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Springfield Exploration Signs $750m Deal With Afreximbank

Springfield Exploration and Production Limited (SEP), an independent African energy company, has signed a $750 million facility with African Export-Import Bank (Afreximbank).

The signing took place on the sidelines of the just ended Afreximbank 30th Annual General Meetings held in Accra.

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 will positively impact the development of the West Cape Three Points Block 2, particularly the unitized Afina-Sankofa field.

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 one trillion cubic feet (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 ceremony 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,” he added.

Springfield Exploration and Production Limited was incorporated in March 2008 to pursue exploration and production opportunities in Ghana and the West African sub-region.

The process of acquiring a block began in 2012, but this was finally awarded by the Government of Ghana in March 2016.

The Company is currently the Operator and Majority Interest Holder of West Cape Three Points Block 2 with the Ghana National Petroleum Company and its exploration company, EXPLORCO holding the remaining interest.

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

Source : Ghana Business News