KPHL KEO dividends paid to PDL7

Petroleum Development License (PDL) 7 landowners under Kroton Laitapo Equity Ltd have received their Kroton Equity Option (KEO) dividend payment from Kumul Petroleum Holdings Limited (KPHL) worth K22.7 million.

They waited patiently for seven years for their dividend to accumulate to this amount.

In a small but very significant ceremony today, Kroton Laitapo Equity Ltd directors received their equity share certificate as well for the PDL 7 landowner group from Kroton.

The share certificate was presented by KPHL Managing Director, Wapu Sonk. KPHL also presented a dummy cheque of K22.7 million accrued preferential dividends from 2017 to 2021.

This benefit goes to the 277 Clans who are beneficiaries of the LNG from the Hides 4 PDL 7 in Komo. Mr Sonk announced that all the necessary eligibility process verifications have been completed with the PDL-7 landowners that is why they receive their benefits now.

“This area comes under the newly created Komo-Hulia District, in Hela province.” Sonk said working closely with the Department of Petroleum and Mineral Resources Development Corporation, they completed the landowner identification studies for this landowner group, ensuring that they can receive their KEO entitlements.

“Today I am pleased to announce that Kumul Petroleum can award this PDL 7 landowner group with a share certificate, recognizing them and their nominated company, and therefore a cheque for their accrued preferential dividends from 2017 to 2021, for K22.7 million.”

Executive Chairman of the new Kroton Laitapo Holdings Equity Limited, Andy Hamaga said they came through the hard way but they were patient enough to reach this stage.

“We provided the leadership, since the agreement was formed in 2009, being the first group to sign the UBSA followed by licensed based agreement,” Hamaga said.

He explained that the new company will be running finance services, real estate business and also investing in petroleum and mining industries as well as agriculture, according to their corporate plans.

The newly formed company has started to establish itself by producing its own Financial Policies and procedures. Mr Sonk encouraged all other beneficiary groups to complete their KEO eligibility criteria compliance so that they can also receive their KEO related benefits.

Author: 
Frieda Kana