Africa Oil Closes Acquisition of Petrobras Assets in Nigeria

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Canada-based Africa Oil has announced the closing of the acquisition of a 50 per cent ownership interest in Petrobras Oil and Gas B.V. (POGBV)

BTG Pactual E&P B.V. will continue to own the remaining 50 per cent of POGBV.

The total cash payment by Africa Oil to close the acquisition, including the Nigerian Government’s consent fee, amounted to US$519.5mn. This included a deferred payment of US$24.8mn which is due by the end of June 2020.

The primary assets of POGBV are an indirect eight per cent interest in Oil Mining Lease (OML) 127 and an indirect 16 per cent interest in OML 130. OML 127 is operated by affiliates of Chevron Corporation (Chevron) and contains the producing Agbami Field. OML 130 is operated by affiliates of TOTAL S.A. (TOTAL) and contains the producing Akpo and Egina Fields.

Africa Oil CEO Keith Hill commented, “We are very pleased to have acquired an interest in these established, low unit cost, producing assets with additional appraisal and development upside, that are operated by some of the best companies in the industry.

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“With the addition of production and cash flow, Africa Oil is transforming into a significant, Africa-focused independent E&P company. Combining these assets with our Kenya development project and exploration portfolio, we believe that Africa Oil has tremendous growth potential in a range of oil price scenarios.”

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