Petroleum Africa
Find us on: 
Tuesday, May 20, 2014
Gasol’s upstream subsidiary, Gasol Upstream, has agreed to invest in Afrique Energie Corp. (AEC). Gasol Upstream’s investment is in the form of $1 million in return for 21.936 million new common shares of AEC, giving it 31.7% in the company.
Gasol Upstream has also agreed to make an unsecured loan of $1 million to AEC at an interest rate of 20% annum in exchange for a further 20 million common shares in AEC being allotted to Gasol Upstream, taking its equity holding in AEC to 47%. The loan will mature on November 13. As part of the transaction, Gasol Upstream will be entitled to representation on the board of AEC.
AEC is a private Canadian registered company with an experienced management team in the oil and gas sector.
Alan Buxton, Gasol’s COO, said: “We have been impressed with the management team at AEC and we look forward to working with them to source upstream gas assets.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
