr 11, 2018
Sunnynwa:


This is oil prospecting and not production. Besides, they are old pictures.
Pictures from
Orient refinery site Abata Nsugbe two weeks ago

9 Likes 1 Share

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 8:04am On Apr 11, 2018
Sunnynwa:


This is oil prospecting and not production. Besides, they are old pictures.
Really with this pictures? Please stop exposing yourself.

11 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 7:49am On Apr 11, 2018
Sunnynwa:


And nobody has shown us a picture of this Orient production site?

Orient that left site long ago?

7 Likes

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 7:47am On Apr 11, 2018
Sunnynwa:


And nobody has shown us a picture of this Orient production site?

Orient that left site long ago?
I guess you ignorant of what is going on, because of the miscreants that attacked orient facilities the place if fully guarded by security men, it will be hard for you to go there and take picture, security men will not allow you, Obiano purchased gun boasts for navy and helicopter for policing, the whole place is heavily guarded.
These are pictures of Orient oil fields that threaded sometime ago

15 Likes 1 Share

Politics / Re: Update on developments in Anambra state-photos by FKO81(m): 7:06am On Apr 11, 2018
The State Government is to equip schools across the state with School Marshals.The Chief Press Secretary to the Governor, Mr. James Eze, disclosed this during a post-exco briefing held at the Government House, Awka.According to Mr. Eze, the school Marshals concept which is in keeping with the security initiative of Governor Willie Obiano, was discussed and approved during the State Executive Councilmeeting as a proactive measure developed in the light of attacks on schools across the state. He explained that the school marshals will be charged with ensuring safer schools by guarding against all forms of attacks by miscreants.The Chief Press Secretary revealed that Exco also witnessed the formal introduction of the new Managing Director of ANSIPPA, Mr Jide Ikeakor, an Oxford University graduate while a new board for the Agency has been approved and will be sworn in on Friday, this week.He said government is retooling the state's one stop shop for investments so as to bring innovation and more pragmatic initiatives in promoting investments into the state in the next four years.

1 Like

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 5:54am On Apr 11, 2018
Read more about Orient petroleum resources.

Orient petroleum head office in Awka not like others oil firms their head offices are either in Lagos or Abuja

14 Likes 1 Share

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 5:49am On Apr 11, 2018
Developing our own, while enemies are busy praying for worst to themselves not us grin grin

19 Likes 1 Share

Politics / Re: We Are Yet To Confirm Anambra’s Oil Producing Status – Deputy Gov by FKO81(m): 5:35am On Apr 11, 2018
Blue3k2:
HOSTCOM, Prince Mike Emuh and vanguardngr will have to explain themselves if they're wrong.

Front Page: Lalasticlala
And you believed this report because it came from Yoruba media grin grin , Orient petroleum is an indigenous oil firm, the state government and citizens, not like other IOCs, we are making our money, state government is not relenting, within four years he has built four bridges and roads that connect to oil fields, 2016 Opr recorded 10,000 BPD.

16 Likes 1 Share

Politics / Re: Update on developments in Anambra state-photos by FKO81(m): 6:26pm On Apr 10, 2018
Dremca:
Very close to Onitsha, but Awka has more housing estate than any other city/town in Anambra.
You need to go to Nkwelle/3-3 that axis host more estates that Awka, Awka is second after Nkwelle

4 Likes 1 Share

Politics / Re: Where Is The Oil Lagos Is Producing Since Being An Oil Producing State? by FKO81(m): 5:56pm On Apr 10, 2018
Aje oil field is currently producing 3500 bpd
Politics / Re: Where Is The Oil Lagos Is Producing Since Being An Oil Producing State? by FKO81(m): 5:54pm On Apr 10, 2018
Lagos Oilfield Partners in Talks to Resolve Legal Dispute
November 21, 2017

A Norwegian independent exploration and production company and one of the partners in Aje oilfield located in Oil Mining Lease (OML) 113, Panoro Energy, has stated that the partners in the Lagos oilfield had commenced negotiations to resolve their legal dispute.

Panoro Energy had dragged the other partners to the London court, and had also filed a request for arbitration with the secretariat of the International Chamber of Commerce.
Panoro, through its fully owned subsidiary, Pan Petroleum Aje Limited (PPAL), holds 6.502 per cent participation interest in OML 113.

Folawiyo Aje Services Ltd (FASL), a wholly owned subsidiary of Yinka Folawiyo Petroleum, is the operator of the field, which commenced crude oil production on May 3, 2016
Other partners include: New Age Exploration Nigeria Limited, Pan Petroleum, Energy Equity Resources (EER) Nigeria Limited and PR Oil and Gas Nigeria Limited.

The dispute between the partners followed the passing of resolutions in 2016 by the JV partners with respect to a proposed new well to be drilled and the related cash call to be paid by the partners.
Even though the Oslo-listed Panoro said it had the financial ability to fully pay its own share of the cash call, the company had also insisted that the drilling of any new well was premature at that stage.

Panoro had also argued that the decision to incur such additional capital expenditures at Aje would require unanimous consent of the joint venture partners in accordance with the Joint Operating Agreement (JOA).
It had further alleged that there was no such consent before the decision to drill new wells was reached.

The company had also added that it initiated the legal proceedings and arbitration to protect its interests.
In order to prevent the other partners from taking actions that could affect Panoro’s continued participation in the OML 113, the company dragged the JV partners to the Commercial Court Division of the High Court in London seeking an interim injunction in order to prevent the other joint venture partners from exercising any rights under the default provisions of the OML 113 JOA.

But in its third quarter 2017 results and operations and corporate updates, released by the company at the weekend, Panoro Energy disclosed that “significant measures have been taken to resolve the dispute, while discussions were underway on full settlement
The company added that during an interim period of approximately one year, all spending at Aje shall be limited to proceeds from sale of crude.


The company had opposed incurring additional costs by the partners in drilling new wells.
Commenting on the third quarter results, the Chief Executive Officer of the company, Mr. John Hamilton, acknowledged that “at Aje, material steps have been taken towards a final legal settlement of the ongoing dispute, and the JV is now focused on moving forward, with a common goal of realising the potential at OML 113.”

Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN.
The company holds production, exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore, Lagos
.https://www.thisdaylive.com/index.php/2017/11/21/lagos-oilfield-partners-in-talks-to-resolve-legal-dispute/
Politics / Re: Where Is The Oil Lagos Is Producing Since Being An Oil Producing State? by FKO81(m): 5:47pm On Apr 10, 2018
Panoro reports cost reduction on Aje field project
November 8, 2017
Lagos – London-based independent E&P company Panoro Energy has reported that efforts by Aje field joint venture partners to reduce project costs have resulted in a decrease in operational expenditures.

The company disclosed this as it reiterated its commitment to the Oil Mining Lease, OML, 113 project which has been rocked by crisis, highlighted by Panoro’s disagreement with the co-venturers and its filing for arbitration against the joint partners over what it termed an invalid cash call and incorrect application of Joint Operating Agreement, JOA, provisions.

Panoro Energy holds 6.5 percent interest in OML 113 through its subsidiary, Pan Petroleum Aje Limited, PPAL; the other partners in the license being the local Nigerian oil company Yinka Folawiyo Petroleum, Jacka Resources, Energy Equity Resources and New Age – the license operator.
Politics / Re: Where Is The Oil Lagos Is Producing Since Being An Oil Producing State? by FKO81(m): 4:34pm On Apr 10, 2018
Qiiiii:
Lol. I hope you're aware of the fact that Lagos has been receiving 13% oil derivation fund

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