Petroleum Africa
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Tuesday, October 7, 2014
After its recently completed acquisition of South Africa’s Ibhubesi Gas Project, the company signed binding agreements that will see a capital injection of $22 million via Vandasia Investments Ltd.
Under the terms, Vandasia will acquire a 43.9% interest in Sunbird. The infusion will help advance the scheme to commercialization. Sunbird chairman Kerwin Rana said, “This transformational financing deal ensures Sunbird is fully funded to advance Ibhubesi through FEED studies, commercial negotiations, and regulatory approval to a final investment decision in 2015.”
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