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Transcript of Monthly Report No 11
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 1 of 30
Monthly Report No. 11
Period: July, 2015
Rev. Status Date Revision memo Issued by Checked by
Checked by Approved by
01 IFI 10-08-2015 Issued for Information Eghwubare O Makrand K. Okojie L Ilenreh G
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 2 of 30
Table of Contents1 Introduction.......................................................................................................................4
2 Executive Summary..........................................................................................................53 Engineering........................................................................................................................6
4 Procurement......................................................................................................................75 Construction......................................................................................................................7
6 HSES...................................................................................................................................86.1 HSE Statistics............................................................................................................8
6.2 HSE ACHIEVEMENTS..............................................................................................106.3 GRAPHICAL REPRESENTATION OF EGBAOMA GAS PLANT GENERATED MAN-HOURS...........................................................................................................................10
7 Quality Management.......................................................................................................11
7.1 General.....................................................................................................................117.2 Project Quality Metrics............................................................................................12
8 Project Control................................................................................................................128.1 General.....................................................................................................................12
8.2 Project S-Curves (Planned vs Actuals).................................................................139 Risk...................................................................................................................................16
10 Financials.........................................................................................................................1710.1 Gas Train Financials...............................................................................................17
10.1.1 Notes to Gas Train Financials..................................................................1710.2 PROJECT (PNG) FINANCIALS................................................................................19
10.2.1 PNG Project Budget, Actual & Forecast Spend & Variance................1910.3 EPC Contractor’s Payment.....................................................................................22
10.3.1 EPC Contractor’s Payment Status..........................................................2210.3.2 3.3.2 Analysis of Spec Payments............................................................2310.3.3 Re-imbursement........................................................................................2310.3.4 Project Management.................................................................................23
10.4 Funding.....................................................................................................................2311 Human Resources Issue.................................................................................................24
11.1 Staff Update...............................................................................................................2411.2 Agreements...............................................................................................................24
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 3 of 30
12 Regulation, Government Issue and Community..........................................................24
12.1 DPR...........................................................................................................................2412.2 E.I.A...........................................................................................................................24
12.3 Ministry of Finance..................................................................................................2412.4 Community...............................................................................................................24
12.5 Security.....................................................................................................................2513 Major Challenges Encountered......................................................................................25
14 New Month Look Ahead..................................................................................................2515 Land..................................................................................................................................25
Appendix 1...................................................................................................................................26Appendix 2...................................................................................................................................27
Appendix 3...................................................................................................................................28Appendix 4...................................................................................................................................29
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 4 of 30
1 IntroductionThe Egbaoma Gas project involves the acquisition, optimisation, revamping and commissioning of an existing 30mmscf/d gas processing. The Gas Processing Plant is sited close to Asuokpo/Umutu marginal field in Ukwuani Local Government Area of Delta State and was constructed to handle gas from the Asuokpo/Umutu marginal field (OML 38) which is owned and operated by the JV of Platform Petroleum Ltd and Newcross Petroleum Ltd. The project aims to process rich gas for the extraction of marketable hydrocarbon such as natural gasoline (C5+), mixed LPG (C3/C4) and propane (C3) from the feed gas stream comprising associated gas from OML 38 of Asuokpu/Umutu marginal field, Delta State.
An SPV was set-up (PNG Gas Limited) to take over the asset of the Gas Plant. Gas Train Limited has acquired the 70% share of PNG Gas through its subsidiary Bering Gas Limited, while the remaining 30% is owned by Platform/Newcross JV.
A Gas Sale and Purchase Agreement for the wet gas has been executed between PNG Gas and Platform/Newcross JV. The Seller (Platform Petroleum Ltd/Newcross JV) shall Supply and ensure that gas is available to the Buyer (PNG Gas Limited), at the delivery point. The contracted gas volume is 30mmscf/d from the marginal field OML 38 or any other source to guarantee an uninterrupted supply of the volume of gas during processing. Also off-take agreement for propane and LPG have been signed, while marketing and handling agreement for condensate was signed with Platform Petroleum Limited.
