Africa Finance Corp. to develop deepwater project off Ghana with acquisition of Aker Energy

by MMC
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(WO) – Aker Capital AS, wholly owned by Aker ASA (together “Aker”), and The Resource Group TRG AS (“TRG”) have agreed to sell their shares in Aker Energy AS (“Aker Energy”) to AFC Equity Investment Ltd, a company owned by Africa Finance Corporation (“AFC”). Aker now owns 50.79% of Aker Energy shares and TRG owns 49.21%. The Aker Energy management team will remain unchanged and will work towards the submission of the Pecan Field Development Plan (“PoD”) to the Ghanaian authorities in April 2023.

Thanks to this transaction, AFC will become the sole shareholder of Aker Energy, and thus 50% owner of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, comprising discoveries of 450 to 550 Mboe, of which the Pecan field. Africa Finance Corporation has already invested $200 million in senior secured bonds in the development of the DWT/CTP block and AFC’s CEO currently sits on the board of directors of Aker Energy.

“The AFC reaffirms its commitment to catalyze economic growth and development in Africa. The AFC will continue to ensure that Africa’s natural resources, including its vast oil and gas reserves, are developed sustainably within the global framework of the energy transition and the United Nations Sustainable Development Goals . » said Samaila Zubairu, President and CEO of the AFC. “The DWT/CTP project, which aims to develop Ghana’s proven resources, has the potential to create jobs, increase government revenue and boost the country’s development.”

“The sale to a reputable African institution, such as AFC, was considered the best path forward to ensure the development of the Pecan field, as well as the entire DWT/CTP block,” said Øyvind Eriksen, President and CEO of Aker ASA.

The consideration for AFC’s purchase of the shares is an earn-out model based on potential future sales and/or production proceeds from the Pecan Project.

The AFC is a pan-African multilateral development finance institution with a proven track record of providing pragmatic solutions to Africa’s infrastructure gap, through building a portfolio of loans and other investments of 10 .5 billion dollars in six sectors and the accession of 40 member countries to the Society. AFC has invested in several projects in Ghana across various real sectors over the past 15 years, both as an equity and debt provider.

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