Acquisition: Fenchurch Energy Provides Technical Advisory Services to AFC

Sunday Ehigiator 

Technical advisers to the Africa Finance Corporation (AFC), Fenchurch Energy Limited, has announced that it had successfully completed  its mandate in providing technical due diligence services in respect of AFC’s acquisition of 100 per cent shares of Pecan Energies AS (formerly Aker Energy AS) from Aker ASA, a Norwegian Industrial Investment Company, and The Resource Group TRG AS (TRG).

A statement from the company revealed that Aker SA and TRG have agreed to sell their shares in Aker Energy AS (Aker Energy) to AFC Equity Investment Ltd, a company owned by AFC.

Speaking on the completion of the advisory mandate for the landmark acquisition in the Ghanaian oil and gas sector, the CEO of the Fenchurch Group, Olufemi Bakare said “we are delighted to be supporting the AFC on their upstream and midstream investments across Africa.”

Also speaking, Director, Fenchurch Energy, Funso Adeyemi, noted that, “AFC is a pan-African multilateral development finance institution with a $10.5 billion portfolio of loans and other investments across six sectors.  AFC has invested in several projects in Ghana across various real sectors over the last 15 years, both as equity and debt providers.

“Since we began to provide technical advisory services to AFC in 2019, we have continued to deploy the best hands as well as our region-specific expertise to ensure that the right analysis and advice is provided on this and other AFC transactions.”