Completed 14 April 2023: AFC Equity Investment Ltd (Africa Finance Corporation) bought 100% of Aker Energy AS, Aker Capital’s 50.79% and The Resource Group’s 49.21%, giving AFC 50% of the DWT/CTP block offshore Ghana, whose discoveries (including the Pecan field) hold 450–550 million barrels of oil equivalent. Consideration was structured as an earn-out on future Pecan sales/production, sharing risk between Aker and AFC; AFC had already invested US$200m in senior secured bonds in the block, and the management team stayed to file the Plan of Development for Pecan.
A template for African institutional capital stepping into assets vacated by Western E&P.
Value: Not disclosed.
Advisers: Olaniwun Ajayi (UK) LLP advised AFC (firm announcement, April 2023); Aker-side counsel (not disclosed).
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
