Failure to Report Afren’s $400m Payments to Oriental Energy Broke Listing Rules

Beleaguered London Stock Exchange (LSE) listed exploration and production company, Afren Plc has announced the completion of the independent review by law firm, Willkie Farr & Gallagher (UK) LLP of certain transactions undertaken by its former chief executive officer, Osman Shahenshah. The remit of the law firm was to find out whether such transactions...

RenCap Rates E&P Companies in High Growth Potential Group

Leading international investment banking and research organisation, Renaissance Capital, has rated oil exploration and production (E&P) companies in Africa high within companies with growth potentials. In its recent report titled “African Oil and Gas, Think Local, Be Selective” RenCap said there are upside potentials in most of the African E...

Lekoil Denies Special Placement to Raise $37.5m

Africa-focused exploration and production company, Lekoil has issued a statement denying media reports that it is set to raise $37.5 million through a special placing of 33,000,000 ordinary shares. Various media organisations had reported that the company was hoping to raise the funding for the development of Otakikpo marginal field in which Lekoil acquired a...

Jacka Resources Granted Halt Pending Nigeria Update

Australian Stock Exchange (ASX) listed Jacka Resources, which owns a 5 per cent net revenue interest in oil mining lease (OML) 113 which contains the Aje Field has been granted a trading halt by the ASX. The trading halt will remain pending an announcement to the market relating to an update on the Final Investment Decision on the Aje Field, offshore Nigeria...

Niger Delta E&P Plans $450m Capital Raise Through Public Offer

Successful Nigerian independent, Niger Delta Exploration and Production (NDEP) has announced plans to raise $450 million through a “public offer or special placement of shares.” The company intends to use the funds to redevelop and ramp up production in Ogbele field in OML 54, develop its newly acquired Omerelu gas field in OML 53, increase the...

NSIA Signs $100m Commitment with Seven Energy to Fund Gas to Power Projects

The Nigeria Sovereign Investment Authority (“NSIA”), Nigeria’s sovereign wealth fund, has signed a commitment with Nigeria focused indigenous integrated oil and gas development, production and gas distribution company, Seven Energy, to invest at $100 million in gas to power projects. The investment is to be made through NWIA’s Gas to...