Lift Global Ventures PLC Investee Company Update (9054C)

TIDMLFT

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 GBP750,000 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                             [phone] 
                                         -------------------- 
 Optiva Securities Ltd (AQSE Corporate 
  Adviser and Broker) 
                                         -------------------- 
 Christian Dennis 
  Daniel Ingram                           [phone] 
                                         -------------------- 
 

For more information please visit: www.liftgv.com

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June 16, 2023 02:00 ET (06:00 GMT)