TotalEnergies EP Gabon's Shares Fall After Military Declares Coup
30 August 2023 - 8:34PM
Dow Jones News
By Giulia Petroni
Shares in TotalEnergies EP Gabon fell Wednesday after military
officers declared a coup in the central African nation of Gabon
following President Ali Bongo's win in the elections.
At 0949 GMT, the stock was down 10% lower at EUR166.00.
A group of officers in country--a member of the Organization of
the Petroleum Exporting Countries--said they had seized control of
the government on a national television channel shortly after
Bongo, whose family has ruled the country since 1967, was declared
the winner of Saturday's presidential elections.
The subsidiary of French major TotalEnergies has been active in
the central African country for more than 90 years, with
oil-and-gas exploration and production activities and as a leading
retailer. Crude-oil production from fields operated by the
TotalEnergies EP Gabon was 5.8 million barrels in 2022.
TotalEnergies wasn't immediately available for comment when
contacted by Dow Jones Newswires.
The French company has a 58.28% share in TotalEnergies EP Gabon,
while the Gabonese state holds a 25% stake.
French-listed oil company Maurel & Prom and miner Eramet are
among other companies with operations in the country. Their shares
slump 19% and 18%, respectively, on Wednesday after Gabon officers
claimed they had seized power.
Maurel & Prom's share of oil production from Gabon was
15,779 barrels a day in the first half of 2023, roughly 58% of
total production.
Eramet, whose local subsidiary in Gabon extracts manganese ore
from the Moanda mine, said earlier on Wednesday that it has halted
all operations and rail traffic in the country.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
August 30, 2023 06:19 ET (10:19 GMT)
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