Aiteo announces OML 29 is not for sale

oil rig communications africaSince the takeover of the asset Aiteo has quadrupled production. (Photo: Aiteo Group)A spokesperson for the Aiteo Group has denied a number of rumours and reports which state OML 29 had been put up for sale to repay a loan

Aiteo has neither considered, initiated, nor announced the commencement of any plans to sell off any of its stake in OML 29, the spokesperson stated. 

The claim that Bruce Burrows’ new post as chief financial officer is aimed at finding a buyer for part of Aiteo’s assets is false and demonstrates that the publishers’ understanding of the commercial realities in the operation of assets such as OML 29 is shallow, according to Aiteo Group.

Following the takeover of the asset, according to Aiteo Group, the company has quadrupled production. There are several legitimate entities that constitute ownership of the oil block, such that it would be practically impossible for Aiteo Group to unilaterally consider disposing of the asset, added the firm. .

Aiteo Group urges the public to ignore the reports, which the company reiterates have been completely fabricated

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