Tende Energy plc is an Africa-focused oil and gas development and production company and has adopted the Quoted Companies Alliance (‘QCA’) Corporate Governance Guidelines wherever applicable. As the Company grows in line with its stated strategy it will continue to develop additional practices and evolve existing ones in accordance with the QCA Corporate Governance Guidelines.

Business Description


Tende Energy has established a strategy to acquire oil & gas assets which require funding to support the further development of existing production, develop appraised assets and future exploration assets, both offshore and onshore. We work with a range of indigenous and international operational and funding partners.

OML 65

Tende Energy owns 30% equity in Nigerian joint venture COPDC which is developing the OML 65 licence, a producing onshore block located within the Greater Ughelli Depobelt, Niger Delta, Nigeria.

  •  The Abura field has achieved production to date of c.50 MMbbl and current production is 10,000 bopd and the field has 16.2 MMbbls12P reserves. Phase 1 of the fully funded approved work programme for the Abura field is designed to add an incremental production of 11,000 bopd.  Phase 1 will consist up to a nine well work programme which is fully funded.
  • OML 65 also contains two further discovered fields with an estimated 34.9 mmbbls1 additional 2P reserves, Owopele and Osioka. The fields have not been developed to date and will form part of the forward work programme.
  •  Innovative FTSA (Financial Technical Services Agreement) structure which was developed for this specific project with Nigeria Exploration and Production Limited ("NEPL") formerly NPDC and a subsidiary of Nigeria's national oil company NNPC Limited. 
  • The recoverable volumes attributed to the Abura, Osioka and Owopele fields by Gaffney Cline are based on an assumed average recovery factor of 30%, which is conservative in the context of recovery factors typically achieved on analogous fields in the Niger Delta.
  • Gaffney Cline has estimated 3P reserves of over 78mmbbls for Abura, Osioka and Owopele, implying an additional 27mmbbls of recoverable volumes in the high case.
  • In addition, there are two targeted deeper prospects at Abura and Osioka containing an additional 227mmbbls1 oil in place, to which Gaffney Cline have attributed P50 prospective resources of 91mmbbls, implying a recovery factor of 40%.
  • The existing production facilities and infrastructure servicing the Abura field are capable of handling up to 40,000 bopd. 

1 Gaffney Cline & Associates June 2021 CPR

Tende Energy is working with Anglo Oil and Gas Limited in Tunisia on its portfolio of assets which includes onshore production, development and exploration opportunities and offshore development opportunities.

Tende Energy is also working in consortium with funding and operational partners to develop potential additional African oil & gas assets which can meet the investment criteria of the respective consortium partners.

For shareholder enquiries please email: ir@tendeenergy.com.

business description image

Tende Energy is an Africa-focused oil and gas development, production and exploration company, focused on building a range of diversified producing and development assets.​

Our Stakeholders

Major stakeholders and Corporate Social Responsibility

The company has identified its major stakeholders as being:

Internal – Employees and consultants in the UK, Nigeria and Tunisia

External - Partners/co-owners and shareholders

  • Key Suppliers
  • Customers
  • Financial advisors and backers
  • Regulators

The Board has regular contact with all of its stakeholders, and feedback is considered on a continuous basis by management. Due to the fast-moving operational phase minor changes to our planned work streams are implemented on a daily basis.

Tende Energy has a corporate responsibility to operate as safely as possible and to support the local community and landscape. Through employing locally and working to provide benefits to the local community, Sirius aims to become an asset to the local area. Tende Energy adheres to a Community Relations Policies which aims to benefit the local community. We believe that good community relations will aid Sirius to deliver shareholder value. Corporate Social Responsibility can; create consumer trust and increase sales; create employee morale and attract employees.

Risk management – embedded thinking across the Company

We take risk management, and the process of risk management very seriously indeed, as any company should. In our sector, the process is always treated with great respect from the simplest of ‘on-the-ground’ tasks, to in-country analysis and engineering and geophysical analysis.

The Board reviews and revises its risk list and the specific risks regularly which is managed by a dedicated QHSS&E manager.

The Company’ keys areas of risk are in 4 key areas as follows:

  1. Risks specific to the Group including operational, commercial and financial
  2. Risks common to the oil and gas industry
  3. Risks specific to emerging or developing regions of operation
  4. Risks relation to the Company’s Ordinary Shares.

