IFC

Swala Energy Set To Acquire First Producing Asset in Tanzania

Swala Oil and Gas entered into an agreement with Orca Exploration to acquire up to 40%  interest in the Songo Songo producing assets currently held by the international finance corporation (IFC) for $130 million based on an agreed value of US$325 million as earlier announced in August. According to Orca Swala has agreed, subject to …

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Scatec Solar, Norfund sign Power Purchase Agreement for Mozambique’s first large scale Solar Plant

Scatec Solar  and Norfund  have signed the Power Purchase Agreement securing  the sale of solar power over a 25 year period to the state owned utility Electricidade de Mozambique (EDM). The agreement was signed at a ceremony in Maputo yesterday in the presence of the Norwegian Minister of Foreign Affairs, Mr Børge Brende, the Mozambican …

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Lobbyists want Kenya’s Early Oil Project Scrutinized

The Kenya Civil Society Platform on Oil and Gas (KCSPOG) has questioned the overwhelming government backing of the early oil pilot scheme (EOPS) project a no profit making venture that could lead to losses of $29 million at current market prices as well as wasted resources in the upgrading of the refinery for storage expected …

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Delonex Energy Is Slowly Becoming A Major Player in East Africa

Delonex Energy has since its entry in East Africa through the Ethiopian acreage in September 2014 increased its presence in the region just recently having acquired equity in Kenya’s Block 12A and Block 9 and could be said to be among explorers that have gained the largest acreage in the last three years . Most significant is …

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Africa Oil gets $50 million financing to advance the appraisal and development in Kenya

Africa Oil Corp has announced that it has entered into an equity subscription agreement with International Finance Corporation, a member of the World Bank Group, to sell, on a non-brokered private placement basis, 31,169,048 of its common shares at a price of CAD $2.10 for gross proceeds of CAD $65,455,000 (US $50 million(1)). This means …

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Orca Exploration Receives $60 million financing for the Songo Songo development programme

Orca Exploration has announced that it is proceeding with the first phase of the Songo Songo development programme following World Bank board approval of the International Finance Corporation financing. Through its operating subsidiary, PanAfrican Energy Tanzania Limited the World Bank board approved an investment of $60 million by IFC currently contemplated as a subordinated, income …

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