Business Update>
Business Update
(Thomson Reuters ONE) - CorporateArtumas Group Inc. is pleased to announce that Mr. Michael Jansa, aManaging Director of Emerging Capital Partners (ECP) which isheadquartered in Washington DC, has been appointed to the board withimmediate effect. ECP was among the largest shareholders in Artumasprior to the conversion of the US$115 million in convertible bondsinto equity and was a participant in the US$ 8 million placement ofnew convertible bonds.Mr. Jansa is a Managing Director and founding partner of ECP. ECP isthe first private equity group to raise more than $1.6 billion forinvestment in companies across the African continent. ECP has beeninvesting in Africa since 2000 and has made over 50 investments inmore than 40 countries and in all major regions of Africa. Beforejoining ECP, Mr. Jansa was a Vice President of GE Capital'sStructured Finance Group. Mr. Jansa received a BA degree from IowaState University and an MBA degree from the London Business School.The immediate principal objective of the company is to optimize andmonetize certain company assets in both Tanzania and Mozambique.This is a continuation of the process started in 2008 to selldown/farm-out the company's interests in hydrocarbon concessions andpower assets. In addition, the company will continue to considerrestructuring transactions which can provide a more sound financialfoundation for the company.TanzaniaGas BusinessArtumas today announced that it has signed a Joint OperatingAgreement with Tanzanian Petroleum Development Company (TPDC) whichwill govern concession operations. Contemporaneously, TPDC confirmedthat it will exercise its right to participate in development of theconcession by electing to take a 20% interest. Accordingly, Artumaswill invoice TPDC for its US$ 28.7 million prorata share of development costs incurred on the concession to date. Thearrangement also provides for the possible entry of other jointventure participants in the future.The Government of Tanzania through its Ministry of Finance andEconomic Affairs has confirmed it will provide US$ 7.0 million toArtumas in the form of a loan to the Company's Tanzanian gasbusiness, thus providing financial stability to production operationscritical to the generation of power in the Mtwara region. The termsof this loan are now being documented and will be announced when theyare finalized.Power BusinessThe company's small rural electrification project has recentlysecured US$ 7.5 million in funding from the Government of Tanzaniaallowing for an expansion of distribution facilities which willsubstantially increase the customer base and future power revenues.All long term contractual arrangements for this project have beensigned, including a 20 year Gas Sales Agreement. This agreementensures that the power business will have sufficient gas to expandgeneration facilities up to a 30MW capacity, with a maximum contractquantity of 41 bcf at a price of US$ 5.00/mmbtu (constant) over thelife of the contract. Regulatory license and tariff applicationshave all been filed. It is anticipated that the regulatory authorityEWURA will provide its approval for the project before the end of 3Q.http://hugin.info/136496/R/1328297/313127.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 10.07.2009 - 22:34 Uhr
Sprache: Deutsch
News-ID 3459
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