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Business News of Thursday, 18 July 2019

Source: Graphic.com.gh

AGM Petroleum makes oil find offshore Ghana

AGM Petroleum, an oil and gas exploration company, has discovered oil at Ghana's South Deepwater Tano (SDWT) prospect.

The discovery was made known by the President and CEO of AGM's related company Aker ASA, Øyvind Eriksen in a letter to shareholders published in its second-quarter and half-year results for 2019.

According to Mr Eriksen, "the drilling results, including quantification of volume, is subject to further analysis".

"In parallel, Aker continues to consider a consolidation between Aker Energy and AGM Petroleum, the main operator of the South Deepwater Tano block. AGM Petroleum is a company controlled by our main shareholder," Mr Eriksen said.

"During the second quarter, Aker Energy acted as service provider in AGM’s batch drilling of two exploration wells, Kyenkyen-1X and Nyankom-1X. We are pleased to announce that oil has been discovered in the AGM block. When it comes to volume ranges, AGM will communicate this at a later stage".

Aker commitment

Mr Eriksen added that the progress made during the first half of the year was proof of Aker's commitment to building an industry in Ghana.

"The progress made during the first half year has undoubtedly removed a lot of the previously held uncertainty around Aker Energy. Aker is committed to building an industry in Ghana, and the Aker Ghana Industrial Corporation (AGIC) is another good illustration of how we are taking an active and proactive approach to ensure long-term success, both for the Ghanaian people and for our investors.

"Through AGIC, Aker will promote local industry through both investments and transfer of know-how, and we are already well on our way with building the organisation that can see this through".