Olaniwun Ajayi (UK) LLP has advised AFC Equity Investment Ltd (a subsidiary of Africa Finance Corporation) (“AFC”) on its acquisition of 100% of the shares in Pecan Energies AS (formerly Aker Energy AS) (“Pecan Energies”) from Aker Capital AS and The Resource Group TRG AS.
On completion of the transaction on 14 April 2023, AFC became the sole shareholder of Pecan Energies, and thereby holds 50 percent of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, comprising discoveries of 450-550 million barrels of oil equivalents, including the Pecan field.
The Olaniwun Ajayi (UK) LLP team was led by Partner, Dr. Gabriel Onagoruwa and supported by Senior Associate, Juanita Derex-Briggs. Gabriel had this to say about the transaction: “We are delighted to be supporting AFC in its commitment to catalysing economic growth and development in Africa. This transaction aligns with AFC’s plan to reduce Africa’s massive energy deficit and its objective of ensuring that Africa’s vast natural resources are sustainably developed for the good of Africans and the world at large”