Signed yesterday at the ongoing Intra-African Trade Fair
IATF in Durban, South Africa by its Founder and Executive Chairman, Mr.
Abdullahi Bashir, Mars E & P is to utilize the proceeds of this financing
towards the funding of growth and expansion opportunities as well as general
corporate purposes.
The financing package will facilitate Mars E&P’s
acquisition of 51% equity interest in OMLs 123, 124, 126 and 137. In addition,
the financing package will help boost
oil production for the country as it
incorporates a $50m tranche to increase daily production from 25,000 barrels
per day to 50,000barrels per day by 2023..
Its Executive Chairman, Mr. Abdullahi Bashir, who is also
the Group Managing Director of the AA&R Investment Group, stated “we are
elated and proud to have secured this financing deal with Africa’s leading
bank.. It will enable Mars E&P further strengthen its position as an
emerging player in the global E&P space through the enrichment of our
upstream asset portfolio”
In fulfillment of its commitment to support the next
generation of African business leaders, Afreximbank affirmed that this was the
largest deal signed with an African youth and the bank was extremely proud of
Abdullahi’s landmark achievement.
As one of the energy subsidiaries under the AA & R
Investment Group, Mars E & P Ltd commenced operations in 2019 and currently
owns interests in two marginal oil field assets.
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