TMGO has officially kick-off the due diligence process for its financing with its mandated group of lenders and their advisors. The group is composed of AFDB (co-lead), FMO (co-lead) as well as USDFC (frm. OPIC), DEG, Proparco, EIB and EAIF. Throughout the month of May the team has delivered a series of virtual due diligence sessions (VDDS) which aimed at offering a deep dive into various key project workstreams such as Drilling Operations, EPC procurement, Legal Framework, Environmental & Social Impact Assessment, etc.

Following these VDDS, TMGO, and its lenders we will start focused commercial discussions guided by the project term-sheet. The consensus at this stage is to reach initial approval before the end of the year 2020 and subsequent financial close by Q2 2021. The sessions have been attended by up to 80 Lenders, Advisors with the TMGO Team, and Sponsors support.

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