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Ghana’s new oil discovery to double its oil output

By
Daniel Opare
-

 Ghana has yet again discovered large deposits of oil ready for commercial exploration. In what is a major oil discovery, the Norwegian company Aker Energy ASA announced on January 10, 2019 that based on existing subsurface data from seismic, wells drilled and an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe). 

Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between 1 billion barrels. In addition, there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

Originally awarded to Hess in 2006, Hess identified the Pecan discovery in 2012. Between 2012 and 2016 Hess sought, unsuccessfully, to appraise the field and agree on terms with the government of Ghana on a feasible plan of development for the discovery. Hess initial assessment indicated resources of 230 million barrels of oil equivalent.

In 2017, following discussions with the Ghana National Petroleum Corporation, Aker announced its acquisition of Hess’s interest in the DWT/CT License. Aker and its partner working closely in conjunction with the Petroleum Commission and GNPC immediately undertook preparations for an expansive drilling program, with Pecan 4A being the first of three planned wells.

The expansive drilling program with more advanced technology has turned out to be very successful.  "We are pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block. Based on these

results, we will optimize the Plan of Development (POD) for the Pecan field to be submitted by the end of March 2019”, says John Arve Haugen, CEO of Aker Energy.

Minister of Energy John Peter Amewu said “multiple government agencies including the Petroleum Commission, GNPC and the Ministries of Energy and Finance have worked closely with the DWT/CT partners to achieve this positive result. Ghana will continue to collaborate with and support Aker Energy and its partners as we jointly work to deliver first oil as quickly as possible and ensure significant value is retained in Ghana for the benefit of our people”.

It is expected that production would begin in 2020. Ghana currently produces 200,000 barrels of oil per day and earns. The Aker discovery will produce an additional 200,000 per day by 2021. Ghana is therefore set to at least double its current earnings from oil exports in the very near future.

Ghana | Atinkaonline.com 

High court dismisses Menzgold suit against SEC

By
Daniel Opare
-

 

An Accra High Court has dismissed a suit filed against Securities and Exchange Commission (SEC), over regulatory powers.

On September 12, 2018, the SEC first told Menzgold to stop gold trading operations with the public.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

The court presided by Justice Akua Sarpomaa Amoah maintained that Menzgold did not resolve its dispute with SEC before heading to court.

This action by the high court comes after an Accra Circuit Court issued a warrant for the arrest of embattled businessman Nana Appiah Mensah after his investment company, Menzgold, failed to refund client’s monies.

NAM-1, as he is popularly called, is wanted for defrauding by false pretense. He is also wanted for money laundering

The dismissal comes after a court issued a warrant for the arrest of CEO of the company, Nana Appiah Mensah, who is accused of defrauding by false pretense and is also suspected to have been involved in money laundering.

Ghana | Atinkaonline.com | Vivian Adu Boatemaa

MenzGold scandal: Bank of Ghana, SEC failed Ghanaians – Gomoa West MP

By
Daniel Opare
-

Member of Parliament for Gomoa West, Alexander Abban, has expressed his disappointment in Ghana’s Central Bank and the Securities and Exchange Commission (SEC) over the Menzgold brouhaha.  

On September 12, 2018, the SEC first told Menzgold to stop gold trading operations with the public.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that, the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

The statement explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.

The statement added that subsequent requests have been made by SEC to Menzgold’s lawyers to furnish SEC with specific detailed information on the operations of the firm.

Speaking to Kaakyire Ofori Ayim on Atinka AM Drive, Member of Parliament for Gomoa West, Alexander Abban explained that SEC after the letter, should have found other ways to stop MenzGold’s operation.

“Let’s say they placed an advertisement in the dailies, how many of our people in the rural areas read the dailies and even have the means to listen to radio. SEC should have found ways to forcefully stop MenzGold operations,” he added.

According to him, SEC and BoG were trying to tread on cautious grounds to prevent MenzGold from taking court actions against them. “They however failed us in the process”, he noted.

Ghana | Atinkaonline.com | Vivian Adu Boatemaa

 

"I was envious of my wife’s MenzGold returns” – Aggrieved customer

By
Daniel Opare
-

A customer of the embattled gold trading firm, Menzgold, has recalled how he was forced to join MenzGold due to the returns  enjoyed by his  wife, who happened to be a staff and  an investor with Menzgold.  

On September 12, 2018, the SEC first told Menzgold to stop gold trading operations with the public.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that, the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

After numerous agitations and demonstrations by the investors, an Accra Circuit Court yesterday Wednesday 9th January, 2019 issued a warrant for the arrest of embattled businessman Nana Appiah Mensah after his investment company, Menzgold, failed to refund client’s monies despite agitations,

NAM-1, as he is popularly called, is wanted for defrauding by false pretense. He is also wanted for money laundering.