The Company operates best practice standards and complies with all relevant laws in the jurisdiction in which it operates, this comprises the requirements of Tunisian Legislation, Nigerian Legislation and the UK Bribery Act 2010 and Criminal Finances Act 2017.

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Company Directors

The Tende Energy plc Board is there to lead and assist development of the business and deliver the strategy to grow the business.


The Company supports the concept of an effective board leading and controlling the Company. The Board is responsible for approving Company policy and strategy. It meets on a regular basis and has a schedule of matters specifically reserved to it for decision. Management supply the Board with appropriate and timely information and the Directors are free to seek any further information they consider necessary. All Directors have access to advice from the Company Secretary and independent professional advice at the Company’s expense.

The Board consists of three executive and two non-executive Directors, who bring a breadth of experience and knowledge. This provides a balance whereby the Board’s decision making cannot be dominated by an individual. The Chairman of the Board is Mr Jack Pryde.

Board Disclosures

The executive-directors each work in excess of 35 hours per week for the company, and the non-executive directors are expected to work 8 hours per month on average. The two non-executive directors are considered to be independent. Their minor interests in shareholdings and the company’s share option scheme are not considered to be an impediment to their independent status.

The Board of Directors holds scheduled Board meetings approximately six times per year plus such other ad hoc meetings as are deemed necessary to deal with urgent business matters. All the necessary information is supplied to the Directors on a timely basis to enable them to discharge their duties effectively. At Board meetings, there is a formal schedule of matters reserved for consideration by the Board and other matters are delegated are delegated to Board committees.

The Board is responsible for leading and controlling the Company and in particular for formulating, reviewing and approving the Company’s strategy, budget, major items of capital expenditure, acquisitions and senior personnel appointments.

The Board has established subcommittees of the Board, comprising an Audit Committee, a Remuneration Committee and a Nominations Committee.


Audit Committee

The Audit Committee comprises Simon Hawkins (Chairman), Toby Hayward. The Audit Committee meets at least half yearly and will be responsible for ensuring that the financial performance of the Group is properly monitored and reported on, as well as meeting the auditors and reviewing any reports from the auditors regarding accounts and internal control systems.

Remuneration Committee

The Remuneration Committee comprises Toby Hayward (Chairman), Simon Hawkins. The Remuneration Committee meets at least twice a year and has as its remit the determination and review of, amongst other matters, the remuneration of Executive Directors and any share incentive plans adopted, or be adopted, by the Company. The remuneration committee has engaged MM&K to advise it.

Nominations Committee

The Nomination Committee, chaired by Jack Pryde, and is joined by Toby Hayward and Simon Hawkins, non-executive directors, deals with succession planning, and additions to the Board. Due to the current size of operations it meets on an ad hoc basis when necessary.

The annual report will include the number of board and committee meetings held each year, together with the attendance records.

Internal control

The Board is responsible for maintaining a strong system of internal control to safeguard shareholders’ investment and the Group’s assets and for reviewing its effectiveness. The system of internal financial control is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.


Tende Energy plc is incorporated in England and Wales (Company no. 05181462) and its main country of operation is UK with operating subsidiaries in Nigeria and Tunisia.

Share Restrictions

There are no restrictions on the transfer of Tende Energy’s shares.

Exchange/Trading Platforms

The securities of Tende Energy are not currently traded on a recognised Exchange. It is the intention of the Company to seek an admission of its ordinary shares on a recognised Exchange in London in the future.

The Company’s Ordinary Shares have been admitted onto the J P Jenkins Ltd share dealing platform under the current ticker: SRSP.

J P Jenkins is the oldest established trading platform in UK for unlisted or unquoted companies which enables shareholders and prospective investors to trade shares on a matched bargain basis.

Should shareholders wish to trade their shares they can do so through their stockbroker. The indicative price and transaction history are available on J P Jenkins’s website at: www.jpjenkins.com. For more information please call +44 (0) 20 7469 0937.

Reports & Publications

The most recent published annual reports, interim reports, publications and shareholder circulars can be accessed here in addition to the Company’s AIM Admission document. Right click and save as to download: