Petroleum Africa
Find us on: 
Wednesday, July 10, 2019
Aker Energy signed a $100 million convertible bond deal with Africa Finance Corporation (AFC), a multilateral institution specializing in infrastructure financing in Africa. According to the firm, these bonds have a coupon of 5.5% per annum and will be converted into shares in the event of Aker Energy’s IPO, with a discount that will be agreed upon against a price.
Bond proceeds will be invested in financing the development of the Deepwater Tano Cape Three Points Block (DWT / CTP), a block located off Ghana and controlled by Aker Energy whose estimates say thr block contains more than one billion recoverable barrels. Aker will need a little more than a $1 billion to start the initial phase of production of the project.
“We are very pleased to have AFC as an investor in Aker Energy. We look forward to further strengthening our collaboration in the coming years,” said Jan Arve Haugan, CEO of Aker Energy.
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
