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Afren Plc Announces Acquisition Of Additional Interest In First Hydrocarbon Nigeria

Friday, 5 Jul 2013 02:00am EDT 

Afren Plc announced that following the recent shareholder approval on the recommended acquisition of a 10.4%. interest in First Hydrocarbon Nigeria ("FHN"), it announced the acquisition of an additional 23.3% beneficial interest in FHN. The acquisition of an additional 33,966,333 shares, representing approximately 23.3% of the outstanding share capital of FHN, from a combination of Capital Alliance Energy Nigeria Limited (CAPE), Earl Act Global Investments Limited and other FHN shareholders, has been undertaken at an average price of USD3.10 per share in cash. Of the total consideration (USD105.4 million) for the further acquisition, USD22 million is payable on the first anniversary and USD22 million on the second anniversary of the acquisition date, in each case to CAPE. 

Company Quote

3.1 +2.82%
5:35am EDT