In line with the shareholder agreement between PNG Gas Limited and Platform/Newcross JV, its revamping will be done by Gas train Limited while PNG Gas limited will carry out optimization. The revamping and optimization of the plant will be carried out simultaneously. Accordingly, the same project team will manage the revamp and optimization.
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 5 of 30
2 Executive SummaryActivities are gradually picking up after payment was made to EPC contractor in the month of July. Also, a re-baseline project schedule has been finalised with the EPC Contractor and re-baseline payment milestone structure preparation is ongoing. Engineering activities are gradually been closed out. The only outstanding deliverables now are foundation drawings (which is vendor's dependent) and about 3 commissioning procedures which will be turned in before commissioning. Engineering progress now is 94.53% July, 2015. The progress in July 2015 is lower because of some additional engineering deliverables required by DPR that was added to Technical Document Register (TDR).
Fabrication of equipment, vessel and skid has restarted at EPC Contractor’s yard in Dubai, though the effect of the progress will not be felt immediately until it get to an agreed milestone. Procurement progress is still 49.38%.
Erection of Condensate tank A/B and integrity check on existing equipment is ongoing. Also, work on the erection of the site accommodation is ongoing. Construction has been progressed from 7.91% in June, 2015 to 9.01% in July, 2015.
In the month of July 2015, we made additional payment of $1,900,000.00 and N21, 322,585.00 to SPEC. As at the end of July 2015, we have received ten (11) invoices from EPC contractor amounting to $8.402M. We have paid the dollar portion of invoice 1 to 11 amounting to $6.047M and Naira portion amounted to N105.008M of the 1st, 2nd, 3rd and part of 4th invoices. The remaining invoices are currently being processed for payment.
3 EngineeringEngineering activities are gradually been closed out. The only outstanding deliverables now are foundation drawings (which is vendor's dependent) and about
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 6 of 30
3 commissioning procedures which will be turned in before commissioning. Engineering progress now is 94.53% July, 2015. The progress in July 2015 is lower because of some additional engineering deliverables required by DPR that was added to Technical Document Register (TDR).Summary of number of documents transmitted for July, 2015 and document transmitted till date is captured below:Documents transmitted for July, 2015
S/N Discipline
Numbers of Document submitted for this month per Gates
IFR IFA IFC Remarks1 Process 0 0 0 2 Mechanical 0 0 0 3 Piping 0 0 0 4 Electrical 0 0 0 5 Instrumentation 0 0 0 6 HSE 0 0 0 7 Civil 0 0 0 8 Quality Control 0 0 0 9 Pre-Comm/Commissioning 0 0 09 General 0 0 0
Total Submitted 0 0 0 Grand Total 0
Total documents transmitted till date
S/N DisciplineNumbers of Document submitted Till Date
Total Documents IFR IFA IFC Outstanding
Documents1 Process 55 0 0 55 02 Mechanical 185 0 1 184 03 Piping 102 0 2 100 04 Electrical 18 0 0 18 05 Instrumentation 56 0 1 54 16 Civil & Structural 49 2 0 39 77 HSE 15 0 0 15 0
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 7 of 30
8 QA/QC 16 - - 16 09 Commissioning 7 1 1 2 310 General 3 0 0 3 0
Total 506 3 6 486 11Grand Total submitted till Date
495
IFR Issue for ReviewIFA Issue for ApprovalIFC Issue for ConstructionAFC Approved for Construction
Key Abbreviations
4 ProcurementFabrication of equipment, vessel and skid has restarted at EPC Contractor’s yard in Dubai, though the effect of the progress will not be felt immediately until it get to an agreed milestone. Procurement progress is still 49.38%.
5 ConstructionErection of Condensate tank A/B and integrity check on existing equipment is ongoing. Also, work on the erection of the site accommodation is ongoing. Construction has been progressed from 7.91% in June, 2015 to 9.01% in July, 2015.
6 HSESAs at 31st July, 2015, there are no HSE related issues. However, cumulative man-hours as at the month ending July, 2015 is 80,834 Man-hours compared to that of the month June, 2015; with cumulative of 73,016 Man-hours.
