Aker Energy secures additional USD 100 million investment from Africa Finance Corporation for development of offshore blocks

(Oslo, 29 December 2021) Aker Energy AS (“Aker Energy”) is happy to announce that, the Africa Finance Corporation (AFC) has invested an additional USD 100 million in senior secured convertible bonds, which will be part of the financing for the development of the Deepwater Tano Cape Three Points (“DWT/CTP”) block in Ghana.

This brings AFC’s total bond investment to USD 200 million. In 2019, the AFC took up USD 100 million convertible bonds issued by Aker Energy.

“We are delighted that AFC continues to support the development of the DWT/CTP block, said Karl Johnny Hersvik, Board Chairman of Aker Energy. The decision to double its investment is indicative of the viability of the project and particularly welcoming in light of recent trends in the oil and gas sector.”

The terms of the bonds have been re-negotiated and extended to mature in December 2026, with an option to extend by a further three years.

Aker Energy and its license partners, have secured the FPSO Dhirubhai-1 for the first phase of the field development, and are working to submit a revised Plan of Development for the DWT/CTP block before the summer of 2022.

“Our commitment to fast tracking Africa’s economic development through strategic investments is unwavering, especially when we see opportunities in high impact projects such as the DWT/CTP project, said Samaila Zubairu, President and CEO of Africa Finance Corporation. “With the increasing dearth of financing for developing new oil and gas resources to tackle Africa’s significant energy deficit, we are convinced that timely investments such as this will be critical to helping African countries develop their natural resources and grow their economies.”

AFC is a multilateral finance institution created by African sovereign states to provide pragmatic solutions to Africa’s infrastructure deficit and challenging operating environment by developing and financing infrastructure, natural resources and industrial assets for the enhanced productivity and economic growth of African countries. AFC has 33 African countries and three multilaterals as its members and has invested over US$9.8 billion in projects in 35 countries across Africa since its inception.

Arctic Securities acted as sole manager and financial advisor for the transaction. Aker Energy AS and AFC were advised by Norwegian law firms Schjødt and Wiersholm respectively.

About Aker Energy

Aker Energy Ghana Ltd, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, is an exploration and Production Company and the operator of the Deepwater Tano Cape Three Points. (DWT/CTP) block. It holds a 50% participating interest in the license, and the partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%). Aker Energy aims to become the oil and gas operator of choice offshore Ghana, by maturing and producing resources in a safe, efficient and reliable manner to the benefit of the company, partners and the people of Ghana. Aker Energy AS is part of the Norwegian Aker group of companies, with Aker ASA and TRG AS as its majority shareholders. Aker Energy has offices in Ghana and Norway. Please visit www.akerenergy.com for more information.

About AFC - www.africafc.org

AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$9.8 billion in projects across 35 African countries since inception.

Media Enquiries:

Eiliv Gjesdal, Chief Finance Officer

Fornebuporten Oksenøyveien 10, 1366 Lysaker

eiliv.gjesdal@akerenergy.com