Afren has reached an agreement with Black Marlin Energy to acquire all of the issued and to be issued share capital of Black Marlin.
The Board of Afren believes that the Acquisition of Black Marlin enhances Afren's portfolio and delivers key exploration opportunities and a strategic entry into East Africa. In particular, the Acquisition:
Holders of approximately 55% of Black Marlin shares, including all Board members and senior management, have entered into irrevocable undertakings to support and vote in favor of the transaction.
Osman Shahenshah, Chief Executive of Afren, commented, "The acquisition of Black Marlin offers a compelling strategic fit with Afren's existing portfolio and provides strong opportunities for growth. Black Marlin has exposure to numerous high impact exploration assets which, combined with Afren's cash generative West African production base and development capabilities, is a complementary extension to our established West African platform. We believe that the terms of the transaction are attractive for shareholders of both Afren and Black Marlin and we look forward to the successful completion of the Acquisition."
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