Afren Clinches Funding for Ebok Development

Afren has finalized arrangements for a new up to US $450 million reserves based lending ("RBL") debt facility.

On Wednesday, March 24, a facility agreement for up to US $450 million was executed by Afren. The up to US $450 million of debt, secured against the Ebok field reserves, has a maturity of a maximum of five years, is repayable semi-annually and has a margin of between 4% to 5.5% over LIBOR.

The three Mandated Lead Arrangers and Technical Banks, BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis will support the initial development funding of the Ebok field. Subject to certain conditions being met, the Facility shall extend to the development funding of any subsequent phases of the Ebok field, the Okwok field, OML 115, or other development projects located in Oil Mining Lease 67, offshore Nigeria.

Osman Shahenshah, Chief Executive of Afren, commented, "We are very pleased to have extended our banking relationships with BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Natixis all of whom are participants in our existing Okoro RBL facility. This financing underscores the quality of the Ebok asset. It also provides us with the financial flexibility to realize the substantial oil potential that exists across the broader Ebok / Okwok / OML 115 area and quickly monetize any future reserve additions through our aggressive exploration and appraisal drilling program."