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New Age secures loans to finance Nigeria expansion

01 July 2016, 08:57

Lagos – New Age, the energy firm, has secured more than US$350 million loan facility to increase production at its Nigerian oil fields.

The company has made significant steps in achieving its growth objectives.

New Age as the technical operator of the Aje field in OML 113 in Nigeria, has attained first oil production targeting 11 000 barrels per day, making Lagos State officially an oil producing state.

Also read: Billions signed in oil and gas deals with China

The Aje field is also targeted to be a significant gas supplier to Lagos power and industrial projects.

Africa Finance Corporation (AFC) and the lender consortium are disbursing an initial $350 million of the facility immediately, with an accordion feature to allow for an additional $75 million of capital to follow.

AFC is a lead arranger for an up to US$425 million senior mezzanine facility for New Age.

AFC has projects in Nigeria and the Republic of Congo among other African entities.

- CAJ News


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