New Age secures loans to finance Nigeria expansion

Nigeria oil fieldsFrom OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – NEW Age, the energy firm, has secured more than US$350 million loan facility to increase production at its Nigerian oil fields.

The company has made significant steps in achieving its growth objectives.

New Age as the technical operator of the Aje field in OML 113 in Nigeria, has attained first oil production targeting 11 000 barrels per day, making Lagos State officially an oil producing state.

The Aje field is also targeted to be a significant gas supplier to Lagos power and industrial projects.

Africa Finance Corporation (AFC) and the lender consortium are disbursing an initial $350 million of the facility immediately, with an accordion feature to allow for an additional $75 million of capital to follow.

AFC is a lead arranger for an up to US$425 million senior mezzanine facility for New Age.

AFC has projects in Nigeria and the Republic of Congo among other African entities.

– CAJ News

Short URL:

Posted by on Jul 1 2016. Filed under Energy, Finance, Investing, National, Oil & Gas, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Connect to CAJ News on Facebook

Subscribe to our Newsletter

Photo Gallery

Log in
All material © CAJ News Africa. Material may not be published or reproduced in any form without prior written permission.