6.1 HSE StatisticsFind below the HSE statistics as at July, 2015.
Client; Contractor & Subcontractors' Exposure Man-hours and HSE Statistics
- Monthly ReturnsExposure Reasons for significant
change (i.e. +/-10%)
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 8 of 30
Significant Change over previous month's Man-Hours
Man-Hours
Reason for the significant increment is due to on-going construction activities on site and engaging of some new personnel by the contractor (SPEC).
Man-Hours generated by Client (GTL) in the month of Jul’15.
1,744
Man-Hours generated by Contractor & Subcontractor in the month of Jul,’15.
6,074
Previous month's total man-hours (enter figure) e.g. Jun,’15.
3,980
Current month's total man-hours (enter figure) e.g. Jul,’15.
7,818
Significant change from previous month's man-hours (i.e. +/- 10%)
96%
Cumulative man-hours worked to date
80,834
Cumulative man-hours worked to date (without LTI).
80,834
July – 2015 HSE Metrics
Description Reported Closed - Out
Outstanding
Number of Unsafe acts 1 1 0Number of Unsafe conditions 0 0 0Hazards Observation ( Cumulative) 0 0 35
Present Previous Cumulative to Date
Number of Near-misses 0 2 2Number of Property/Equipment damage
0 0 0
Number of Theft/Security Incidence 0 0 0Number of Community Disturbance 0 2 2Number of Fatality 0 0 0Number of Permanent Partial Disability
0 0 0
Number of Permanent Total Disability
0 0 0
Number of Lost Work Day Cases 0 0 0Number of Lost Time Injury (LTI) 0 0 0Number of Restricted Work Cases (RWC)
0 0 0
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 9 of 30
Number of Medical Treatment Cases (MTC)
0 0 0
Number of Total Reportable Cases (TRC)
0 0 0
Number of First Aid Cases (FAC) 0 1 1Number of Road Traffic Accident (RTA)
0 0 0
Number of Non-Accidental Death (NAD)
0 0 0
Number of Environmental Incidents (EI)
0 0 0
Numbers of Equipment Inspections 3 10 13Numbers of HSE Training Conducted (Internal / Foreign)
0 1 1
Numbers of Lost Time Incident Severity Rate (LTISR)
0 0 0
Numbers of Lost Time Incident Frequency Rate (LTIFR)
0 0 0
Number of Total Recordable Incident Frequency Rate (TRIFR)
0 0 0
Number of Days Away from Work due to LTI
0 0 0
Numbers of Occupational Illnesses (OI)
0 0 0
Numbers of Emergency Drills conducted
0 1 1
Numbers of monthly HSE meetings 0 1 1Numbers of HSE induction conducted
14 66 81
Numbers of Project HSE audit / walk thru
0 0 2
Number of Toolbox Meetings held (TBM)
26 55 61
Quantity of Waste Disposed in Kg (QWD)
15 20 35
ABBREVIATION
LTIF = Lost Time Injury Frequency
TRCF = Total Recordable Case Frequency
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 10 of 30
TROIF = Total Recordable Occupational Illness
6.2 HSE ACHIEVEMENTS
Medical certification of all personnel on site completed. Total man-hours worked on project without LTI = 80,834 Mhrs. The different colored industrial waste bins as per statutory requirement are
now on site. Avery Nigeria Ltd (authorized weigh bridge dealer) had concluded their
presentation.
