LONDON -- Afren Plc., through its Nigerian subsidiary, has closed a $50-million unsecured loan with First City Monument Bank Plc. The proceeds of the loan will be used primarily to finance the company's acquisition opportunities, Afren says.
Afren recently announced an agreement with Excel, an established Nigerian company, for the development of Nigeria's Eremor field, taking the portfolio to 11 assets in five countries. Afren is evaluating other near-term development acquisition opportunities both in Nigeria and elsewhere in West Africa, the company says.
"The $50-million loan provides further flexibility in the continued buildout of Afren's West African portfolio. This follows the recent syndication of Afren's $200-million development facility and its successful $65-million equity placement, both of which were oversubscribed," says Osman Shahenshah, chief executive of Afren.