Afren Acquires Own Shares as Close Period Ends

London Stock Exchange listed Afren Plc announced that following the sale of all Afren holdings in First Hydrocarbon Nigeria to CSL Stockbrokers in Nigeria, they will be using the proceeds to acquire some Afren shares in the public markets.  The Sale and Purchase Agreements with CSL Stockbrokers are for the sale of 11,819,085 shares in FHN, approximately 10 per...

Oil Contribution to GDP Dropped by 6.65% in 2013

According to the data released by the National Bureau of Statistics (NBS) recently the year on year GDP contribution of the oil and gas industry may have dropped by 6.65 per cent as the contribution fell from 15.8 per cent in first quarter of 2012 to 14.75 per cent in Q1 of 2013.   The decline in the contribution by the oil sector in the first quarter of 2013...

Heritage Oil Refinances Nigeria Operations

London Stock Exchange listed Heritage Oil has secured a revolving reserves based lending facility for its Nigerian operations. It secured the lending through the special purpose vehicle, Shoreline Natural Resources Limited, formed between Heritage and local partner, Shoreline Power Company Limited. The new facility is a five year $500 million senior secured...

Renaissance Capital Report: Shale Oil Poses Great Threat To Nigeria’s Oil Industry

Nigeria must make a concerted effort to provide a favourable regulatory environment to encourage more investment in the oil and gas sector or risk losing out in the face of US shale oil, according to Renaissance Capital (RenCap). In a report entitled: “Crude Times: Thoughts for Nigeria”, RenCap said Shale oil is re-defining the oil landscape...

Reserves Based Lending Is Answer To Oil and Gas Financing For Nigeria: Olaniwun Ajayi

Leading law firm, Olaniwun Ajayi Law practice (OALP) recently organized a seminar for stakeholders including oil and gas operators and financial institutions in Nigeria to keep them abreast with current developments in oil and gas financing. At the seminar, which focused on Reserves Based Lending (RBL), the firm, together with international law firm, Herbert...

Equity Trading By Nigerian Oil Firms Improving On LSE

Nigerian oil companies have done well in the past 18 months on the floor of the London Stock Exchange (LSE). Notable Nigerian exploration and production companies that have listed on the LSE include Afren with a market value of $2.263bn, Eland Oil & Gas with $257m, Heritage Oil with $587m, Mart Resources with $524m and MP Nigeria with $508m. In total,...