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Afren Oil takes over Black Marlin Energy

An oil firm, Afren Nigeria Plc, has acquired Black Marlin Energy Holdings Ltd, a move that sees it acquiring all of the issued and yet-to-be issued share capital of the latter.

Disclosing this to newsmen yesterday in Lagos, the Chairman, Afren Nigeria Plc, Mr Egbert Imomoh said the decision to acquire Black Marlin Energy Holdings, was reached by the board after due consultations with relevant bodies.

He said the board of Afren believes that the acquisition of Black Marlin, will enhance Afren’s portfolio and delivers key exploration opportunities and a strategic entry into East Africa.

He said, “this acquisition validates our long term objective of becoming an independent African champion in the oil and gas sector, building on our existing and near term production base in Nigeria. We are now expanding our asset base to include East Africa, a region that continues to emerge as an exploration province of major global interest, following significant discoveries in oil and gas.”

Also commenting, Afren’s Chief Executive Officer, Osman Shahenshah, added that “the acquisition of Black Marlin offers a compelling strategic fit with Afren’s existing portfolio and provides strong opportunities for growth.

“Black Marlin has exposure to numerous high impact exploration assets which, combined with Afren’s cash generative West African production base and development capabilities, is a complementary extension to our established West African platform.

We believe that the terms of the transaction are attractive for shareholders of both Afren and Black Marlin and we look forward to the successful completion of the Acquisition.”


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