Sun | Dec 8, 2019

Business Briefs

Published:Wednesday | December 5, 2018 | 12:00 AM


SVL kicks off operations in Guyana


Jamaican gaming and lottery company Supreme Ventures Limited (SVL) has kicked off a phased roll-out of operations in Guyana.

The new subsidiary Supreme Ventures Guyana Holdings Inc will begin the implementation of its wagering on horse racing and sport-themed video-gaming products, starting this month.

Its betting shop in Georgetown will open between December 8 and 16, followed by additional locations in 2019, SVL said in a market filing.


Creditors to consider new offer by Digicel


Digicel Group is reported to have put a new offer on the table, one that would still give the company a two-year breathing room to service US$3 billion of bonds.

The new offer, which will expire December 18 or December 21 depending on the bonds held by individual investors, will see Digicel upgrading around US$580 million of the debt to senior secured status and the telecoms will also pay a higher rate of 9.125 per cent, up two percentage points, on bonds that will now fall due in 2024, assuming the new offer is accepted by bondholders.


ExxonMobil makes 10th oil discovery offshore Guyana


American oil company ExxonMobil on Monday announced that another oil discovery has been made offshore Guyana, at the Pluma-1 well where drilling began on November 1.

The new discovery has increased the estimated recoverable reserves for the Stabroek Block to more than five billion barrels, up from the last estimate of more than four billion barrels.

"This is great news for Guyana," said Dr Mark Bynoe, director at Exxon Mobil's Department of Energy, adding that the country was "on the cusp of transformational development for current and future generations".

ExxonMobil and its affiliate Esso Exploration and Production Guyana Limited hold 45 per cent interest in the Stabroek Block; Hess Guyana Exploration Limited holds 30 per cent; and CNOOC Nexen Petroleum Guyana Limited, 25 per cent.