NEWS ROUNDUP

摘要

Afren Boosts Nigerian Stake UK-listed independent Afren has announced its second deal this year to increase its existing beneficial interest in single-license Nigerian affiliate First Hydrocarbon Nigeria (FHN), boosting its economic stake from 54.9% to 78.2% (EIF Mar.27' 13). Afren will pay $105.4 million to a group of Nigerian-based FHN shareholders — a combination of Capital Alliance Energy Nigeria, Earl Act Global Investments and others — to purchase the economic interest in 33.9 million FHN shares, representing some 23.3% of its share capital, at $3.10/share. Earl Act Global has also agreed with Afren an option on the economic rights in a further 18.3 million FHN shares — approximately a 12.5% interest — at $3.32/share after two years. As with Afren's deal in March to add a 10.4% interest to its then-44.5% FHN exposure, this transaction will see the vendors transfer to Afren the beneficial economic interest in the shares, while technically remaining the legal owners of the stock. In this fashion, FHN will remain qualified as an "indigenous" operator under the Nigerian legal definition, as a company majority-owned by locally based investors (EIF Jun.5'13). FHN holds 45% of OML 26 onshore the Niger Delta, currently producing some 6,115 boe/d gross.