Monday, 7 September 2026

Dangote Refinery has won clearance from Nigeria's securities regulator for an initial public offering on the Lagos stock exchange, Semafor reported. The listing is set to raise about USD 1.6 billion, according to Semafor.

The share sale forms one part of a wider USD 5 billion fundraising effort, Semafor reported, with half of that total already committed through a private placement.

The company's refining complex processes 700,000 barrels a day and is the largest in Africa, according to Semafor.

A Royal Decree has transferred legal ownership of the producing onshore Oman Blocks 3 and 4 to Kistos Holdings from Mitsui E&P Middle East, giving the company its first upstream position in the MENA region, World Oil reported.

Those two blocks sit within a larger purchase from Mitsui covering Oman Blocks 3, 4 and 9, priced at USD 148 million.

On the full three-block package, 2P reserves rise by 25.6 MMboe, with the deal backdated to an effective date of Jan. 1, 2025, according to World Oil.

Output from the acquired interests ran at roughly 9,000 to 10,000 boed during 2025, weighted toward liquids.

That works out to around USD 5.80/boe on the company's own valuation, and Kistos expects cash generation from the assets to begin immediately, World Oil reported.

Executive chairman Andrew Austin said the transaction with Mitsui in Oman is "doubling the Company's current production and 2P reserves" while adding geographical diversification.

The blocks were already onstream when the decree took effect, so the USD 5.80/boe metric attaches to producing barrels rather than to exploration acreage.

More than a year separates the Jan. 1, 2025 effective date from the Royal Decree that closed the change of ownership on Blocks 3 and 4. Block 9 accounts for the balance of the USD 148 million package.

Flow Power posted AUD 20 million in EBITDA and AUD 58 million in gross margin for the financial year ending June 30, according to ESS News, which reported that pension investors are weighing a sale of the Australian retailer and developer.

The company operates 41 MW of battery energy storage systems, including grid-scale units co-located at its regional solar plants such as the Berri project in South Australia, ESS News reported.

A further ~100 MW of storage is under active construction, per the same report. Behind that sits a 1.4 GW development pipeline covering front-of-meter batteries, wind, solar, and hybrid facilities across Australia's National Electricity Market (NEM).

One of the investors named in the report, OPTrust, manages CAD 27 billion, according to ESS News.

The gross margin figure of AUD 58 million sits nearly three times above the EBITDA line, an indication of the operating cost base carried by a business that both retails electricity and builds generation and storage assets. The 41 MW operational fleet is small relative to the 1.4 GW pipeline, meaning most of the portfolio's value rests on projects still to be financed and built.