The Mineral Resources Development Company (MRDC) has acknowledged the election of Mr. Larry Andagali as the first director elect representing the Hiwa Region of the PDL1 (Petroleum Development License 1), to the Corporate Trustee Board of Gas Resources Gigira Limited (GRGL).
The GRG is the Corporate Trustee responsible for the equity and royalty benefit for the PDL 1, in the PNGLNG Project.
Hiwa Region has in total 37% of the benefits per the Ministerial Determination in PDL 1. It has the largest percent holding by region in PDL 1.
Mr. Andagali was elected unopposed with one clan abstaining. The 7 Hiwa clan chairman of Hunamani, Tobani, Kenamu, Kopiye, Pina and Arua and Pepe, participated. The election of a second Hiwa region representative to the GRG Board will commence once the other two Clans Wita and Ware 1 have their outstanding issues resolved.
Mr. Andagali, in his opening statement after his election, is committed to working with MRDC to complete the Bank Account Opening and Directors election process for the remaining Hiwa and Tuguba clans and stressed that sub clan accounts need to be opened so benefits can be expedited into those accounts.
He acknowledged and thanked National Petroleum Authority, MRDC, the independent observers, Chief Magistrate, the lawyers and the Hiwa Leaders and Clan Chiefs, for their resilience, understanding and cooperation to see this process through.
The election of Mr. Andagali brings the total landowner beneficiary directors on the GRG Board to five, with 3 more directors yet to be elected to complete the total of the 8 directors.
He will join Libe Parindali, Thompson Mugubigo, Philip Iruka and Thomas Dara Ola who are already on the GRG board representing landowners.
MRDC managing director Augustine Mano, congratulated Mr. Andagali on his election and added; “Mr. Larry Andagali is no stranger to the oil and gas industry, an astute and respected business leader, who brings to the board of GRG a wealth of knowledge, experience and leadership which will be crucial in guiding investment and other decisions of the company going forward. The next step will be for Mr. Andagali nomination to be brought before the main MRDC board for approval of his installment to the Gas Resource Gigira Limited board.
“This election is one more step closure to bringing the PDL1 process to a completion that will enable us to start releasing outstanding royalty and equity payments for PDL1 beneficiaries.”
He further added that process integrity was paramount through the participation and engagement of the independent committee. The MRDC remains committed to completing the Account opening process and will commence work soon to open sub-clan bank accounts, the last leg of the process before the royalty and equity benefits are paid out to the beneficiaries.
