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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Campus siege nears end as Hong Kong girds for election

first_img“I’ll continue to stay here, buthopefully not forever,” he said with a touch of humor. “If they storm in, there are a lot ofplaces for us to hide,” said Sam, a 21-year-old student, who was eatingtwo-minute noodles in the cafeteria, while plotting his escape. HONG KONG – AHong Kong university campus under siege for more than a week was a desertedwasteland on Saturday, with a handful of protesters holed up in hidden refugesacross the trashed grounds, as the city’s focus turned to local elections. Another protester, Ron, vowed to remainuntil the end with other holdouts, adding, “The message will be clear that wewill never surrender.” Police guard the perimeter of Hong Kong Polytechnic University in Hong Kong, China November 23, 2019. REUTERS The siege neared its end as someprotesters at Polytechnic University on the Kowloon peninsula desperatelysought a way out and others vowed not to surrender, days after some of theworst violence since anti-government demonstrations escalated in June. The handful of protesters still visibleon the campus were outnumbered by media and people seeking to provideassistance. A social worker who would only give hisname as Sendon said he had crossed paths with four protesters on Saturday andwas concerned about their mental state. “They’ve been in this highly stressfulenvironment for so long, over 120 hours, and they have no easy way to releasethis stress,” he said. “We’re trying to urge them to come out in a gentlemanner.” (Reuters)last_img read more

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Tommy La Stella injury update: Angels All-Star has broken leg after ball to shin

first_img Autopsy set for Angels pitcher Tyler Skaggs; Rangers-Angels game to be played Tuesday In the meantime, the Angles have recalled Matt Thaiss to be his replacement.Angels outfielder Brian Goodwin also left Tuesday’s game after being hit by a pitch on his right wrist. He underwent a CT scan Wednesday, which revealed a contusion on his wrist.Additionally, Brian Goodwin underwent a CT scan earlier today that confirmed the initial diagnosis of a right wrist contusion. Additional information will be provided as appropriate.— Angels PR (@LAAngelsPR) July 3, 2019The Rangers host the Angels again Wednesday at 8:05 p.m. ET before closing out the series Thursday. MEDICAL UPDATE:Tommy La Stella underwent a CT scan earlier today that revealed a right tibia fracture. A typical return to play timetable for this injury is 8-10 weeks.— Angels PR (@LAAngelsPR) July 3, 2019La Stella fouled a ball off his right shin in the sixth inning of Tuesday’s 9-4 win against the Rangers and had to be helped off the field.The 30-year-old is hitting .300 with 16 home runs and 44 RBIs this season. He was 0-for-3 before getting hurt Tuesday. Related News La Stella has been selected for the All-Star Game for the first time in his six major league seasons, but he will be replaced on the Roster.center_img Tommy La Stella will be sidelined for at least two months.The Angels infielder underwent a CT scan Wednesday, which revealed a broken right leg. He will be out for 8-10 weeks, according to the team. White Sox admit it was ‘poor form’ to include Emmett Till as ‘famous’ Chicagoanlast_img read more

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