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AFC Finances USD 100 Million to Aker Energy

Gasoil News - Published on Fri, 19 Jul 2019

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Africa Finance Corporation, the leading infrastructure solutions provider in Africa, announced it has financed Aker Energy AS , a subsidiary of Aker ASA, one of the highest-quality-rated companies in the Norwegian market and a leader in oil, gas and industrials. AFC’s support is through investing in USD 100 million of convertible bond notes with a commitment to participate in follow on fund raising activities. The funds will be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points block, a block offshore Ghana containing multiple oil fields. The Asset is owned by joint venture partners, including Aker Energy 50%, Lukoil 38%, Fueltrade 2% and a 10% carry for the Ghana National Petroleum Corporation, wholly owned by the Government of Ghana. The Pecan field, which is the most appraised in the DWTCTP block and the field to be developed in the first phase, is an oil field estimated to contain reserves of about 334 million barrels of oil equivalent.

This investment is aligned with AFC’s overall natural resources strategy, which entails building a portfolio of value added assets across the Energy value chain. By taking an early equity financier role in operational or near-operational upstream assets. AFC can enhance the revenue potential of African states to generate revenue required for investment in infrastructure and social services for its growing populations.

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Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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