Afren Nigeria Unit Buys Stake In Delta Oil Fields From Majors
21 October 2010 - 7:07PM
Dow Jones News
Africa-focused oil and gas company Afren PLC (AFR.LN) Thursday
said its Nigerian unit agreed to buy a stake in oil fields in
Nigeria from Royal Dutch Shell PLC (RDSA.LN), Total SA (FP.FR) and
Eni S.p.A. (ENI.MI).
First Hydrocarbon Nigeria Co. Ltd., in which Afren has a 45%
stake, agreed to buy a 45% stake in OML 26 in the Delta State for
$187.5 million, which includes the cost of the acquisition and
First Hydrocarbon Nigeria's share of planned development.
OML 26 contains two producing fields and three undeveloped
assets, Afren said.
The area contains recoverable reserves and contingent resources
of 184 million barrels of oil and could contain another 615 million
barrels of oil equivalent resources, Afren said.
OML 26 currently produces 5,000 barrels of oil a day but First
Hydrocarbon Nigeria intends to raise production to 40,000 barrels a
day over four years, Afren said.
First Hydrocarbon Nigeria agreed a $130 million credit facility
with BNP Paribas to provide funding for the deal, Afren said.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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