6.3 GRAPHICAL REPRESENTATION OF EGBAOMA GAS PLANT GENERATED MAN-HOURS.
GTL & SPEC GENERATED MAN-HOURS ON EGBAOMA GAS PLANT PROJECTMONTH / COY FEB'1
5MAR'1
5APR'1
5MAY'15 JUN'1
5JUL'1
5AUG'1
5GTL 6696 2508 1768 1376 1576 1744
SPEC 42880 2508 9792 1508 2404 6074 Total Man-Hours 49576 5016 11560 2884 3980 7818 Cum. Man-Hours 49576 54592 66152 69036 73016 80834
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 11 of 30
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-150
10000
20000
30000
40000
50000
60000
70000
80000
90000
-4
-2
0
2
4
HSE Cummulative MHrs Vs LTI
MH
rs
LT
I
LTI = 0
7 Quality Management 7.1 GeneralCorrective action on the Base level of condensate tank A was carried out, the level of the fresh asphalt checked and was satisfactorily accepted. Also, Level check on base foundation of tank A was carried out and the result was satisfactory. All the shell courses of tank B fitted, aligned and tack welded, awaiting scaffolding to resume full welding. Mechanical team are still working on the installed vessels and equipment on site. The E&I team are still on functional verification on the control panel units on site. The casting of concrete slap for the living accommodation is ongoing.
7.2 Project Quality MetricsProject Metric Chart as at July, 2015 is on appendix 4. See Appendix 4
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 12 of 30
8 Project Control8.1 GeneralAs at 31st July, 2015, engineering progress is 94.53%, while that of overall is 31.99%. Also Procurement and Construction progress is 49.38% and 9.01% respectively. Summary is shown below.
8.2 Project S-Curves (Planned vs Actuals)
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 13 of 30
Progress S-Curve Engineering (Planned vs Actuals)
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
EGPP Engineering Monthly S-Curve
Progress S-Curve Construction (Planned vs Actuals)
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
EGPP Construction Monthly S-Curve
Progress S-Curve Overall (Planned vs Actuals)
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 14 of 30
0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%
100.00%EGPP Overall Monthly S-curve
Progress Cost Performance Graph (Budget vs Spent)
Note: Cost Performance shows that;Cumulative budget is $ 29,253,910 Cumulative expenditure is $ 8,253,292
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 15 of 30
9 RiskRisk Mitigation
Funding Insufficient fund to complete project.
Other necessary options to ensure availability of fund is been explored.
Schedule ImpactThere might be Schedule impact on the project.
Effective monitoring is in place to prevent slippage in schedule.
State of Existing Equipment State of Existing equipment might impact the project completion.
Integrity test on the equipment is being done to ascertain the level of overhaul required.
Permits and Statutory ApprovalPermits and Statutory Approvals could impact project completion if not obtain before commissioning.
All Permits and Statutory Approvals required for the project have been compiled and monitored for implementation according to schedule.
O&M Contract Vacuum might be created if O&M contract is not completed before commissioning.
Planning is on to ensure that O&M contract is in place at least five month before commissioning.
Weather ConditionRainfall might delay foundation activities
Planning with the EPC contractor and the subcontractor to increase man-power so as to reduce weather impact.
ShippingDelay in shipping and associated activities impact on project completion.
All stakeholders including Insurance Company, Clearing Agent, Custom, EPC Contractor, etc. are being engaged to synchronize their activities for seamless shipping operation.
Interface Issues An interface committee have
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 16 of 30
Interface between the plant and upstream might impact the project.
been set-up to monitor all interface issues and ensure they are resolved.
Product SalesOff-take readiness might impact on operation.
Periodic meeting have be planned to update and get feedback from off-takers on state of readiness.
10 Financials10.1Gas Train Financials
10.1.1 Notes to Gas Train FinancialsFixed Asset: No fixed asset added during the month of July 2015.
Preliminary Expenses:A total sum of $83,292.13 was incurred as follows:
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 17 of 30
Consultancy $70,141.98 (African Capital Alliance $43,478.26, Legal works $26,663.72)Finance and Bank Charges $8,661.01Audit fees $4,336.96Local travel $152.17
Debtor and Prepayment: $1,061.59 is July 2015, rent prepaid on project manager’s apartment. The sum of $68,275.08 was paid by PNG Gas Limited on behalf of Gas Train Limited reducing their debtor balance in Gas Train Account by the same value.
