Springfield Exploration and Production Limited (SEP), an independent African energy company, has signed a US$750 million facility with African Export-Import Bank (Afreximbank).
The facility will positively impact the development of the West Cape Three Points Block 2, particularly the unitised Afina-Sankofa field.
The signing ceremony took place at the just ended Afreximbank annual general meetings and 30th anniversary celebrations of Afreximbank in Accra.
It was on the theme ‘United We Stand: Deploying AfriCaribbean Resources for Sustainable Development – Perspectives from Monetary Authorities.’
The three-day programme was attended by African Heads of States, captains of industries and intra-African trade experts.
Mr George Owodo, Chief Finance Officer signed for Springfield whilst Ms Oluranti Doherty, Director, Export Development of Afreximbank signed on behalf of the bank.
The facility is also expected to boost SEP’s, one of Ghana’s largest indigenous energy companies operations and drive investment into the oil and gas sector.
In October 2019, the Afina-1 well made two discoveries that included gas, critical and light oil at a water depth of 1030 metres drilled to a total depth of 4085 metres.
This more than doubled Springfield’s proven oil reserves to 1.5 billion barrels and added almost 1TCF of gas to the existing discoveries.
The current undiscovered potential of the Block is estimated at over 3 billion barrels of oil and gas in multiple leads and prospects within multiple proven reservoir units.
Commenting on the facility after the signing, Mr Kevin Okyere, Chief Executive Officer of Springfield said “this is a great day for African companies in building an alliance with a great African financial institution like Afreximbank.”
“This facility will enable us to add tremendous value to our oil block and we are very excited about the opportunity. The transaction complies with Afreximbank’s mandate to promote local content in Africa’s Oil and Gas and other mining industry and generate foreign receivables into Africa,” he said.
BY KINGSLEY ASARE
