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SPEECH OF THE CHAIRMAN OF GREEN ENERGY INTERNATIONAL LTD, PROFESSOR ANTHONY ADEGBULUGBE ON THE OCCASION OF THE END OF YEAR STAKEHOLDERS INTERACTIVE LUNCHEON HELD IN PORT HARCOURT, RIVERS STATE ON 10, DECEMBER 2018

PROTOCOLS:

On behalf of the Board, management and staff of Green Energy International Ltd, I welcome you to our first Stakeholders interactive Luncheon here in Port Harcourt, Rivers State, Nigeria. This event has been organized to provide a unique opportunity for us to meet all our stakeholders in a more relaxed and convivial atmosphere, away from MOU community negotiations, official meetings and regulatory briefs, to ap-preciate the support and collaboration we have enjoyed since our company com-menced activities for the development of the Otakikpo Marginal Field in the year 2014.

It is indeed our own way of showcasing to all our numerous stakeholders how far we have gone on this journey to bring to fruition our vision of creating a model integrat-ed energy company. We intend to listen to your workable ideas as well as seek for better understanding and cooperation as we move on to create more positive impact in the utilization of our God given resource in order to benefit the economy of Nige-ria, ourselves and more importantly, our dear people of Rivers State.

We must first of all appreciate the benevolence and munificence of God Almighty who has considered us worthy to be given the opportunity to be alive to see the grad-ual transformation of our company’s vision into reality after almost ten years of re-lentless pursuit of seeking a foothold to showcase our vision for marginal field oper-ation.

The Federal Government of Nigeria deserves our sincere thanks for considering us as one of the pilot projects to try out the concept of marginal field development using the Global Gas Flare Reduction (“GGFR”) strategy as a launch pad.

In a nutshell, our own concept of Marginal Field development is to use the Otakikpo field to create a value chain of economic opportunities where, after the oil is pro-duced, the gas is utilized for gas to power, and the production/bottling of domestic cooking gas; with a view to galvanizing the economy of the communities and ulti-mately the economy of Nigeria. This is what our Small-Scale Gas Utilization Program (“SSGUP”) is all about. We saw this vision clearly as a unique solution to the trans-formation of the Niger Delta for the good of our people.

Since 2014, when the Government of Nigeria consented to the Farm out of this field from the Head Farmors - Shell and its partners, and appointed us the Operator; our company in collaboration with our technical partner Lekoil Oil & Gas Investments Limited, under the watchful and guiding hands of the regulatory body- the Depart-ment of Petroleum Resources (“DPR”), have moved with frenetic speed to implement this vision which reality has started to unfold before our very eyes.

It is to the glory of God that we were able to achieve production from the field by February 2017, barely two and half years following the award of the Field, a feat that has been commended by many of our stakeholders.

Since oil production for us is not an end in itself, but a means to achieve other devel-opment goals, we have moved on with speed towards the implementation of our Gas to Power project with the award by the Nigerian Electricity Regulatory Commission (“NERC”) of a 15MW Electricity Generation License which we are proposing to be increased to 40MW in view of the known larger capacity of the gas to be produced from the field. In our determination to start giving power to the communities, we have brought to site 6MW gas generators and installation procedures are ongoing. In the interim, we are providing funding for the purchase of diesel to power generators which provide electricity for our communities. On the LPG, you may have read in the newspapers recently that the Federal Government through the DPR has given us the required License to Construct (“LTC”) following the successful completion of the De-tailed Engineering Design. I am happy to announce that the construction of the 12MMSCFD LPG Extraction Plant is ongoing with DPR and our staff supervising the exercise. Our plan is to commence installation by Q2 2019.

I am pleased to also announce that as at August 2018, we have operated over 1million man hours with no loss time Injury (LTI) which indicates that our opera-tions are being carried out with the highest level of safety standards.

The economic horizon is bright for the state and the communities as we have inti-mated some of our top-notch friends in this state and community of our plan to midwife perhaps the most vibrant Industrial Park in the Niger Delta. This Industrial Park will incubate industries and businesses with guaranteed uninterrupted power supply through our Gas to Power project. The Industrial Park will serve as the major off-taker for the significant power to be generated from our field. One of the custom-ers in waiting for this Industrial Park is the proposed Onshore Export Terminal, which concept has just been approved by the DPR. We believe all these projects would catalyze the economic potentials of the entire Andoni Area and Rivers State in general.