Cash & Bank:The actual cash balance for the month of July 2015 is $45,184.65. Our Cash balance is broken down as thus: Bank & Currency Balance in Naira Balance In USD
ECO Bank US Domiciliary ₦ 12,774.20 $ 55.54
ECO Bank Naira ₦ 143,821.87 $ 625.31
FBN Naira ₦ 9,682,012.76 $ 42,095.71
FBN US Domiciliary ₦ 27,395.00 $ 119.11
UBN Naira ₦ 526,466.38 $ 2,288.98
₦ 10,392,470.51 $ 45,184.65
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 18 of 30
10.2PROJECT (PNG) FINANCIALS10.2.1 PNG Project Budget, Actual & Forecast Spend & Variance
PNG Gas Limited Management Report Highlights Reporting FX Rate 1
Executive Summary Jan - June 2015 All Amounts in Naira "000s
Actual Budget Actual ForecastProject Funding as at Dec 2015 YTD Jul - 15 YTD Jul - 15 NGN % Aug 15 - Apr 16
r Union Bank 0 4,720,870 2,000,000 -2,720,870 -57.6% 2,000,000 4,000,000 4,000,000r Gas Train 609,421 460,102 460,102 0.0% 0 1,069,524r Platform Petroleum 39,295 37,417 37,417 0.0% 0 76,712r Total Funding 648,716 4,720,870 2,497,519 -2,223,351 -47.1% 2,000,000 4,000,000 5,146,235
Actual Budget Actual ForecastJul - Dec 2014 YTD Jul - 15 YTD Jul - 15 NGN % Aug 15 - Apr 16 NGN %
EPC Contractor 310,819 2,751,188 1,072,784 -1,678,404 -61% 1,805,392 2,815,412 3,188,995 373,583 13% EPC Contractor Retention 305,688 -305,688 -100% 341,550 312,824 341,550 28,727 9% UBN Cost of Funds 103,750 103,750 0% 881,436 985,186 985,186 0% Gastrain Re-imbursables 771,919 25,258 -746,661 -97% 1,044,265 771,919 1,069,524 297,604 39% Platform Re-imbursables 46,954 0 -46,954 -100% 76,712 46,954 76,712 29,757 63% Salaries 103,215 139,464 93,245 -46,219 -33% 255,391 303,844 451,850 148,006 49% Consultants & Advisors 65,532 97,600 99,281 1,681 2% 25,000 115,300 189,814 74,514 65% Capex 11,291 54,010 3,653 -50,357 -93% 19,130 54,325 34,074 -20,251 -37% Statutory Payments 8,455 31,003 23,647 -7,356 -24% 39,565 36,709 71,666 34,957 95% Contingency 0 0% 151,378 63,042 151,378 88,336 140%
Taxes 10,236 21,028 31,263 31,263 0% Duty 368,874 0 -368,874 -100% 133,751 376,010 133,751 -242,259 -64%r Others 149,355 154,170 223,184 69,014 45% 165,050 193,279 537,589 344,310 178%r Total Expenditure 648,666 4,720,870 1,655,038 -3,065,831 -65% 4,959,648 5,089,619 7,263,352 -2,173,733 43%
VarianceProject Expenditure
Variance Full Project Forecast
Variance Full Project Forecast
Full Project Budget
Full Project Budget
10.2.2 PNG Balance Sheet Extracts
Actual Jun-15 YTD Jul-15 YTDas at Dec 2015 NGN'000s NGN'000s NGN %
Net Fixed Assets 5,402,473 6,982,525 7,592,049 609,524 8.7%Current Assets 11,245 1,609,339 942,531 -666,808 -41.4%Current Liabilities 388,719 1,566,864 1,509,580 57,284 -3.7%Net Cur Assets/(Liabilities) -377,473 42,475 -567,049 -609,524 -1435.0%Cash & Bank Balances 11,245 1,609,339 942,531 -666,808 -41.4%Long Tem Loan 2,000,000 -2,000,000 0.0%Capital Employed 5,025,000 5,025,000 5,025,000 0 0.0%
Balance Sheet ExtractsChange
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
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EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 19 of 30
10.2.3 PNG Statement of AffairsPNG GAS LIMITED, STATEMENT OF AFFAIRS
Fixed Assets: NOTE NGN USD NGN USDPlant 1 5,025,000,000 30,000,000 5,025,000,000 30,000,000 Other Fixed Assets 2 14,943,839 74,719.19 14,797,839 73,989.19 Pre Operation Expenses 3 2,552,105,017 12,760,525.09 1,942,727,138 9,713,635.69
7,592,048,856 42,835,244 6,982,524,976 39,787,625 Current Assets:Cash & Bank 4 942,530,802 4,712,654.01 1,609,338,849 8,046,694.25
