Aker Capital AS, 100 percent owned by\u00a0Aker ASA, and\u00a0The Resource Group TRG AS (TRG)\u00a0have agreed to sell their shares in\u00a0Aker Energy\u00a0to\u00a0AFC Equity Investment, a company owned by\u00a0Africa Finance Corporation (AFC). Aker today holds 50.79 percent of the shares in Aker Energy, and TRG holds 49.21 percent. The management team of Aker Energy will remain unchanged and will work towards submission of the\u00a0Plan of Development (PoD) for the Pecan field to Ghanaian authorities in April 2023.<\/p>\n\n\n\n
Through the transaction, AFC will become the sole shareholder of Aker Energy, and thereby 50 percent owner of the\u00a0Deepwater Tano Cape Three Points (DWT\/CTP) block offshore Ghana, comprising discoveries of 450-550 million barrels of oil equivalents, including the Pecan field. Africa Finance Corporation has previously invested USD 200 million in senior secured bonds in the DWT\/CTP block development and AFC\u2019s CEO currently serves on the Aker Energy board.<\/p>\n\n\n\n
‘Aker still believes in the resource potential of the DWT\/CTP block in Ghana. AFC is already invested in this field development and is well-positioned to continue this development. In-line with Aker’s capital allocation priorities, we have thus made a strategic decision to sell our stake in the Ghana assets with an earn-out model as a consideration. This way we share the risk and reward of this future development,’\u00a0<\/em>said \u00d8yvind Eriksen, President and CEO of Aker ASA.\u00a0‘The sale to a reputable African institution, such as the AFC, was considered to be the best way forward to ensure the development of the Pecan field, as well as the whole DWT\/CTP block. We are therefore very pleased to have reached this agreement with AFC.’<\/em><\/p>\n\n\n\n The consideration for the share purchase by AFC is an earn-out model based on potential future sales and\/or production proceeds from the Pecan project. Aker will on an ongoing basis assess the value of the potential earn-out consideration compared to its current book value, which forms part of Aker\u2019s Net Asset Value reporting.<\/p>\n\n\n\n AFC is a pan-African multilateral development finance institution with a proven track record in providing pragmatic solutions to Africa\u2019s infrastructure deficit, having assembled a USD 10.5 billion portfolio of loans and other investments across six sectors, and accession to the Corporation by 40 member countries. The Republic of Ghana became an AFC sovereign shareholder in 2018, having acceded to membership in 2011. AFC has invested in several projects in Ghana across various real sectors over the last 15 years, both as equity and debt providers.<\/p>\n\n\n\n