We are not resting on our oars as we have moved ahead to get a better understanding of the Otakikpo marginal field through the recent 3D seismic studies we embarked upon. Under our Phase 2 development, we want to grow our production output from the present 6000bopd to 20,000bopd and complete all the outstanding projects some of which was earlier mentioned.

We could not have achieved all these within the short time span without the tremen-dous support and cooperation of our host communities which we have this oppor-tunity to acknowledge publicly. From the onset, we took an uncharted path in this clime of taking the communities as part of the development of the field. Hence prior to commencement of production, we created two Communities’ Development Trust Funds, one for Ikuru Town and the other for the Foursome Communities of Agama Ekede, Ayama Ekede , Oyet and Asukama, where we funded projects determined solely by the communities. Some of the projects already completed are being dis-played for you

So far, we have utilized community contractors for majority of our projects and at the last count, our procurement exposure in terms of quantum of patronage is in ex-cess of N3billion. We are also happy to announce that we have ensured that both skilled and unskilled staff pool have been drawn from the communities and the Ni-ger Delta area. At this juncture may I acknowledge the tremendous commitment of our staff who have performed excellently well in getting us to this level of modest achievements.

In our belief in the slogan that Health is Wealth, we started our in road into the communities way back in 2014 with Health Intervention program during which many of our people were saved from debilitating health challenges. We have contin-ued to sponsor this yearly health interventions and have even planned a more robust and effective intervention which will unfold in 2019.

During this ceremony, we are extending our support to human capacity development through our newly introduced scholarship scheme. This scheme kicked off a few weeks ago and seeks to provide financial support to beneficiaries through their un-dergraduate and post graduate stages. Am pleased to announce that the first set of 40 beneficiaries the “Green Energy Leaders of Tomorrow Scholars” will receive their awards today. We have done all these based on our belief that no investment is too much to be made on the empowerment of our youth, if we want to create a knowledge based economy which is the driver of prosperity of many nations today.

As part of our appreciation to the people of our host communities, we are using this yuletide season to reach out to almost everyone in the community through cash sup-port to community-based associations and cooperatives to assist them in their local trading efforts. Faith based organizations are also not left behind. The target of this cash support are mostly our women and youths in the communities, who are among the vulnerable groups in the economy.

All these efforts have been geared towards creating a conducive atmosphere for us to operate, to bring our vision and mission to full realization and thereby helping the nation to stem the scourge of restiveness and criminality in our communities. We trust that our communities will also reciprocate in harnessing all the opportunities we are providing in the area for greater advantage to us now and the generations yet unborn.

At this juncture we have to appreciate the silent but visible support we have enjoyed from the state authorities led by His Excellency Bar Nyesom Wike, our most ebullient Governor of our vibrant Rivers State. We particularly appreciate His Excellency‘s determination to complete the Road to the Andoni area which has given us night-mares in the last three years. We had to invest millions of our borrowed funds, oth-erwise intended for field development, for remediation of the road and to provide a pontoon on the bridge to enable us gain access to the field. His Excellency’s gesture will go a long way to open up the area for the massive economic development envi-sioned for the State. We say thank you Sir.

To all traditional rulers we are grateful for all the support and prayers that we en-joyed particularly during the challenging periods of project kick-off as well as kidnap incidents.

We must appreciate the tremendous support of our Government Security Forces -the Army, Navy, JTF, Police and Intelligence authorities, Civil Defence, in maintaining and enforcing the security of a critical national asset that Otakikpo Field has become. Our regulatory bodies and government agencies that have assisted us all the way, we give kudos and continue to pray for more robust support in the years ahead.

In the same vein, we must appreciate our technical partner -Lekoil who were able to raise the initial funds for the development of the field.

Your Excellencies, very distinguished guests, ladies and gentlemen, I cannot end this address without paying tribute to our resilient Green Energy family -our directors, management and staff who have stayed the course inspite of daunting challenges of taking off in a tough economic and the operating environment.

Conclusion As we move on to phase 2 of Otakikpo Field development, we want to assure all our Stakeholders that we will remain focused to achieve our set objectives with the help of the Almighty God and your continuous support. I say to all our stakeholders that the best is yet come.

Thank you.