Tag Archives: Africa Oilfield Logistics Ltd

Atlas Development secures first contract in Mozambique

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African focused support services and Logistics Company Atlas Development & Support Services Limited has announced that, in line with its expansion strategy for East Africa, it has been awarded its first support services contract in Mozambique.

The agreement, with an international oil company, underlines Atlas Development’s increasing penetration into the oil & gas support services market and its growing reputation with international blue-chip operators.

According to Atlas CEO Carl Esprey the multi-service agreement reflects the Company’s strategy of supporting early stage exploration activities with a view to securing and implementing long term development contracts.

“Atlas Development has its sights set on becoming the turnkey support services company of choice in East Africa, and today’s contract with another international oil company not only marks our transition in a new strategic jurisdiction, but also validates Atlas Development’s reputation as a quality and international standard operator,” says Esprey.

The contract also marks an entry point into a new country and complements the Company’s existing operational presence in Kenya, Ethiopia and Djibouti.  The Company is headquartered in Nairobi and has regional offices in the Turkana region of Kenya, Addis Ababa and Djibouti.

Esprey adds that this first contract in Mozambique could be the beacon for a new presence in the country.

“Mozambique, as with other countries in East Africa including Kenya, Ethiopia and Djibouti, holds a significant amount of potential for us.  We are therefore pleased to have secured this contract to support our client’s entry into Mozambique and believe that this initial agreement will pave the way for a long term strategic presence in the country.”

Mozambique is an important new territory for the Company as it is host to the development of multiple large scale oil & gas, mining and power projects, making it an ideal target for Atlas Development.

The company’s Board adds intends to further leverage its position as a market leader in the provision of turnkey support services and logistics solutions to additional operators within the burgeoning resource and power market in Mozambique.

This new contract comes even as the company prepares to dual list in the Nairobi Securities Exchange later in the month with Atlas saying discussions are in the final stages.

 

African Oilfield Logistics Limited rebrands to Atlas Development & Support Services Limited

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African focused support services and Logistics Company formerly known as Africa Oilfield Logistics Limited announces that it has completed its change of name to Atlas Development & Support Services Limited and effective 28th October.

This follows the acquisition of the entire issued share capital of Ardan Logistics Kenya Limited by Africa Oilfield Logistics Ltd following shareholder approval after the Company’s general meeting held on 23rd October.

During the acquisition Africa logistics CEO Carl Esprey noted that the new unit to operate under  a new brand  Atlas Development & Support Services that would rapidly expand its service lines across a broad geographic area, and bring its turn-key support services to clients operating within the booming East African exploration and development industries.

The renaming is under the framework and option agreement signed in March that allowed Africa Oilfield Kenya following the 100% acquisition of Ardan to separate and operate under a new shell company from which the restructured business of Ardan would be operated.

Under the new arrangement shareholders holding the existing share certificates in the name of Africa Oilfield Logistics Limited are advised that their equities will remain valid with new share certificates which are issued by the Company to be under the name of Atlas Development.

“I am delighted to confirm our formal change of name, which marks a new chapter in the development of the Company and our operations across Africa.  During the course of 2014 our business has been systematically recalibrated to provide a scalable foundation for a highly efficient, profitable business which delivers world-class services to our ever expanding roster of clients says Carl Esprey, Chief Executive Officer of Atlas Development.

“ Demonstrable positive results have been achieved in the past nine months and I believe that under the new Atlas Development brand, we will continue this positive trajectory into 2015 and beyond and be well positioned to execute our vision of becoming the most professional, efficient and profitable turn-key development and support services group in Africa,” he concludes.

Africa Oilfield Logistics completes acquisition of Ardan Logistics Kenya Limited

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AIM listed African focussed support services and logistics company Africa Oilfield Logistics Ltd has announced the acquisition of the entire issued share capital of Ardan Logistics Kenya Limited following shareholder approval being obtained in respect of all the resolutions proposed at the Company’s general meeting held earlier today.

According to Africa Oilfield CEO Carl Esprey the acquisition gives the company a regional footprint from where it can expand its services.

“We now have in place the operational, regional and corporate experience and expertise to rapidly expand our service lines across a broad geographic area, and to bring our turn-key support services to clients operating within the booming East African exploration and development industries, under our new branding of “Atlas Development & Support Services,” He says.

Esprey adds that the success of the company will be based on its ability to maintain an East African identity while offering its high quality standards of services.

“Combining this local presence with high quality, international standard services is of fundamental importance to us, and we are committed to this as we seek to grow Atlas Development & Support Services into an industry leader.”

Africa Oilfield Logistics was first granted the option to acquire Ardan Logistics Kenya in March following the signing of a framework and option agreement pursuant to which:

Overseen by Africa Oilfield, Ardan Risk & Support Services would undertake a corporate and contractual restructuring programme to rationalize operational management and implementation, planning and reporting; and a 3-year conditional call option which provides the right, but not the obligation, to acquire 100% of Ardan Logistics Kenya , a separate and new ‘shell’ company from which the restructured business of Ardan will be operated.

Later in September Africa Oilfield Logistics Ltd announced that the Board has decided to exercise the call option granted to it pursuant to the framework and option agreement announced on 28 March 2014 to acquire the entire issued share capital of Ardan Logistics Kenya Limited.

Africa Oilfield Logistics Ltd to dual list in the Nairobi Securities Exchange

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African focussed support services and logistics company Africa Oilfield Logistics Ltd has announced its intention to dual list on the Growth Enterprise Market Segment (‘GEMS’) of the Nairobi Securities Exchange by way of an introduction and private placing of up to 10% of the Company’s enlarged share capital, such private placing being offered solely in Kenya.

Completion of the Kenyan Listing will make Africa Oilfield the first AIM listed company to join the Kenyan exchange and marks a further step in the Company’s development as it looks to expand its existing support services business in East Africa.

“Our proposed dual listing on the Nairobi Securities Exchange is a further exciting step forwards and one which will establish the Company as a pioneer in this area. We expect that by taking this opportunity we will further align the Company with the strong regional growth currently ongoing and demonstrate in a tangible way our commitment to operating in both Kenya and the East African region as a whole. We hope that shareholders will share this vision and support the resolutions being proposed at the meeting to be held on 5 November 2014, ” said Chief Executive Officer of Africa Oilfield Carl Esprey.

The company says a Circular has been sent to shareholders giving notice of a general meeting for the purpose of approving resolutions that will enable the Company to undertake the Kenyan Listing.

As set out in the Circular, the Company will be seeking shareholder approval to resolutions to give the directors authority to issue new shares and to disapply pre-emption rights, which when passed will enable the Company to issue new shares and thereby effect the Kenyan Listing.

Following completion of the dual listing, the Company’s ordinary shares will be fully transferrable between the AIM and GEMS markets with any funds raised pursuant to the proposed placing in Kenya being applied towards growth initiatives with the Company’s current financing requirements well covered following the successful £7 million financing completed in August 2014.

“Through our primary investment into Ardan Risk & Support Services, completion of which we expect to occur following the general meeting to be held on 22 October 2014, we have already built a strong presence within the support services and logistics sector, and are currently working for a number of international companies operating in the East African region,” Esprey concluded.

Africa Oilfield Logistics Ltd seeks to fully acquire Ardan Logistics Kenya Limited

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Africa Oilfield Logistics Ltd has announced that the Board has decided to exercise the call option granted to it pursuant to the framework and option agreement announced on 28 March 2014 to acquire the entire issued share capital of Ardan Logistics Kenya Limited.

Exercise of the Call Option constitutes a reverse takeover under the AIM Rules and is therefore conditional, on shareholder approval which will be sought at a general meeting to be held on 22 October 2014.

