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OML 29 not for sale –Aiteo

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By Benjamin Umuteme


Aiteo Group, has said that it is not planning to sell its stake in Oil Mining Licence (OML) 29.
Reports have been making the rounds that the company plans to sell OML 29 to enable it repay its loan.
The company in a statement said that it has neither considered, initiated, nor announced the commencement of any plans to sell off ANY of its stake in OML 29.
“The reasons are patently clear. First, since the takeover of the asset we have successfully quadrupled production that it would be commercially inept to consider a disposal of any sort, now. Second, there are several legitimate entities that constitute ownership of the oil block, such that it would be practically impossible for us to unilaterally consider disposing of the asset. As such, we urge the public to summarily disregard these unsavoury and fabricated reports in their entirety.
“The claim that Bruce Burrows’ recent appointment as our Chief Financial Officer is aimed at finding a buyer for part of Aiteo’s assets is spurious and demonstrates that the publishers’ understanding of the commercial realities in the operation of assets such as OML 29 is shallow.
“All of our stakeholders familiar with our strategic vision can attest that Aiteo continues to invest in the right people to deliver on that vision. Mr. Burrows’ appointment is simply to further strengthen our financial discipline as one of the most innovative, reliable and diverse oil and gas companies operating in Nigeria today. Mr Burrows joins a team of highly trained, experienced and world-class talent that currently guide the day to day activities of Aiteo.


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