CASH FLOW PROBLEMS FORCE LANDOWNERS TO SHUT DOWN LNG PROJECT

PRESS RELEASE

Prominent Landowner leader Larry Labe Andagali of Hides PDL 1  is supporting the call by Hides PDL 7 landowners to shut down the LNG project indefinitely. This Government as taken  5 and half years since the signing of last and final LBBSA agreement at Hides PDL1 Nogoli Camp on the 7th Dec 2009 (4am). Mr Andagali said it has taken all this years to give a blind eye on its people to complete Clan Vetting and landowner identification process.  This process will identify legitimate clans and their leaders to carry out the following:

1. Develop their future generations benefit management trust,

2. Develop Infrastructure development plan to spend K120m per annum IDG grants
3. Raise 4.27%  croton equity

4. Develop proper umbrella company structure to management 30% of its community investment programmes from their Royalty and Equity benefits

5. Develop proper ILG cash distribution processes and

6. Raise 4.27% of their Kroton Equity.

He said that Provincial Government NEC sanctioned “Beneficiary Group” does not represent its people and he has already initiated legal proceedings against the State. Mr Andagali said he negotiated 19% state of the 4.27% for PDL 1 and I will NOT allow my landowners shares to be parked under an unknown and not proven entity to just to Milk our benefits through high consultant’s management fees.

In the absence of the Leaders Hela Provincial govt has misappropriated millions of IDG funds embarked for different License areas  in the Hela province Mr Andagali said.

Andagali was responsible  for negotiating for the IDG funds are they are allocated as follows per annum, Hides PDL 1 – K20m, Hides PDL 7 – K16m, Angore PDL8 – K12m, Juha PDL9 – K11M, Angore PDL5/6 – K11m, Pipeline Juha to Hides – K2.5m, Pipeline Hides to Morn K2.5m , Total K73m per annum, total K525m IDG for the Landowners have not served its purposes. Indeed a sad story for landowner.

ExxonMobil and Oil Search must comply to our call and shut down the project. So far we have been patient and guaranteed 200+loads of LNG  cargo which is in the torn of +-US$1.4billion and yet to date we have not seen our benefit Mr Andagali said. We do not want confrontation. If this call is not adhere to, then you face the full force of LNG landowners and we are now calling on all landowners from Papa LeaLea to Juha to join forces he said.

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