27/06/2007
Nigeria-focused oil group Afren has predicted it will produce up to 20,000 barrels daily after raising a US$200 million (£100 million) debt facility.
BNP Paribas, as lead arranger, has closed syndication of the facility, which Afren said was ‘significantly oversubscribed’. The limited-recourse facility will provide part of the finance for the company’s Okoro Setu project, against which it is secured, off the coast of Nigeria.
After this funding, which follows Afren’s $65 million (£32.5 million) share placing at 60p, the company said it is 'on track' to deliver from 15,000 to 20,000 barrels a day from Okoro Setu by the middle of next year. Chief executive Osman Shahenshah highlighted the fact BNP, Standard Bank and the Calyon Group have taken equity stakes in Afren.
Shares in Afren, mentioned by Growth Company Investor two years ago at 36p, now trade at 71.56p, up 4p this morning. They could go further if the oil market is strong and Nigeria's perceived political risk does not seem to outweigh Afren's strong links with indigenous companies.
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| AIM | £143.8m |
32.50p
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-6.25p
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