Speaking to Kaakyire Ofori Ayim on Atinka AM Drive, Culture B, an aggrieved customer whose money has also been locked up with the gold trading firm, stated that he was adamant to the cautions of BoG and SEC due to the juicy information released by Menzgold after each caution.

“I joined MenzGold in 2017 and I joined  it because my wife was working and investing at Menzgold and was always bringing her returns home. They were enticing and as a man who is closer to someone ripping benefits, I joined”, he added.

He noted that even on the day SEC’s directive was made public, he went to the Kasoa branch of Menzgold and people were still investing.

Akonoba Maame Gyamfua, another embattled client who has only been with the gold trading firm for four months, recounted that she only went to Menzgold to make enquiries as to whether or not the gold trading firm was taking deposits but ended up signing up for the gold trading due to the juicy information she got form MenzGold.  

Ghana | Atinkaonline.com | Vivian Adu Boatemaa

NAM1’s arrest good way to go – Amanda Clinton

By
Daniel Opare
-

Amanda Clinton, lawyer for aggrieved customers of MenzGold says although the issuance of a bench warrant for the arrest of MenzGold CEO, Nana Appiah Mensah, is a good way to go, his arrest and subsequent trial is the goal.  

On September 12, 2018, the SEC first told Menzgold to stop gold trading operations with the public.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

An Accra Circuit Court  on Wednesday  issued a warrant for the arrest of embattled businessman Nana Appiah Mensah after his investment company, Menzgold, failed to refund clients' monies.

NAM-1, as he is popularly called, is wanted for defrauding by false pretense. He is also wanted for money laundering.

Lawyer for aggrieved customers of MenzGold, Amanda Clinton speaking to Kaakyire Ofori Ayim on Atinka AM drive, explained that she will go the extra mile to seek justice for her clients.

She reiterated that that the Central Bank’s failure to stop the Gold trading firm in its first year of operations makes them complicit in the whole scandal.

Ghana | Atinkaonline.com | Vivian Adu Boatemaa

550m barrels of oil discovered in Ghana

By
Porcia Oforiwaa
-

Aker Energy has discovered oil in commercial quantity in Ghana estimated around 450 – 550 million barrels, the company has announced.

The well was drilled at the Pecan field approximately 166 kilometres southwest of Takoradi in Ghana, to a vertical depth of 4,870 meters in 2,667 meters of water. The DWT/CTP block offshore Ghana contains seven discoveries, of which Pecan is the main discovery to date, Aker Energy said.

“We are pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block. Based on these results, we will optimise the Plan of Development for the Pecan field. There is still a lot of work to be done, including to conclude the phasing of the development, the size of first phase and detailing of the concept. Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities,” the CEO of Aker Energy Jan Arve Haugan stated.

Based on existing subsurface data from seismic, wells drilled and an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe). Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between 600 – 1,000 mmboe. In addition, there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

“Aker Energy sees great potential in this promising area offshore Ghana. We see the foundation for a phased development producing through several production units. Since we became the operator less than a year ago, we have established an open, inclusive and transparent collaboration with Ghanaian authorities. This partnership will enable us to unlock the vast potential in the area to the benefit of both the Ghanaian society and our license partners. We are looking forward to continuing and further strengthening this partnership to develop the Ghanaian oil and gas industries,” Haugan added.

Aker Energy is the operator of the DWT/CTP block with a 50% participating interest. Aker Energy’s partners are LUKOIL (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade (2%).

Ghana first discovered oil in 2007.

Starrfmonline

6 Yemen soldiers killed in Houthi drone attack on base

By
Porcia Oforiwaa
-

A drone attack on a Yemeni government base by the rebel Houthi movement has reportedly killed at least six soldiers and injured several senior officials.

A video appeared to show one drone exploding above al-Anad base, in Lahj province, during a military parade.

Sky News Arabia said army chief of staff Gen Abdullah al-Nakhi and Lahj governor Ahmed Abdullah were hurt.

A Houthi-run TV channel said the rebels had targeted personnel from the Saudi-led coalition backing the government.

The attack comes a day after the UN special envoy to Yemen said the warring parties had largely been adhering to a ceasefire agreed last month around the Red Sea port of Hudaydah, which is crucial to the delivery of aid supplies.

However, Martin Griffiths told the UN Security Council that substantial progress was needed before more peace talks could be held on ending the civil war.

Yemen has been devastated by a conflict that escalated in early 2015, when the Houthis seized control of much of the west of the country and forced President Abdrabbuh Mansour Hadi to flee abroad.

