Afren Closes Kurdistan Acquisition And Financing

Afren plc has completed the acquisition of a 60 percent participating interest in the Barda Rash PSC and 20 percent participating interest in the Ain Sifni PSC, located in the Kurdistan region of Iraq, and executed a corporate credit facility for up to US$200 million in connection with the Acquisition.

Further to the announcement of 27th July, Afren has completed the acquisition of interests in two contiguous Production Sharing Contracts (“PSCs”) located in the Kurdistan region of Iraq, a 60 percent participating interest in the Barda Rash PSC and a non-operated 20 percent participating interest in the Ain Sifni PSC, for a total acquisition cost of US$588.25 million.

Afren has also executed a US$200 million secured term loan facility (the “Loan Facility”) in connection with the Acquisition. The facility has a maturity of 18 months, with quarterly repayments commencing six months following the date of draw down. The Mandated Lead Arrangers of the facility are BNP Paribas and VTB Capital.

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(Source: Afren)

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