Lift Global Ventures - Investee Company Update
16/06/2023 07:00
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RNS Number : 9054C Lift Global Ventures PLC 16 June 2023
16 June 2023
Lift Global Ventures Plc
("Lift" or the "Company")
Investee Company Update
Lift Global Ventures Plc (AQSE:LFT), an investment company focused on
financial media and the energy sector, is pleased to provide an update on its
investee company in the energy sector - Trans-Africa Energy Limited ("TAE").
Background
On 31 January 2023, the Company announced it had subscribed for £750,000 of
unsecured convertible loan notes in Trans-Africa Energy Limited ("TAE"), a UK
private company focused on the development, financing, construction and
operation of energy infrastructure projects located in Sub-Saharan Africa
which the Directors believe will bring real change in terms of environmental,
economic and social benefits for the people in these jurisdictions.
TAE has entered into a Joint Development Agreement ("JDA") with Ghana National
Gas Company Limited ("Ghana Gas"), granting TAS a majority and managing, stake
in the design, construction, management and operation of four infrastructure
projects onshore in Ghana related to the processing and transporting of
natural gas. The first of these projects is the c.259 km Takoradi to Tema
Pipeline ("TTP"). The TTP will be a buried onshore natural gas pipeline
running from Takoradi (Aboadze) to Tema (on the eastern side of Accra).
Operational Update
Work programmes for the first half of this calendar year for the TTP have
included:
· The mobilisation of the pipeline route field investigations teams
(geotechnical investigations and topographic ("Field Surveys"); and
· The Field Surveys (detailed below) were completed along the TTP route
and this information will be used in the FEED study, ESIA and Land Acquisition
processes.
The Field Surveys included the following:
· A desktop study of the geology and seismicity along the proposed TPP
route to identify the likely subsoil conditions and any potential hazards to
inform the field works and subsequent testing;
· The drilling of boreholes and the capture of core samples to assess
rock properties and surface waters at key locations along the proposed TPP
route;
· Deeper boreholes (15m to 30m) were drilled on the banks of the three
river crossings (rivers may be bridged or, more likely, bored under); and
· Several test pits/trenches were dug to just below the depth at which
the pipeline will be buried (2.2 m)
No severe risks were identified in the Field Studies Report that would affect
the routing, and the detailed engineering (during implementation phase) may
include further sampling and test excavations at more frequent intervals (if
required by the Engineering, Procurement Contractor).
The Field Surveys were undertaken by a local Ghanian company and overseen by
the TAE technical team. A LiDAR survey is to be undertaken in the next few
weeks.
Zak Mir, CEO of Lift commented: "The Board of the Company is extremely pleased
to see the progress being made by TAS and we will be delighted to update
shareholders as further advancements are made".
Glossary:
FEED - Front-End Engineering Design
ESIA - Environmental Social Impact Assessment
LiDAR (Light Detection and Ranging) (also known as laser or 3D scanning) is an
airborne, remote sensing method of imaging the surface of the earth using
pulsed laser beams and the time taken to reflect back to the scanner. Around
since the 1960s, it was the later introduction of GPS systems that made LiDAR
a very useful tool for the provision of accurate geospatial measurements. In
the case of the TTP, the laser equipment will be mounted on a fixed wing
aircraft.
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0)203 745 1865
Optiva Securities Ltd (AQSE Corporate Adviser and Broker)
Christian Dennis +44 (0)203 411 1881
Daniel Ingram
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
END
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