CAPE IV’s investment in this asset was valued as the face value of the loan note plus accrued interest, with an implied TMB of 1.19x, and EBITDA has currently surpassed its FY 2019 target due to better cost and well performance from the new drills. ACA’s understanding of the industry stems from its internal in-depth knowledge and technical expertise of the industry derived from years of experience with companies within the oil and gas sector, making it possible for ACA to recognize the Company’s potential.
Building on the foundation of the management team and existing cordial relationship between the Company and the host communities, ACA has worked to ramp up the production capacities within the various segments of the business, as well as improve on corporate governance practices through-out the business.
Work safety is now fully entrenched in NDEP’s operating culture since ACA’s investment. The emphasis on safety has enabled the Company to achieve six million safe man-hours in 2017, without any lost time. NDEP is committed to environmental sustainability and has endorsed the ‘Zero Routine Flaring by 2030’ initiative of the World Bank. In recognition of the company’s effort, NDPR received an Award of Excellence from the World Bank’s Global Gas Flare Reduction (GGFR) Forum, in 2015.
Despite the challenging COVID-19 environment, NDEP pushes to preserve value for shareholders by strengthening its liquidity, managing its cost through sustained discipline in expenditure, and focusing on growth.