AFC supports Aker Energy’s Offshore Project with $100m

&NewLine;<p class&equals;"wp-block-paragraph">Africa Finance Corporation &lpar;&&num;8220&semi;AFC&&num;8221&semi; or &&num;8220&semi;the Corporation&&num;8221&semi;&rpar;&comma; the leading infrastructure solutions provider in Africa&comma; has financed Aker Energy A&period;S&period; &lpar;&&num;8220&semi;Aker Energy&&num;8221&semi;&rpar;&comma; a subsidiary of Aker ASA&comma; one of the highest-quality-rated companies in the Norwegian market and a leader in oil&comma; gas and industrials&period; <&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p class&equals;"wp-block-paragraph">AFC&&num;8217&semi;s support is through investing in US&dollar;100&NewLine;million of convertible bond notes with an intention to participate in follow on&NewLine;fund raising activities&period; The funds will be used by Aker Energy to finance the&NewLine;development of the Deepwater Tano Cape Three Points block &lpar;&&num;8220&semi;DWTCTP&&num;8221&semi;&NewLine;or the &&num;8220&semi;Asset&&num;8221&semi;&rpar;&comma; a block offshore Ghana containing multiple oil&NewLine;fields&period;<br>&NewLine;<br>&NewLine;In a release to OpenLife by Africa Media Agency&comma; the Asset is owned by joint&NewLine;venture partners&comma; including Aker Energy &lpar;50&percnt;&rpar;&comma; Lukoil &lpar;38&percnt;&rpar;&comma; Fueltrade &lpar;2&percnt;&rpar; and&NewLine;a 10&percnt; carry for the Ghana National Petroleum Corporation &lpar;&&num;8220&semi;GNPC&&num;8221&semi;&rpar;&comma;&NewLine;wholly owned by the Government of Ghana&period; The Pecan field&comma; which is the most&NewLine;appraised in the DWTCTP block and the field to be developed in the first phase&comma;&NewLine;is an oil field estimated to contain reserves of about 334 million barrels of&NewLine;oil equivalent&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<table class&equals;"wp-block-table"><tbody><tr><td> This investment is aligned with AFC&&num;8217&semi;s overall natural resources strategy&comma; which entails building a portfolio of value added assets across the Energy value chain&period; By taking an early equity financier role in operational or near-operational upstream assets&period; AFC can enhance the revenue potential of African states to generate revenue required for investment in infrastructure and social services for its growing populations&period;<br> <br> This investment also marks the beginning of AFC and Aker&&num;8217&semi;s mutually beneficial relationship in the exploration and production sector across the African continent&semi; AFC will offer support to Aker&comma; open new opportunities&comma; and mitigate potential geopolitical risks&period; Aker&comma; with its proven track record of delivering complex deep water projects on time and budget&comma; and a network of affiliates&comma; such as Aker Solutions&comma; a leading subsea equipment and services provider&comma; is an ideal partner for AFC&comma; as it seeks to broaden its partnerships with developers within the natural resources sector&period;<br> <br> The Republic of Ghana &lpar;Ghana&rpar; which became an AFC sovereign shareholder in 2018&comma; having acceded to membership in 2011&comma; will benefit from this project through increased revenue and government royalty and taxation income&period; Deepwater Tano Cape Three Points field is one of the Ghana&&num;8217&semi;s principal hydrocarbon assets and is expected to contribute to Ghana&&num;8217&semi;s near term target of an annual production volume of 500&comma;000 barrels of oil equivalent per day&period;<br> <br> Samaila Zubairu&comma; President &amp&semi; CEO of AFC&comma; commented on the announcement&colon; &&num;8220&semi;This is an exciting milestone for Africa Finance Corporation &&num;8211&semi; we have partnered with the<br> <br> subsidiary of one of the most highly respected international oil&comma; gas and industrials companies to support its first project in the African market as an operator&period; This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa&comma; both of which AFC is ideally placed to offer&period;&&num;8221&semi;<br> <br> Jan Arve Haugan&comma; CEO of Aker Energy&comma; added&colon; &&num;8220&semi;We value AFC&&num;8217&semi;s vote of confidence by collaborating with Aker Energy and the commitment to further strengthening this partnership going forward&period; We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lies ahead of us&period;&&num;8221&semi;<br> <br> <br> <br> <br> <&sol;td><&sol;tr><&sol;tbody><&sol;table>&NewLine;