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LAF
LOLAF
LAF - Lonrho - Accelerates Expansion Plans At Luba Freeport To Meet Increasing
Demand
Lonrho Plc
(formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or "the Company")
ACCELERATES EXPANSION PLANS AT LUBA FREEPORT TO MEET INCREASING DEMAND
Lonrho (AIM: LONR) is pleased to announce that the phase 1 development of the
deepwater quay at Luba Freeport ( "Freeport"), owned 63% by Lonrho Plc and 37%
by the Government of Equatorial Guinea, is progressing ahead of schedule and
on completion will almost double the handling capacity of the Freeport. The
development of a further 70 metres of the deepwater quay is being built by
Danish contractor E. Pihl & Son A.S., the Danish marine infrastructure
specialists, who expect the expansion to be completed and operational by
October 2007.
Additional 110 metre quay extension by Q2 `08
Lonrho has further agreed to immediately proceed with orders for the long lead
materials (piles and structural items) for a further 110 metres deepwater quay
extension to fast track the continued growth of the Freeport. It is envisaged
that this extension will commence in December 2007 and be completed during the
first half of 2008. This will take the deepwater quay facilities to 290
metres, allowing larger shipping vessels to utilise the Freeport`s facilities.
Since acquiring the Freeport last year, Lonrho has made a significant
investment of more than US$30 million to develop it as the central logistics,
maintenance and support base for the rapidly expanding oil and gas sector in
the Gulf of Guinea.
COMPLETED FACILITIES
New facilities have been built and are now operational at the Freeport,
including a 10,000 square metre specialist transit area, new catering and
accommodation facilities and a 10,000 square metre logistics development for
Baker Hughes, one of the world`s largest oilfield service companies. Companies
now operating from the Freeport include Amerada Hess, Schlumberger and Baker
Hughes.
NEW FACILITIES
A 60,000 square metre logistics facility is currently under construction for
ExxonMobil and a 3,200 square metre warehouse facility which is being built
for MI Swaco is expected to be completed by the end of September 2007.
LONRHO HOTELS
Lonrho Hotels, a division of Lonrho, has agreed in principle to develop a
residential based hotel with 220 rooms at the Freeport to accommodate the
increased demand from the oil and gas service industry.
Lonrho Hotels is also considering building a number of apartments at the
Freeport to accommodate the requirements of long stay expatriate workers.
David Lenigas, Chairman and CEO of Lonrho commented:
"In partnership with the Government of Equatorial Guinea, Lonrho is confident
that the Luba Freeport is now fulfilling its potential as the regional hub for
the oil and gas industry in the Gulf of Guinea. It is clear that our growth
estimates for the sector were conservative and we can accelerate the
Freeport`s development to meet market demand. Luba is going from strength to
strength."
"The Gulf of Guinea opportunities continue to grow with major new gas finds
being announced last week strengthening Luba`s geographical position in a
region which now produces more than half a million barrels of oil per day
(ExxonMobil producing 250,000 bpd). The US Government has announced that it
expects to source 25% of its annual oil requirements from the Gulf of Guinea
within the next five years."
ENQUIRIES:
Lonrho +44 (0) 20 7016 5105
David Lenigas, Chief Executive +44 (0)7881 825 378
Emma Priestley, Executive Director +44 (0)7867 785 177
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297 903
Alisdair Haythornthwaite +44 (0) 20 7743 6676
+44 (0) 771 472 1379
Collins Stewart
Simon Atkinson +44 (0) 20 7523 8317
11 July 2007
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 11/07/2007 11:54:58 Produced by the JSE SENS Department.
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