DGAP-News: MAN OIL GROUP AG: MAN OIL GROUP AG CONCLUDES AN AGREEMENT WITH EMCO OILFIELD SERVICES LTD TO FOUND A JOINT-VENTURE IN NIGERIA
05.08.2014 – 17:10
DGAP-News: MAN OIL GROUP AG / Key word(s): Joint Venture/Alliance MAN OIL GROUP AG: MAN OIL GROUP AG CONCLUDES AN AGREEMENT WITH EMCO OILFIELD SERVICES LTD TO FOUND A JOINT-VENTURE IN NIGERIA 05.08.2014 / 17:08 --------------------------------------------------------------------- MAN OIL GROUP AG CONCLUDES AN AGREEMENT WITH EMCO OILFIELD SERVICES LTD TO FOUND A JOINT-VENTURE IN NIGERIA Zug, Switzerland, August 5, 2014 Man Oil Group AG ("MOG") announced, that as of May 2014 they have concluded an agreement with EMCO oilfield Services Ltd. ("EMCO"), the leading oilfield services company on the Nigerian oil and gas market, to form a joint venture (JV) named EMCO-MOG LTD. The joint venture with 51% EMCO share and 49% MOG share, will be the first significant multi-million investment in Nigeria for the STORM-15 machine to render oil sludge and oil contaminated soil cleaning services. The companies plan to launch operations early next year, in order to treat large volumes of the existing and fresh oil sludge of the multinational oil companies present in Nigeria (Shell, Total, NNPC, Agip, Addax etc.), in an environmentally friendly way. The beginning of this cooperation will create a solid basis for further projects of EMCO-MOG LTD in the Nigerian market. Nigeria is one of the important strategic markets for MOG, the country is ranked as the 8th largest crude oil exporter worldwide, possessing significant oil reserves. According to a UN message to the Nigerian government in 2011, it will take US$20 Billion within the next 30 years to eliminate the massive environmental damages in the Niger delta region alone. The rise in environmental problem in Nigeria, caused by the regularity of oil spills for many years, is a critical task of the country to deal with. Genadi Man, MOG President: "We are happy to start business with EMCO in Nigeria - the Nigerian oilfield services company who has serviced the well known clients in the past eleven years. Based on their long term business relationships in Nigeria and their positive market image we expect to take a strong position in this strategically important market." Paschal Anyanwu, EMCO Managing Director: "In its many years of operations in the oil spill clean up and remediation, EMCO studied many technologies involving oil sludge treatment, which could meet the standards of environmental safety and commercial viability. After trials, tests and negotiations, I was clear MOG was the best globally, so it was a natural progression to decide to start an exclusive cooperation with MOG. The exclusivity of their technology will put as in a unique position in the market place." ABOUT MAN OIL GROUP AG Man Oil Group AG performs a large scale complex industrial treatment of oil sludge and oil contaminated soils, with further post treatment of the solid end products to an environmentally friendly standard. The technology is based on the scientific and technical methods which allow MOG to offer the Client a complete and highly efficient solution. The company's demonstrated unique results of oil-waste treatment technology have received a high praise from major market players. MOG strives towards a leadership position in the global market for treatment of oil-contaminated soil and hydrocarbon recovery and providing customers with the highest-quality services. More information is available at www.manoilgroup.com. ABOUT EMCO OILFIELD SERVICES LTD. EMCO Oilfield Services Limited, has been in business for the past eleven years serving the oil and gas sector in the areas of oil spill response, remediation, waste management, education etc. During this period it has managed to develop a reputation as the gold standard in the industry, accumulating a long list of clients like Shell Petroleum Development Corporation (SPDC), TOTAL, CHEVRON, EXXON-MOBIL, ADDAX, AGIP to name a few. Over these years it has become a leading oil services company, evolving by making technology an intricate part of its strategy for growth and expansion. CONTACT: Man Oil Group AG Bleichistrasse 8 6300 Zug, Switzerland Tel.: +41 41 500 16 90 Fax: +41 41 500 16 91 ir@manoilgroup.com Disclaimer: This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Man Oil Group AG in conjunction with the existing listing of its shares in the GXG Markets First Quote (GXGF) on the GXG Markets. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within Canada, Australia or Japan. Information Related To Forward-Looking Statements: This release includes forward-looking statements that reflect management's expectations about future events and the Company's operating plans and performance. These forward-looking statements are subject to risks and uncertainties. The words "believe," "expect," "anticipate," "intend," "plan," "will," "may," "should," "could," "would," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Man Oil Group AG undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: events impacting the likelihood and timing of the creation of the joint venture and completion of the transaction, such as regulatory and other approvals, consultation requirements and the execution of ancillary agreements; The ability of the investors to fund their investment in the joint venture; uncertainty relating to the timing and magnitude of the recognition of a gain by Man Oil Group AG as a result of the transaction, such as when assets are transferred to the joint venture and costs related to the transaction; the actual amount of any potential gain arising from the transaction Man Oil group AG decides to invest in growth initiatives, which will be based in part on management's assessment of competitive opportunities; the potential loss of key customers, vendors and other business partners; the underlying assumptions related to the transaction proving to be inaccurate or unrealized, such as the ability of the joint venture to build upon MOG's innovations and capabilities, the ability of the joint venture to accelerate the growth of the MOG business and provide additional value to corporate customers and the ability of the joint venture and MOG to coordinate following the transaction; and the joint venture's ability to successfully create additional investment capacity for products, technology and servicing capabilities following consummation of the transaction. --------------------------------------------------------------------- 05.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 280930 05.08.2014