At the General Meeting, shareholder approval will also be sought to change the Company’s name to “Atlas Development & Support Services Limited” and to make certain amendments to the Company’s articles of incorporation.

Africa Oilfield logistics has also announced the resignations of Mr Phil Edmonds and Mr Andrew Burns from the board – with Mr Ian Mann taking up the position of Chairman – together with the appointments of Mr Lachlan Monro as Chief Operating Officer and Mr Barry Lobel as Chief Financial Officer, with immediate effect.

“The acquisition of the entirety of Ardan’s operations is the next step in the Company’s objective of becoming the leading professional, efficient and profitable turn-key development and support services group in sub-Saharan Africa.  Under the new branding of “Atlas Development & Support Services”, we intend to take a joined-up approach to the expansion and delivery of our industry-leading services, extending the current contract base, new business pipeline and geographic reach of operations and further enhancing the revenue generation of the Group,” says Chief Executive Officer of Africa Oilfield Carl Esprey.

A fortnight ago  Africa Oilfield Logistics Ltd has announced that Ardan Risk & Support Services had entered into a 15 year lease over a sizeable land plot in Northern Kenya to be used for warehousing, fuel distribution, cold storage and fleet maintenance.

Africa Oilfield Logistics Limited to Establish Logistics Hub in Northern Kenya

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African focussed support services and logistics company Africa Oilfield Logistics Ltd has announced that Ardan Risk & Support Services the Company’s primary investment, has entered into a 15 year lease over a sizeable land plot in Northern Kenya, which will be used for warehousing, fuel distribution, cold storage and fleet maintenance.

This land Ardan says will be developed into the first of several planned logistics hubs and will support Ardan’s Technical Division as well as its expanding operations in Northern Kenya centered on the rapidly growing oil exploration and production industry in the region.

“Establishing a logistics hub in the burgeoning energy and natural resource destination of Northern Kenya will be a key differential for our business over the coming years,” said Chief Executive Officer of Africa Oilfield Carl Esprey.

In addition to the lease, negotiations are ongoing for an option over a further 25 acres of land in the vicinity to further support the Company’s long term regional expansion plans.

“The development of warehouses and infrastructure for fuel distribution, cold storage and fleet maintenance will enable us to meet the needs of companies in the region, and in time, we will also be able to offer warehouse space directly to our clients on a lease basis creating an additional revenue stream,” he concluded.

Africa oilfield logistics raises $12 million by share issuance

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Africa Oilfield Logistics Ltd an African focused support services and logistics company has announced it has conditionally raised approximately US$12.0 million before expenses by way of the issue of 77,800,000 new ordinary shares in the Company at a price of 9.0 pence per share.

The proceeds of the fundraising together with the existing cash resources the company says are to be applied mainly to the growth initiatives of the Company’s primary investment, Ardan Risk & Support Services.

The monies will be divided into approximately US$3.5 million for the expanded civil engineering team, which has doubled operational capacity with an additional 80-man well pad construction team while  approximately US$2.5 million will be used for capital expenditure associated with the construction of a logistics hub in Kenya to centralise field operations and approximately US$1.5 million for the establishment of a regional logistics operation in Djibouti; and for working capital and general corporate purposes, including working capital in support of any future contract awards.

The company is also waiting for the outcome of a number of tender processes which are ongoing.

According to Africa oilfield CEO Carl Esprey the cash injection of US$12 million, we will be well capitalised to implement our growth strategy and build on our support services platform in Africa, which already boasts an international client list.

“We have made excellent progress on the ground in structuring our investments to deliver the support services and logistics required by operators in the region.  The recent revenue figures from Ardan underscore our successes and highlight the opportunity available to us, something that has been recognised both by new and existing shareholders and reflected in the appetite for the Fundraising.” He said.

The company has however cautioned that the completion of the Fundraising remains conditional, inter alia, upon the approval of shareholders at a general meeting to be held on 11 August 2014 and upon admission of the new Shares to trading on the AIM market of the London Stock Exchange.