942,530,802 4,712,654 1,609,338,849 8,046,694
LiabilitiesTotal Creditors 5 1,509,579,658 7,547,898 1,566,863,826 7,834,319 Net Current Assets (567,048,856) (2,835,244) 42,475,024 212,375
7,025,000,000 40,000,000 7,025,000,000 40,000,000 Financed By:Share Capital:
Platform New Cross J V 1,507,500,000 9,000,000 1,507,500,000 9,000,000 Gastrain 3,517,500,000 21,000,000 3,517,500,000 21,000,000
As at 31st July 2014 As at 30th June 2014
Notes: Preliminary Expense is mostly made up of the following:
Payment to SPEC in July amounted to $2,883,750.02. Outstanding invoices to SPEC amounting to $820,294.37 Insurance paid $150,401.45 Consultancy costs $98,436.11 Personnel costs $47,903.79 Shared services $30,308.43 Advisory Services $13,780.84
Cash & Bank: Our cash balances as at 31st July are as follows:
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
Discipline : PJM Document Type : REP
Status: IFI Page 20 of 30
Bank & Currency
Balance in Naira
Balance in USD
FBN US Domiciliary
273,315.47
UBN US Domiciliary
1,962,572.20
UBN Op-Ex A/C Naira
₦ 19,618,878
UBN Cap-Ex A/C Naira
₦ 11,291,581
FBN Naira ₦ 8,667,755 UBN Naira ₦ 2,018,964
₦ 41,597,178
2,235,887.67
Bank & Currency
Balance in Naira
Balance in USD
UBN Debt Service A/C
₦ 192,328,767
UBN Debt Service Reserve A/C
₦ 184,452,968
₦ 376,781,735
All Accounts
₦ 418,378,913
2,235,887.67
Creditors: PNG creditors are broken down as so:
Company Amount DueSpec $1,816,722.57 Gas Train $5,347,617.65 Platform Gas $383,558.07 Creditors $7,547,898.29
This document is the property of Gas Train Limited EGPP-GT-100-MR-14-0011
Gas Train LimitedEGPP-GT-100-MR-14-0011
EGBAOMA GAS PROJECTMonthly Report for July, 2015Revision: 01 Rev Date : 10-Aug-2015
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10.3EPC Contractor’s PaymentIn the month of July 2015, we made additional payment of $1,900,000.00 and N21, 322,585.00 to SPEC. As at the end of July 2015, we have received ten (11) invoices from EPC contractor amounting to $8.402M. We have paid the dollar portion of invoice 1 to 11 amounting to $6.047M and Naira portion amounted to N105.008M of the 1st, 2nd, 3rd and part of 4th invoices. The remaining invoices are currently being processed for payment.10.3.1 EPC Contractor’s Payment Status
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10.3.2 Analysis of Spec PaymentsANALYSIS OF SPEC PRO PAYMENTS
100% DOLLAR VALUE
$1 USD Conversion
Rate
10% RETENTIO
N$ NGN $ 20% in NGN 80% in $ N $ N $
Sep-14 14234-001 1,793,139.18 180.00 179,313.92 54,870,058.91 1,291,060.21 54,870,058.91 1,291,060.21 - - Oct-14 14234-002 609,052.53 180.00 60,905.25 18,819,540.46 438,517.82 18,819,540.46 438,517.82 - - Nov-14 14234-003 897,252.69 180.00 89,725.27 27,724,838.95 646,021.94 27,724,838.95 646,021.94 - - Dec-14 14234-004 1,053,171.02 180.33 105,317.10 32,476,034.44 758,283.13 3,594,016.56 758,283.13 28,882,017.88 - Jan-15 14234-005 771,425.59 181.78 77,142.56 23,979,286.18 555,426.42 - 555,426.42 23,979,286.18 - Feb-15 14234-006 1,066,986.13 194.47 106,698.61 35,481,951.55 768,230.01 - 768,230.01 35,481,951.55 - Mar-15 14234-007 476,410.82 197.07 47,641.08 16,054,553.93 343,015.79 - 343,015.79 16,054,553.93 - Apr-15 14234-008 783,100.94 197.07 78,310.09 26,279,259.69 561,672.66 - 561,672.66 26,279,259.69 - Jul-15 14234-009 499,005.02 197.07 49,900.50 17,701,005.47 359,283.61 - 359,283.61 17,701,005.47 - Jun-15 14234-010 209,780.20 196.95 20,978.02 7,069,376.67 151,041.74 - 151,041.74 7,069,376.67 - Jul-15 14234-011 242,910.59 196.95 24,291.06 8,611,423.33 174,895.62 - 174,895.62 8,611,423.33 -
