Firm News
| First Hydrocarbon Nigeria Completes Acquisition of a 45% Interest in OML 26 from the Shell Joint Venture |
| Posted on: 01/12/2011 |
First Hydrocarbon Nigeria Limited (“FHN”) has announced that it has completed the acquisition of a 45% interest in OML 26 from the Shell Joint Venture, comprising Shell Petroleum Development Company of Nigeria Ltd ("Shell"), Total E&P Nigeria Ltd (“Total”) and Nigeria Agip Oil Company (“Agip”).
In a statement that was posted on the websites of FHN and its affiliate, Afren plc on 1 December, 2011, FHN also announced that it has reached completion on financing facilities totalling US$280 million enabling it to fully fund the acquisition cost and its share of future capital requirements associated with the initial development of the block. (See http://www.afren.com/news_and_media/press_releases/ for details.)
Templars is very pleased to have been associated with this success story in its capacity as legal counsel to FHN in connection with the acquisition. According to Managing Partner and Head of Energy & Projects, Oghogho Akpata who led the Templars team that advised FHN on the acquisition, “It is very heartening to note that we have so far played a key role as counsel in the only two, to date, of the Shell Joint Venture divestitures to reach completion - the other one being the NECONDE Consortium’s recently completed acquisition of a 45% interest in OML 42 from Shell, Total and Agip, a transaction in which our Finance Practice Group advised the Africa Finance Corporation, Access Bank plc and United Bank for Africa plc as arrangers and providers of a US$585 million acquisition financing to NECONDE.”
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