Pan-African company buys 5 percent of bloc B, in Cabinda, Angola

28 November 2006

Luanda, Angola, 28 May – Pan-African company, Afren signed an agreement to buy 5 percent of the exploration license of bloc B in Angola’s Cabinda enclave from Gulf Energy Resources, officials said.

The exploration license covers an area of 1.125 square kilometers and is operated by Devon Energy, with 30 percent, including, including partners Repsol (25 percent), Sonangol (20 percent) and Petrogal (20 percent).

Julien Balkany, executive manager Names Delorme Capital, the company that worked as financial consultant to Afren in the deal, said that the acquisition was consistent with the company’s decision to increase its presence in West Africa.

Afren, which is headquarters in London, is an oil exploration and production company founded in 2004 by a management team that included, Rilwanu Lukman, the former secretary-general and president of OPEC.

Since its initial public offering (IPO), Afren has extended its operations to five African countries – Nigeria, Sao Tome, Gabon, Congo and Angola – and hopes to produce 15,000 to 20,000 barrels of oil per day in 2008. (macauhub)