![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Tuesday, November 29, 2022 8:21:59 PM
by Andreas Exarheas|Rigzone Staff|Tuesday, November 29, 2022
The timing of the coup attempt in Sao Tome is particularly bad for the hydrocarbons industry, according to Maja Bovcon, Senior Africa Analyst at risk intelligence company Verisk Maplecroft.
“Question marks over political stability will compound concerns about the viability of the sector amid disappointing results of the Jaca first exploration well at Block 6,” Bovcon told Rigzone.
'The coup attempt is incredibly damaging for the country's political and ESG credentials, and will likely deter investors in the nascent oil and gas industry'.
“The coup attempt is incredibly damaging for the country’s political and ESG credentials, and will likely deter investors in the nascent oil and gas industry,” Bovcon added.
The Verisk Maplecroft analyst also noted that the alleged involvement in the foiled coup attempt of a former President of the National Assembly will accentuate tensions between the country’s two main parties.
“Inter-party tensions were clearly visible when the ADI and MLSTP-PSD shared power via control of the presidency and legislature respectively,” Bovcon highlighted.
Bovcon went on to state that “the death of four coup plotters in suspicious circumstances involving allegations of torture raises severe questions about the security forces’ respect for human rights and the rule of law”.
The Chairperson of the African Union (AU) Commission, Moussa Faki Mahamat, condemned the coup attempt in a statement posted on the African Union’s website. In the statement, which was translated to English, Mahamat said the attempt constitutes an unacceptable attack on the institutions of the Republic of São Tomé and Principe, as well as a serious violation of the relevant provisions of the Charter Africa of democracy, elections and governance of the AU.
The AU is a continental body consisting of the 55 member states that make up the countries of the African Continent.
https://www.rigzone.com/news/timing_of_sao_tome_coup_attempt_bad_for_hydrocarbon_sector-29-nov-2022-171203-article/
.
Recent ERHE News
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/06/2024 07:31:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/08/2023 09:06:42 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM