- The management team of Aker Energy will remain unchanged and will work towards submission of the Plan of Development (“PoD”) for the Pecan field to Ghanaian authorities in April 2023.
- The DWT/CTP Project, which aims to develop Ghana’s proven resources, has the potential to create jobs, increase government revenues, and spur development in the country.
Aker Capital AS, 100% owned by Aker ASA (together referred to as “Aker”), and The Resource Group TRG AS (“TRG”) have agreed to sell their shares in Aker Energy AS (“Aker Energy”) to AFC Equity Investment Ltd, a company owned by Africa Finance Corporation (“AFC”). Aker today holds 50.79% of the shares in Aker Energy, and TRG has 49.21%. The management team of Aker Energy will remain unchanged and will work towards submission of the Plan of Development (“PoD”) for the Pecan field to Ghanaian authorities in April 2023.
Through the transaction, AFC will become the sole shareholder of Aker Energy and, thereby, 50% owner of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, comprising discoveries of 450-550 MMboe, including the Pecan field. Africa Finance Corporation has previously invested $200 million in senior secured bonds in the DWT/CTP block development, and AFC’s CEO currently serves on the Aker Energy board.
Samaila Zubairu, President and CEO of AFC said, “AFC reaffirms its commitment to catalyzing economic growth and development in Africa. AFC will ensure that Africa’s natural resources, including its vast oil and gas reserves, are developed sustainably within the global energy transition framework and the UN Sustainable Development Goals. The DWT/CTP Project, which aims to develop Ghana’s proven resources, has the potential to create jobs, increase government revenues, and spur development in the country.” The consideration for the share purchase by AFC is an earn-out model based on potential future sales and production proceeds from the Pecan project.