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One –year-old company got contract to monetise Guyana’s gas not only on experience but proposal – Jagdeo Sep 07, 2024 News Vice President, Dr. Bharrat Jagdeo Kaieteur News – The one-year-old company headed by former Vice President of ExxonMobil Jesus Bronchalo was awarded a contract to monetize Guyana’s gas but evaluators not only considered the company’s experience, but the nature of its proposal. This was explained by Vice President, Bharrat Jagdeo on Thursday during a press conference at Freedom House, Robb Street, Georgetown. The Chief Policymaker for the oil and gas sector was asked by this newspaper whether he still stands by the company since new information has come to light regarding the expertise of the other bidders. To this end, Jagdeo said that following the invitation for bids, a technical evaluation team was set up. Subsequently, the VP noted that the bids were evaluated and ranked accordingly; this document was shared with Cabinet by the Minister of Natural Resources, Vickram Bharrat. Jagdeo was keen to note that evaluators did not consider individuals, but the proposals submitted. In fact, he was adamant that politicians were unaware of the affiliation between Fulcrum LNG and Bronchalo, the former Vice President of ExxonMobil Guyana. “I asked him (Bharrat) did you know that Jesus was part of the bid and he said no and personally I did not know too until after the award was made and I saw him at one of the meetings,” Jagdeo asserted. On the other hand, he informed that the evaluators were aware of Bronchalo’s connection with the company. Be that as it may, he made it clear that the evaluation team not only assessed the bids on experience of the companies but the specifics of the proposal. “They were aware of this but they evaluated not just experience, it’s the proposal…you evaluate a proposal, you ask for a proposal, what are the elements of this proposal? You don’t know, you just latch on to one thing- experience,” he argued. The former Head of State also reasoned that the experience of a company is not only defined by its age but “it’s the experience that they bring in the proposal.” Jagdeo said global energy companies such as Solaris, ERM, Schlumberger and others were associated with the bid which brings collective experience to the proposal. He therefore noted, “Do they have the requisite experience to develop a project of this nature and the answer in this case is yes, because of these companies, not because of the Jesus guy but the proposal. Two, can they raise the financing for a project of this nature and thirdly, what is the nature of their compliance with the bid document? Have you checked any of these things with the evaluators or the Ministry?” It was reported that five months after tendering his resignation at ExxonMobil as Vice President and Chief Commercial Officer for the Guyana operations, Bronchalo launched Fulcrum LNG in July 2023. In June 2024 it was announced that the company was contracted by government to design, finance, construct, and operate the required gas infrastructure to provide gas monetization solutions and accelerate upstream gas developments in the country. Research conducted by this publication revealed that Bronchalo is not only CEO of Fulcrum LNG, but he also wears several other professional caps at the business. According to company records, seen by this publication, Bronchalo is also Secretary, Treasurer, Director, and President of the company. From all indications, he has only hired one employee. Kaieteur News discovered that Ivor Ellul has been hired as Technical Director at Fulcrum LNG. The limited experience of the company has raised serious questions about its capacity to fulfill its contracted obligations. Bronchalo’s company was selected as “the most responsive compliant bidder” among 16 others who tendered to develop the non-associated gas in the Stabroek Block, operated by Exxon. A deeper dive into the company’s records also led Kaieteur News to the business address of Fulcrum LNG. The energy company operates from what appears to be a two-story guest house located at 937 TAHOE Boulevard, Incline Village, Nevada, USA. Fulcrum LNG, according to company records, operates from Suite 130B. Related Similar Articles

OMAI aims for higher annual production, extending mine life at Guyana gold project Sep 07, 2024 News Omai’s operation in Guyana (Omai Gold Mines photo) By Renay Sambach Kaieteur News – Canadian mining company, Omai Gold Mines Corporation, is advancing its expansion plans for its gold project in Guyana, with newly released drill results showing potential to increase gold production and extend the life of the Wenot mining pit. Earlier this year, Omai unveiled an enhanced Mineral Resource Estimate (MRE) for its gold project located in Region Seven (Cuyuni-Mazaruni) Guyana. The company holds a 100% interest in the gold project, which encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit. In an update on Friday, Elaine Ellingham, President and Chief Executive Officer (CEO) of Omai expressed optimism about the company’s future in Guyana. She said, “We are very pleased with these first results from our 2024 drill program and have doubled the size of the program to 10,000 meters.  Following completion of our Preliminary Economic Assessment (PEA) for the Wenot open pit deposit in April, and a C$13m financing in June we prepared plans to drill several high potential areas on the Omai property that we believe will move us towards our goal of significantly expanding the mine plan, for Omai beyond our baseline PEA, with higher annual production, a longer mine life and enhanced economics.” The results from the company’s first PEA for the Wenot Project revealed that the project is slated to yield over 142,000 ounces of gold annually over a 13-year mine life. At its peak, production is anticipated to soar to 184,000 ounces in a single year, with a total estimated production of 1,840,000 ounces of payable gold. Notably, Ellingham said in the recent statement that the current PEA only incorporates 45% of the property’s MRE, leaving substantial room for growth. “Much of our planned program is also targeting an expansion to our already substantial gold resources,” she added. Omai’s planned drill program for 2024-25 will test several areas, including extensions to Wenot to the east and west.  Additional targets on the Omai property will also be drilled as some are near surface and high grade that could bolster the grade profile in the early years of a production scenario. Moreover, the company disclosed that relative to the other deposits in Guyana, the Wenot MRE of 834,000 indicated ounces of gold grading 1.48 g/t Au and 1,614,000 inferred ounces of gold grading 1.99 g/t Au is quite shallow, with 81% of the 1.9 million ounces within the PEA pit lying above a 330m depth. “The very limited drilling below the 350m level presents significant potential to expand the Wenot deposit to depth along the full 2.5 km strike length,” it was stated. Notably, drilling at Omai is expected to continue until early December at which time the company expects to commence work towards an updated MRE. Moreover, the most recent NI 43-101 MRE for the Omai property, dated May 21, 2024, includes the Wenot resource of 834,000 indicated ounces of gold grading 1.48 g/t Au and 1,614,000 inferred ounces of gold grading 1.99 g/t Au. For the adjacent Gilt Creek deposit, the NI 43-101 MRE is 1,151,000 indicated ounces of gold grading 3.22 g/t Au and 665,000 inferred ounces of gold grading 3.35 g/t Au. In 2020, Omai re-entered Guyana’s mining industry. The company had said that their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana. Recently, the Guyana Geology & Mines Commission (GGMC) announced that it has granted Omai, a new Prospecting Licence providing the exclusive right of occupation and exploration for gold, base metals, precious metals and precious stones. Notably, the licence has an initial three-year term until April 29, 2027 that can be extended to 2029. This licence gives Omai the exclusive rights to apply for a Mining License and the company has commenced meetings with government officials that have provided guidance on the process. Related Similar Articles