-25% interest in the Kouakouala A production permit
-14% interest in the La Noumbi exploration license
-30% interest in the Mengo field on the Kouakouala B development permit.
IMPACT ON AFREN
AFREN POST ACQUISITION
Brian O'Cathain, Chief Executive of Afren, commented:
"This acquisition is very exciting for Afren, providing a strategic entry into Congo and further diversification of Afren's West African portfolio. The acquisition delivers immediate production and cash flow together with high impact exploration in one of Africa's most prolific on-shore basins. The La Noumbi license is adjacent to and on trend with the M'Boundi field, one of the largest onshore oilfields in Africa. Afren is delighted to be in Congo, and looks forward to working closely with the national oil company SNPC and the Congolese authorities to develop other opportunities in Congo.
This complements the recent announcement of a significant agreement with Amni in Nigeria for the development of two proved undeveloped fields of 30 to 60 million barrels and follows the announced Obo-1 discovery on Block 1 of the Joint Development Zone. Since the IPO in March 2005, Afren has expanded its West African presence to the Joint Development Zone of Nigeria Sao Tome and Principe, Nigeria, Gabon and Congo, growing its portfolio to ten assets with a combination of production, near term development and high impact exploration opportunities".
Nanes Delorme Capital LLC acted as sole financial adviser to Heritage, based in Switzerland, in the transaction. The transaction is expected to close later this year, subject to certain conditions precedent, including customary governmental approvals and waiver of pre-emption rights by its partners.
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