Deal: Afren Acquires Additional 23% Interest In First Hydrocarbon Nigeria

Afren plc has acquired an additional an additional 23.3 percent beneficial interest in First Hydrocarbon Nigeria (FHN) following the recent shareholder approval on the recommended acquisition of a 10.4 percent interest in FHN.

The acquisition of an additional 33,966,333 shares, representing approximately 23.3 percent of the outstanding share capital of FHN, from a combination of Capital Alliance Energy Nigeria Limited, Earl Act Global Investments Limited and other FHN shareholders, has been undertaken at an average price of $3.10 per share in cash. Osman Shahenshah, chief executive of Afren, said in a statement Friday: “As previously highlighted, we are delighted to be increasing our indirect beneficial ownership of OML 26 onshore Nigeria and further simplifying the FHN shareholder base.