Afren funds Okoro Setu

Afren Plc. says the Okoro Setu project has closed syndication, achieving over-subscription.

Offshore staff

LONDON -- Afren Plc. says the Okoro Setu project has closed syndication, achieving over-subscription.

The syndicate, led by BNP Paribas, consists of Calyon, Guaranty Trust Bank of Nigeria, KBC Bank, Natixis, and Standard Bank Plc.

Together with the recent $65-million equity placement, which also was oversubscribed, Afren remains on track to deliver 15,000-20,000 b/d of oil by mid-2008, the company says.

"I am very pleased to see that the financial community has shown such confidence in Afren's flagship development project, its strategy, and future growth prospects," says Osman Shahenshah, chief executive of Afren.

"This is further endorsed by the fact that BNP Paribas, Standard Bank, and Calyon have chosen to take equity stakes in Afren, thereby participating across Afren's capital structure. Given our focus on working with indigenous companies in Nigeria and developing the region's resources, I am also delighted to see strong local backing for the project through participation from the Guaranty Trust Bank of Nigeria."

6/28/2007

More in Regional Reports