ADVANCE PMT 310,090.58
Total 8,402,234.71 840,223.47 269,067,329.58 6,047,448.95 105,008,454.88 6,047,448.95 164,058,874.70 310,090.58
Weighted Average 186.53
OUTSTANDING PAYMENTSPAYMENT MADE ON THE
INVOICEINVOICE VALUE LESS
RETENTION
10.3.3 Re-imbursement For the period under review, there are no reimbursable from the EPC contractor as the expenditure from provisional sum has not been incurred.10.3.4 Project Management For the month of June, a total sum of $98,436.11 was paid to Xmos Africa, Neon Touch and HAZOP and Safety Ltd.10.4 FundingUnion Bank of Nigeria disbursed the 1st tranche being NGN2bn of the total NGN4bn Facility into our Bank accounts on the 11th of June 2015. Discussion with NSIA to conclude on the outstanding issues are currently at a standstill.
S/N Bank Indicative Loan TermAmount
Tenor Moratorium Rate Ancillary Cost Security Comments
1. Nigerian Sovereign
Up to US$30
4 Yrs. 12 months 12% during moratorium
Facility Agent: $150,000 pa
Still Negotiating
Stalled
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Investment Authority
M ,11% after moratorium
Commitment fee: 0.5%Arrangement fee: 1%Management fee: 0.5%
2. Union Bank PLC
N4.0 Bn
5 Yrs. 15 months 19.5% Management fee 2.00%Commitment fee: 0.8% flatMonitoring Fee: 0.5%
Signed Disbursed
11 Human Resources Issue11.1Staff UpdateNo New Staff were hired in the month of July11.2AgreementsAll Gas Feed and Product Off-take Agreement has been signed except the one with MOS Energy Limited.
12 Regulation, Government Issue and Community12.1DPRDPR, has granted the Approval to Construct (ATC) for the plant. GTL has sent out invitation to tender for the outstanding HSE Engineering deliverables to four bidders in line with DPR requirement. 12.2 E.I.A.Federal ministry of Environment Inspectors to visit Egbaoma gas plant UMUTU for Impact monitoring in November, 2015.
12.3 Ministry of FinanceWe have received the proforma invoices from EPC contractor. Application to the Ministry of Finance for duty waiver has been submitted. PNG gas Limited is awaiting the appointment of a minister to approve the visit to the site.
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12.4 CommunityNegotiation with the host communities is on-going in relation to personnel recruitment and other community relations.
12.5 SecuritySecurity arrangement to ensure hitch free execution of the project has been put in place.
13 Major Challenges Encountered Additional debt funding for the completion of the project. Duty Exemption.
14 New Month Look Ahead Progress the Erection of Condensate tank A & B to 50%. Progress engineering activities to 95%. Commence the shipping of bulk materials for construction from Dubai. Carry out hydrotest of vessel at EPC Contractor Fabrication yard in Sharjah in
UAE.
15 LandThere has not be any issue yet as all requirements for the land acquisition has been met.
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Appendix 1
Fabrication Progress Picture
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Appendix 2 Egbaoma Gas Processing Plant Project Schedule
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Appendix 3 Progress Pictures (Site Construction Works)
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Appendix 4 Project Quality Metric
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