Alarmed by the rise of a group they saw as an Iranian proxy, the UAE, Saudi Arabia and seven other Arab states intervened in an attempt to restore the government. They have received logistical and intelligence support from the US, UK and France.

At least 6,800 civilians have been killed and 10,700 injured in the fighting, according to the UN. Thousands more civilians have died from preventable causes, including malnutrition, disease and poor health.

bbc.com

How NAM 1 met Akufo-Addo – Minister reveals

By
Porcia Oforiwaa
-

The Deputy Minister of Information, Pius Enam Hadzide has explained how the fugitive CEO of Menzgold Ghana Limited, Nana Appiah Mensah got a now-famous photo opportunity with President Akufo-Addo.

According to Mr Hadzide, Nana Appiah Mensah popularly known as NAM 1 was part of a 10-member Ghana Football Association (GFA) and Confederation African Football (CAF) delegation that paid a courtesy call on Akufo-Addo at the Jubilee House in Accra.

The Criminal Investigations Department (CID) of the Ghana Police Service on Thursday declared NAM 1 a wanted man over the operations of his gold dealership firm Menzgold.

The Police also revealed that they have requested for a Red Notice from the International Police (INTERPOL) making NAM 1 a wanted man in 194 countries.

Speaking in an interview on Okay FM Wednesday, Mr Hadzide said the picture which has been circulated widely on social media platforms was taken after that meeting between Akufo-Addo and CAF President Ahmad Ahmad.

He said the President discussed Ghana's intention to host the 2018 Women's AFCON with Mr Ahmad.

Mr Hadzide who was the then Deputy Minister of Youth and Sports explained that NAM 1 was included in the delegation because at the time, one of his company's Zylofon Cash was the headline sponsors of the Ghana Premier League.

He said any assertions by political opponents that the picture convinced people to sign onto Menzgold Ghana Limited investments was unfortunate because it suggests that the customers lacked the apparatus intelligence to decide on where to invest their monies.

He said some mischievous persons have sought to create the impression that the President endorsed the business of Menzgold during a visit to the company.

Background checks

However, the Member of Parliament for Ningo Prampram, Sam George has questioned the circumstances that led to NAM 1 – whose business had been declared unlawful by the Securities and Exchange Commission and Bank of Ghana – was allowed into the Jubilee House without a security check.

According to him, celebrities who associated with NAM 1 could be forgiven for doing but not the Presidency because they do not have the benefit of conducting background checks using the entire state apparatus.

Speaking in an interview on Metro TV's Good Morning Ghana, he said that photograph and subsequent posts by the Presidency on social media was a tacit endorsement of Menzgold's operations.

Graphic online

FIFA Lifts Ban On Samuel Inkoom

By
Porcia Oforiwaa
-

Ghana international Samuel Inkoom is now eligible to play football after his ban was lifted by FIFA.

The defender, 29, in June 2017 was handed a ban by the Word Football governing body for allegedly cheating an agent.

Inkoom is said to have failed to comply with terms signed with his agent who reported the footballer to FIFA.

A decision saw the former FC Basel player receiving a hefty sanction as he was asked to stay away from football for at least 12months.

The former Ghana U20 World Cup winner after serving his ban is now free to return to active football.

Already Clubs in France and Belgium are reportedly interested in signing the right-back.

He was a member of Ghana’s U20 squad that made history by winning the FIFA U20 World Cup in 2009 and also played at the 2010 FIFA World Cup in South Africa where the Black Stars reached the quarterfinals.

 Ghanasportsonline

Ho Municipal Assembly Records No Divorce in 2018

By
Porcia Oforiwaa
-

The Ho Municipal Assembly (HMA) did not record any divorce case for the year 2018, Mrs Beatrice Boateng, Officer at the Marriage Desk told the Ghana News Agency on Wednesday.

She said in 2017, the Assembly recorded just one case and said the situation could be that people were enjoying their marriages ‘due to various reasons’.

The Officer said the situation could also be because most customary marriages were not registered at the Assembly, hence could be annulled secretly.

Mrs Boateng said most women only found out their marriages of many years were not registered when the marriage came under ‘threat’ with little or no opportunity for amends.

She said some couples were deterred from seeking divorce because of the relatively high administrative cost involved in the processes.

Mrs. Boateng explained that a good number of people only enquired about the processes, but never came back after they were told to pay GHC 2,000 for divorce.

She said the Assembly registered 32 customary marriages in 2018 as against 48 marriages in 2017 and advised couples especially women to ensure that their marriages, especially customary ones were registered with the local Assemblies.

Mrs. Boateng said though customary marriage allowed for men to be polygamous, when the marriage was duly registered, it protected the parties during divorce.

At the Ho Magistrate Court, a total of 129 marriages were registered under ordinance while 25 marriages were annulled in 2018.

 GNA

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