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As a publically traded listed company it is important that we clarify various news reports and media speculation around the agreement recently executed between our organization and the Ghana National Gas Company (Ghana Gas).

As stated in some recent media reports, Yantai Jereh and Ghana Gas have indeed signed an exclusive Project Implementation Agreement for the construction of a natural gas pipeline from Takoradi to Tema which was a revival of a previous agreement signed in 2016.

However contrary to some misguided media reports, this agreement does not pertain to merely a front end engineering design contract. Since Jereh is a multi-national oil fields services conglomerate, it is important to clarify that the company does not engage in projects which are limited to merely engineering design activities.

It is also of importance to clarify that the most recent agreement signed does not constitute the final Build Operate Transfer Agreement which is still being finalized by the parties prior to parliamentary approval.

The agreement signed by Ghana Gas and the Yantai Jereh group on 11th of April 2016 triggers the immediate commencement of specific on-site civil construction works, as well as various other activities related to the project which include but are not limited to geotechnical surveys and procurement of all long lead items such as pipes which will be used for the implementation of the project.

Since this project is strategically key to both the Jereh Group and the Republic of Ghana, we strongly advise that all media outlets verify key facts prior to making reports which may not be accurate.

A statement by the Senior Group Vice President of Yantai Jereh Oilfield Services Group Co. Ltd, Gao Yong, indicated that �the Yantai Jereh Group values the strategic relationship which we have cultivated with both the Ghanaian Government and the Ghana National Gas Company and we look forward to executing the project in an expeditious and professional manner�.