Dekeloil Public Limited Commencement of Operations at Second Nursery Site (9624K)
September 03 2019 - 1:00AM
UK Regulatory
TIDMDKL
RNS Number : 9624K
Dekeloil Public Limited
03 September 2019
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
3 September 2019
DekelOil Public Limited ('DekelOil' or 'the Company')
Commencement of Operations at Second Nursery Site
DekelOil Public Limited, the West African focused agricultural
company, is pleased to announce the commencement of operations at a
second nursery site in Cote d'Ivoire. The establishment of the
nursery at Dabou, which is located close to DekelOil's second palm
oil project at Guitry, is in line with the Company's strategy to
build a multi-project, multi-commodity agriculture business which
places smallholders at the heart of its operations. Dabou will
enable DekelOil to build relationships with local farmers and
cooperatives, test market nursery sales in the Guitry area, and
support the ongoing evaluation of new, high value opportunities in
the agriculture sector.
Operations at the Dabou oil palm plant nursery have commenced
and will facilitate immediate operations in the Guitry area while
the Company completes the next phase of Environmental, Social and
Health Impact Assessment ("ESHIA") work at the 24,000ha Guitry
development site in collaboration with AgDevco Limited.
The nursery site at Dabou is currently being leased by DekelOil
for two years with nil rent. The site is 20ha in size and includes
six greenhouses covering 18,660sqm in addition to a 500sqm tunnel
greenhouse used as a pre-nursery. Operations have commenced with a
pilot nursery of 10,000 plants including 5,000 oil palm seedlings
already planted. The existing infrastructure, with minor
investment, is expected to be capable of supporting up to 600,000
plants per year over two cycles. The Company has also entered into
an arrangement whereby it has been granted first right of refusal,
subject to agreeing terms, to utilise the greenhouses and related
infrastructure.
DekelOil Executive Director Lincoln Moore said: "The nursery at
Dabou promises to not only support the development of our second
palm oil project at Guitry, it also has the potential to fast track
our entry into new, high value areas of the agriculture sector.
Whilst we are at an early stage of reviewing options, having first
right of refusal over 18,660sqm of existing greenhouse
infrastructure will enable us to move quickly should we elect to
pursue one or more opportunities. Our stated objective is to build
a diverse portfolio of agriculture projects and associated revenue
streams. We have one producing palm oil project and a large cashew
project which is due to be operational in 2020. With major backers
such as AgDevCo, and now the nursery site at Dabou, we are well
placed to add to our pipeline of new projects."
** ENDS **
For further information please visit the Company's website at
www.dekeloil.com or contact:
DekelOil Public Limited
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Cantor Fitzgerald Europe (Nomad and
Joint Broker)
David Foreman (Corporate Finance)
Keith Dowsing (Equity Sales) +44 (0) 207 894 7000
VSA Capital (Joint Broker)
Andrew Monk (Corporate Broking)
Andrew Raca (Corporate Finance) +44 (0) 203 005 5000
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Cosima Akerman +44 (0) 207 236 1177
Notes:
DekelOil Public Limited is a multi-project, multi-commodity
agricultural company focused on West Africa. It has a portfolio of
projects in Côte d'Ivoire at various stages of development: a fully
operational palm oil project in Ayenouan where fruit produced by
local smallholders is processed at the Company's 70,000tpa crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in 2020; and a second palm oil project
in Guitry which is under development.
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END
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