Brittania -U’s reaction on recent media reports regarding acquisition of Chevron's Interest in OMLs 52, 53 and 55

By The Citizen

Our Company – Brittania-U Nigeria Limited, has been the subject of recent speculative and sensational reports in local and foreign media concerning the on-going divestment exercise of Chevron's interest in OMLs 52, 53 and 55.

For the benefit of our company's stakeholders and the reading public, we consider it necessary to issue this Statement regarding our interest in the matter of the divestiture of Chevron's interest from OMLs 52, 53 and 55, that is on-going.

Brittania-U, which is a wholly-owned indigenous E&P company, earlier this year along with other companies, participated in the open bid for the acquisition of the subject Chevron Assets. In line with our usual practice, our preparation for the bid exercise was through, painstaking, disciplined and well researched. Thus, Brittania-U's submission of our bid package and our bid price reflected our full technical (in-house and Independent evaluations) and commercial capabilities which have marked and enabled our company's transformation into a respected and reputable E&P company within a relatively short period of time.

These qualities too, have made it possible for Brittania-U to be the fulcrum around which the Brittania-U Group of Companies (having strong upstream and downstream presence in the West Africa Sub-region) revolves and operates with the highest ethical standards.  As far as we know, the subject divestment exercise is on-going and we like other participants, are quite hopeful of our chances of success in the bid. Accordingly, we are prepared and are able to progress to the next stages of the transaction. The publications have thrown a lot of figures around as Brittania-U's bid amount but certainly, it is not for us to confirm or deny such figures for the obvious reason that the bid process is confidential and under confidentiality and Non -Disclosure Agreement, which Brittania-U as a reputable company are bound by.

The deliberately sponsored media publications which celebrate the success of some companies while denigrating the efforts of perceived rivals by seeking to discredit the process serve no purpose other than undermining the integrity of the industry generally.

Brittania-U's Board and Management will not be distracted by any of these publications and pranks. Our company's attention at this time is focused on the acquisition of the subject Chevron Assets, growing the Brittania-U Group, creating employment for Nigerians, developing and working in harmony with the company's host communities, protecting the environment and delivering superior dividends to our stakeholders.

Our main focus at this particular moment is to work assiduously with our bankers to ensure we have a seamless process, that ensure quick closure of the acquisition process, as well supports  President Goodluck Jonathan's local indigenous capacities building within the industry. The government policies have seen improved Nigerian Content activities in the industry, especially since the April 2010 promulgation of the Nigerian Content Act. These efforts have resulted in enhanced indigenous industry activities and impact for the overall benefit of Nigerian companies and the Nigerian people.

This initiative of the Federal Government through the Ministry of Petroleum Resources under the able leadership and efforts of the Honourable Minister of Petroleum Resources, Mrs. Diezani  Alison-Madueke, have through several transformational policies and initiatives resulted in the emergence of an investor friendly environment in the industry. It therefore behooves on all and sundry to support these laudable initiatives.

We therefore urge all parties especially the media operators, and all the companies that were part of the exercise, to exercise patriotic caution in the reportage of issues concerning this and other related issues in the overall interest of our dear country.