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first_imgAfrican Petroleum, an independent oil and gas company, is looking to enter the second renewal period at the Senegal Offshore Sud Profond (SOSP) production sharing contract (PSC). AP, which holds 90% interest in the SOSP, entered into the first renewal period for the PSC in December 2014 and this term is due to end on December 15, 2017.Further to ongoing discussions with the Senegalese authorities, the company said on Monday it has recently lodged an application to enter into the second renewal phase of the SOSP PSC.Concurrently with the application, the company has requested to exchange the outstanding well commitment in the current phase for a 3D seismic acquisition program, and to transfer this revised outstanding commitment to the second renewal phase.Should the Senegalese authorities agree to the company’s proposal then the second renewal phase will be for a term of 2.5 years with a work program commitment of acquiring, processing and interpreting 3D seismic and the drilling of one exploration well.“Although the SOSP PSC continues to generate industry interest, the uncertainty around the status of the PSC has proven to be an obstacle to securing a farm-in partner. It is for this reason that the company has decided to proceed with entry into the second renewal phase of the PSC prior to re-engaging with interested parties,” AP explained.To remind, AP recently allowed for its exclusivity agreement with an unnamed oil and gas company, covering the farm-out of the SOSP license in Senegal and the A1 and A4 licenses in The Gambia, to lapse due to an unresolved issue with its Gambian licenses. This exclusivity agreement was supposed to provide a framework for the incoming third party to secure a 70% operated interest in African Petroleum’s SOSP PSC in Senegal and the A1 and A4 licenses in The Gambia.AP is still working on a solution related to the Gambian licenses A1 and A4 and it has recently started preparing for arbitration proceedings in order to protect its 100% interest.Offshore Energy Today Stafflast_img read more

first_imgBELFAST — Despite having preseason scrimmages with Brewer and John Bapst canceled the Mount Desert Island High School Trojans’ softball team is using the opportunities they have to hone their game by mixing it up and trying different tactics.The team did make the journey to Belfast on Saturday to play a doubleheader. One scrimmage was against Belfast High School, the other against Mount View high School.Trojans head coach Dennis Meehan is going deep on his bench to give all of his players and himself a sense of where they stand as the regular season approaches. The first game against Belfast was a good chance for MDI to experiment.The Trojans got settled in by the second game against the Mount View Mustangs, still rotating positions, but getting a better feel for the team dynamic.This is placeholder textThis is placeholder textThe picture is becoming clearer for Coach Meehan as he assesses the lineup and how his players will stack up in various configurations. One of his main goals is to get younger players some turf time before the games start to count for real.Utilizing the heavy rotation as a learning tool, Coach Meehan wants his players to learn not by just seeing, but by doing, which he feel is working like a charm. “And they are doing too,” he said. “I saw a couple of sophomores make some great plays, which was kind of fun.”The last of the scrimmages are over and now things start to get down to the nitty gritty. The Trojans softball team won’t have it easy this season, but Coach Meehan likes they way they are shaping up for the season.“We have a tough schedule,” Coach Meehan said. “It is going to be competitive but I think we can compete.” For more sports stories, pick up a copy of the Mount Desert Islander. Latest posts by admin (see all) House fire in Winter Harbor – October 27, 2014 State budget vs. job creation – January 22, 2015 admincenter_img Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 Bio Latest Postslast_img read more

first_img Share Older Americans Lodge Reverse Mortgage Complaints with CFPB Consumers aged 62 and older face a unique set of financial difficulties, according to the Monthly Complaint Report released by the Consumer Financial Protection Bureau on Wednesday. One of their prime concerns? Servicing issues with reverse mortgages.According to the report, “servicing problems with reverse mortgages” came in as one of the most-complained about issues from consumers at least 62. Often, these problems even lead to erroneous foreclosure.“Older consumers with reverse mortgages seeking to stay in their house following the death of the borrowing spouse report servicing problems that sometimes result in foreclosure proceedings,” the CFPB reported.Complaints surrounding reverse mortgages have long been common. The CFPB even produced a report on the matter in 2015. The report showed that 1,200 reverse mortgage complaints were filed between December 2011 and December 2014. The most-cited concerns were “difficulty with changing the loan terms” and “problems communicating with loan servicers.”Overall, complaints related to mortgages, in general, comprise 26 percent of all CFPB complaints submitted by consumers 62-plus; that’s 10 percent higher than the number of mortgage-related complaints from consumers under 62.In addition to mortgage complaints, older consumers also often report difficulties recovering funds after being financially scammed, fees charged for unauthorized add-on products and services, and confusion surrounding deferred-interest and zero-interest credit cards.“With more than 10,000 Americans turning 62 every day, older consumers are one of the fastest growing consumer groups in the marketplace,” the CFPB reported. “While older consumers are living longer and healthier lives than ever before, a growing number of older consumers face financial exploitation, struggles with debt, and entering retirement with limited savings.”According to CFPB Director Richard Cordray, aging consumers are at a higher risk for financial issues than their younger counterparts.“Older consumers who may be on a fixed income are at a greater risk for financial trouble if they encounter problems with financial products or services,” Cordray said. “The complaints submitted by older consumers are important for the Bureau to ensure we are properly looking out for this segment of the population.”CFPB complaints from older consumers were most common in California, Florida, and Texas. The three states accounted for almost 25 percent of all complaints since 2011.View the CFPB’s full Monthly Complaint Report at ConsumerFinance.gov. CFPB HOUSING mortgage Mortgage Complaints older americans older consumers Richard Cordray 2017-05-31 Aly J. Yalecenter_img in Daily Dose, Government, Headlines, News May 31, 2017 661 Views last_img read more