[ad_1]
Aker Energy's Deep Tano / Cape Three Points development project benefits from regional initiative
Africa Finance Corporation has invested $ 100 million in the Ghanaian subsidiary of the Norwegian group Aker Group to help finance the development of the Deepwater Tano Cape Three Points Block (DWT / CTP).
The AFC has agreed to invest the amount in Aker Energy in convertible bonds, as part of its project to badume a donor role from the start of upstream badets on the continent.
Aker has now announced its intention to produce oil from the block's Pecan field. He completed the evaluation drilling there in April.
The estimate of the reserve for the first phase of the DTP / CTP development is 334 million boe, with subsequent block phases potentially adding 110 to 210 million boe, based on estimates of contingent resources discovered. Early results of the badessment suggest that its prospect Pecan South could add 5 to 15 million additional boe.
The first oil from the Pecan field could be produced 35 months after a final investment decision, according to Aker, who owns 50% of the block, alongside the Russian Lukoil (38%), of the local fueltrade company ( 2%) and the state of Ghana. National Petroleum Corporation (10%).
Greater involvement of Ghana
AFC also provided $ 50 million in funding in 2009 to support the oil development of the Jubilee mine, operated by the Anglo-Irish company Tullow. Ghana became a sovereign shareholder of the AFC in 2018, after an initial investment of $ 10 million, of which it has been a member since 2011.
The AFC noted that the DWT / CTP project would help Ghana achieve its production targets for the mid-2020s. In February, Aker's findings prompted the government to predict that Ghana's production would rise from 196,000 b / d in 2019 to 420,000 b / d in 2023 and 500,000 bpd by 2024.
More than half of Ghana's production comes from the Jubilee Field, and another major production from the Cape Three Points offshore block, operated by Eni.– where gas is produced from the Sankofa project–and the Tullow RTE project, adjacent to the maritime border with Ivory Coast.
Eni made a gas and condensate discovery with its first exploration well on OCPP Block 4 earlier this year. Eni and Vitol also obtained an exploration and production license in early July for block WB03 in western Ghana, as part of the country's first licensing round, launched in 2018.
Under the $ 100 million financing, the bonds have a coupon of 5.5bp / yr and will be converted into shares in the event of an Aker Energy Initial Public Offering (IPO) at an agreed price with price reduction 1 , 85pc / y.
The bonds have a maturity of five years, with a three-year extension option. As part of this pact, AFC has received stock warrants with the right to subscribe for shares of Aker Energy as part of any future offer from the company going up to 50-50%. 100m, said AFC.
[ad_2]
Source link
