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

World Oil Staff April 14, 2023

(WO) – Aker Capital AS, 100% owned by Aker ASA (together referred to as "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 today holds 50.79% of the shares in Aker Energy, and TRG holds 49.21%. The management team of Aker Energy will remain unchanged and will work towards submission of the Plan of Development ("PoD") for the Pecan field to Ghanaian authorities in April 2023.

Through the transaction, AFC will become the sole shareholder of Aker Energy, and thereby 50% owner of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, comprising discoveries of 450-550 MMboe, including the Pecan field. Africa Finance Corporation has previously invested $200 million in senior secured bonds in the DWT/CTP block development and AFC's CEO currently serves on the Aker Energy board.

"AFC reaffirms its commitment to catalyzing economic growth and development in Africa. AFC will continue to ensure that Africa's natural resources, including its vast oil and gas reserves, are developed sustainably within the global framework on energy transition and the UN Sustainable Development Goals," said Samaila Zubairu, President and CEO of AFC. "The DWT/CTP Project, which aims to develop Ghana's proven resources, has the potential to create jobs, increase government revenues, and spur development in the country."

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

The consideration for the share purchase by AFC is an earn-out model based on potential future sales and/or production proceeds from the Pecan project.

AFC is a pan-African multilateral development finance institution with a proven track record in providing pragmatic solutions to Africa's infrastructure deficit, having assembled a $10.5 billion portfolio of loans and other investments across six sectors, and accession to the Corporation by 40 member countries. AFC has invested in several projects in Ghana across various real sectors over the last 15 years, both as equity and debt providers.


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