Aker Energy secures funding for offshore oil project in Ghana

first_imgAfrica Finance Corporation (AFC), an infrastructure solutions provider in Africa, has decided to finance Aker Energy’s deepwater project located offshore Ghana by investing in $100 million of convertible bond notes with a commitment to participate in follow on fund raising activities.Pecan POD. Source: Aker EnergyAker Energy said last week it had issued subordinated convertible bonds to AFC of $100 million. The bonds have a coupon of 5.5 per cent per year and will be converted to equity in the event of an Initial Public Offering (IPO) of Aker Energy, at an agreed discount to an IPO offering price of 1.85 per cent per year. The bonds have a maturity of five years, with an option to extend with another three years.In a separate statement on Monday, July 15 AFC confirmed its support of Aker Energy and said the funds would be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points block (DWTCTP), a block offshore Ghana containing multiple oil fields.The asset is owned by joint venture partners, including Aker Energy (50%), Lukoil (38%), Fueltrade (2%) and a 10% carry for the Ghana National Petroleum Corporation (GNPC), wholly owned by the Government of Ghana. The Pecan field, which is the most appraised in the DWTCTP block and the field to be developed in the first phase, is an oil field estimated to contain reserves of about 334 million barrels of oil equivalent.AFC explained that this investment was in line with its overall natural resources strategy, which entails building a portfolio of value added assets across the energy value chain.This investment also marks the beginning of AFC and Aker’s relationship in the exploration and production sector across the African continent; AFC will offer support to Aker, open new opportunities, and mitigate potential geopolitical risks. On the other hand, AFC said that Aker was an ideal partner for AFC, as it seeks to broaden its partnerships with developers within the natural resources sector.The Deepwater Tano Cape Three Points field is one of the Ghana’s principal hydrocarbon assets and is expected to contribute to Ghana’s near term target of an annual production volume of 500,000 barrels of oil equivalent per day.Aker Energy submitted an integrated plan of Development and Operations (PDO) to Ghanaian authorities for the Deepwater Tano / Cape Three Points (DWT/CTP) block in late March 2019. The integrated PDO presents an overall plan for a phased development and production of the resources in the DWT/CTP contract area. The phased development plan will start with the development of the Pecan field as a firm phase one, being the largest of several discoveries in the area.Upon PDO approval, the partners will initiate a process to make a final investment decision (FID). First oil from the Pecan field is estimated 35 months after the FID is made.Samaila Zubairu, President & CEO of AFC, commented on the announcement: “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, both of which AFC is ideally placed to offer.”Jan Arve Haugan, CEO of Aker Energy, added: “We value AFC’s vote of confidence by collaborating with Aker Energy and the commitment to further strengthening this partnership going forward. We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lies ahead of us.”Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.last_img read more

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Woods the Tiger has got style in the air with Gulfstream G550

first_imgGolf star Tiger Woods is part of sport’s exclusive billionaire club so when you see him fly in his luxury Gulfstream G550 private jet you need not be surprised. The 15 major champ paid £48m for the luxury Gulfstream G550 private jet, which has a top speed of 680mph and can fly 7,767 miles. Woods has also decked out the aircraft with a bedroom, walk-in wardrobe, multiple bathrooms and a luxurious dining area where he can enjoy meals with his girlfriend Erica Herman. Up to 18 people can join Woods on the plane, which can be transformed into an office with an internet connection and a satellite communications system. The 44-year-old is able to jet between golf tournaments and his £41m mansion in Florida. Tiger Woods’luxury Gulfstream G550 jet has a top speed of 680mph and can fly 7,767 miles Woods is currently competing at the PGA Championship but is out of the running for the trophy.Advertisement Speaking at the tournament, Woods admitted that time is running out for him to equal Jack Nicklaus’ record 18 major wins, saying: “There’s not as many (majors left) as when I first started playing. “The reality is that the golf courses are getting bigger “They are getting longer. The margin between making the cut and the lead is a lot smaller than it used to be. Used to be sometimes 12 to 15 shots. Now, we had, what, nine shots? It’s just different. “It’s getting tighter and it’s getting harder to win events, but you look at the leaderboard of most major championships, you see the same guys. May not be always the same winners, but you see the same handful of guys are there. Read AlsoTiger Woods struggles again in final round of Memorial “They understand how to win major championships, how to win the big events, how to plod their way along, how difficult it is to win these big events. “I’ve been accustomed to playing with a lot of people, and a lot of sounds and a lot of movement for my entire career. Some of the guys were joking with me at Memorial saying, ‘Now you know how we feel’.” Loading… FacebookTwitterWhatsAppEmail分享 Promoted ContentWhat Is A Black Hole And Is It Dangerous For Us All?Birds Enjoy Living In A Gallery Space Created For Them7 Ways To Understand Your Girlfriend BetterThe Best Cars Of All Time7 Ways To Understand Your Girlfriend Better20 Completely Unexpected Facts About ‘The Big Bang Theory’Couples Who Celebrated Their Union In A Unique, Unforgettable WayThe 10 Best Secondary Education Systems In The World10 Most Evil Female Characters In Disney MoviesWhich Country Is The Most Romantic In The World?11 Most Immersive Game To Play On Your Table Top8 Things That Will Happen If An Asteroid Hits Earthlast_img read more

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