{"id":3257,"date":"2015-08-20T08:39:50","date_gmt":"2015-08-20T08:39:50","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3257"},"modified":"2015-08-20T08:39:50","modified_gmt":"2015-08-20T08:39:50","slug":"africa-oil-gets-50-million-financing-advance-appraisal-development-kenya","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-gets-50-million-financing-advance-appraisal-development-kenya\/","title":{"rendered":"Africa Oil gets $50 million financing to advance the appraisal and development in Kenya"},"content":{"rendered":"

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)).<\/p>\n

This means that upon completion of the private placement the world’s largest global development institution will hold approximately 6.83% of the issued and outstanding common shares of the Company.<\/p>\n

According to Africa Oil President and CEO Keith Hill the proceeds of the private placement will be used to fund the Company’s oil and gas exploration, appraisal and development activities<\/a>, and general working capital requirements, primarily aimed at advancing the appraisal and development of the South Lokichar Basin in Blocks 10BB and 13T.<\/p>\n

 <\/p>\n

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“This investment will underscore our commitment to conducting our operations to high social and environmental standards. The investment allows us to continue moving the Lokichar project forward in the difficult times of low oil prices and we hope that IFC will become a long term partner as we move the project into development,\u201d says Hill.<\/p>\n

Africa Oil adds that it hopes \u00a0to expanding this relationship as development accelerates in light of the recently announced export pipeline<\/a> agreed by the Kenya and Uganda host governments.<\/p>\n

“The sustainable development of the South Lokichar project holds significant potential for Kenya’s continued economic growth. Through this investment, IFC looks forward to an active engagement with Africa Oil that will help pioneer Kenya’s entry into the cadre of oil producing nations in sub-Saharan Africa,” ,” said Lance Crist, IFC Global Head of Natural Resources.<\/p>\n

An application will be made to the Toronto Stock Exchange (the “TSX”) for approval of the private placement with the Company expecting the closing to occur on or around August 31, 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":2526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[70,3514,259,266,3515,3319,3516,1252,2042,2078,2377,2745],"class_list":["post-3257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-apraissal","tag-block-10bb","tag-block-13t","tag-development","tag-ifc","tag-international-finance-corporation","tag-kenya","tag-pipeline","tag-private-placement","tag-south-lokichar","tag-world-bank","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/africa-oil-logo.jpg?fit=400%2C400&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Qx","jetpack-related-posts":[{"id":6619,"url":"https:\/\/www.oilnewskenya.com\/index.php\/world-bank-halts-finance-upstream-oil-gas\/","url_meta":{"origin":3257,"position":0},"title":"World Bank Halts Finance For Upstream Oil and Gas","author":"","date":"December 14, 2017","format":false,"excerpt":"The World Bank Group has announced that it will no longer finance upstream oil and gas, after 2019 as part of its continuation of its own operations and to support countries meet their Paris goals. According to the statement from the group at the one planet summit convened by President\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/12\/World-Bank-Logo.jpg?fit=700%2C599&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/12\/World-Bank-Logo.jpg?fit=700%2C599&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/12\/World-Bank-Logo.jpg?fit=700%2C599&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/12\/World-Bank-Logo.jpg?fit=700%2C599&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2874,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-recieves-us100-million-financing-finance-appraisal-development-work-program-east-africa\/","url_meta":{"origin":3257,"position":1},"title":"Africa Oil Receives US$100 Million To Finance Appraisal And Development Work Program In East Africa.","author":"","date":"May 4, 2015","format":false,"excerpt":"Africa Oil has announced that it has entered into an investment agreement with Stampede Natural Resources S.a.r.l. an entity owned by a fund advised by Africa-focused investment firm Helios Investment Partners LLP to sell, on a non-brokered private placement basis, 52,623,377 of its common shares at a price of CAD\u2026","rel":"","context":"In "Profile"","block_context":{"text":"Profile","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/profile\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/africa-oil-logo.jpg?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2600,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-closes-125m-private-placement\/","url_meta":{"origin":3257,"position":2},"title":"Africa Oil closes $125m private placement","author":"","date":"February 24, 2015","format":false,"excerpt":"Canadian listed company Africa Oil \u00a0has announced that it has closed the US$125,000,000 brokered private placement, previously announced on earlier this month having issued an aggregate of 57,020,270 common shares. Net proceeds of the private placement will be used for ongoing exploration, appraisal and development activities in East Africa, as\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/africa-oil-logo.jpg?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3034,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-closes-us100-million-financing-east-africa-program\/","url_meta":{"origin":3257,"position":3},"title":"Africa Oil Closes US$100 Million Financing To East Africa Program","author":"","date":"June 1, 2015","format":false,"excerpt":"Africa Oil has announced that it has closed the US$100,000,000 non-brokered private placement previously announced pursuant to an Investment Agreement dated May 1, 2015 have been released to Stampede Natural Resources S.\u00e0 r.l. 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