Equatorial Palm Oil plc Operational Update (2340N)
October 24 2016 - 1:00AM
UK Regulatory
TIDMPAL
RNS Number : 2340N
Equatorial Palm Oil plc
24 October 2016
24 October 2016
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Operational Update
Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil
development and production company with operations in Liberia, West
Africa today updates the market with respect to the decision to
recommence land development at Palm Bay estate.
As previously announced, Liberian Palm Developments Limited
("LPD") the joint venture company that owns the Liberian oil palm
estates has had a moratorium on all development on potential HCS
areas since September 2014 pending the conclusion of a High Carbon
Stock ("HCS") study. In the interim, LPD has employed the HCS
Approach methodology to assess potential HCS areas prior to any
development and this has brought about the engagement of The Forest
Trust ("TFT") to assess approximately 1,500ha for new plantings on
Palm Bay estate.
The TFT exercise has now been completed at Palm Bay estate and
LPD has today begun land development which has the consent of the
communities, as was announced to the market on 5 May 2016 following
a formal consultation process, whereby LPD's Liberian subsidiary,
EPO Liberia, signed a Memorandum of Understanding with designated
community leaders over four key areas on Palm Bay estate to allow
development of its oil palm activities.
Geoffrey Brown, Executive Director of EPO, commented:
"It is pleasing to recommence land development at Palm Bay
estate, not only after detailed HCS assessments but also following
a 2 year consultation process in which EPO actively engaged with
stakeholders to consider all interests relating to oil palm
development on our estates."
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7016
Geoffrey Brown (Executive Director) 9885
Strand Hanson Limited (Nominated
Adviser) +44 (0) 20 7409
James Harris / James Bellman 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Notes to editors:
Equatorial Palm Oil plc is an AIM listed crude palm oil
developer and producer with palm oil estates in Liberia, West
Africa. The Company was founded in 2005 and is focused on becoming
a global, sustainable producer of high quality palm oil to regional
and international markets.
With a significant land position in Liberia through its
operating subsidiary LPD, the Company is geographically well
positioned to serve the international and regional markets and is
committed to making a positive impact on the communities in which
it operates through investment in local schools, health clinics,
housing and infrastructure.
The Company's largest shareholder and 50:50 joint venture
partner in LPD is Kuala Lumpur Kepong Berhad ("KLK"). KLK is one of
the largest palm oil producers in the world and the Company will
greatly benefit from their many years of expertise in oil palm
development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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