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Eroton Seals $750m Financing Deal with Afreximbank.

The Eroton Exploration and Production Company has secured a $750 million financing from the African Export–Import Bank (Afreximbank).

The deal which was signed yesterday at the ongoing 2021 Intra-African Trade Fair in Durban, South Africa, would enable Eroton to finance the acquisition of 100 per cent of the shares in two special purpose vehicles for oil mining lease (OML).

THISDAY learnt that the deal which was for a senior secured lending facility, would also enable the oil and gas company finance the repayment of all its outstanding exposures with its existing lender.

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Chairman, Eroton, Onajite Okoloko signed on behalf of the company, while the Global Head of Clients Relations, Afreximbank, Rene Awambeng, signed on behalf of the bank.

Eroton was incorporated in August 2013 as an independent indigenous oil and gas company. The company commenced full operations in 2015. It is focused on the prolific Niger Delta Petroleum System in Nigeria.

Eroton acquired 45 per cent of OML 18 in a competitive bid round conducted by the Department of Petroleum Resources in 2015. OML 18 was previously owned by a consortium made up of Shell Petroleum Development Company, Total Exploration & Production Nigeria Limited and Nigeria Agip Oil Company.

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OML 18 is located in the Eastern Niger Delta and covers a total area of 1,035 SQKM in an onshore swamp terrain. There are seven oil flow-stations, one Non-Associated Gas (NAG) and three Associated Gas Gathering (AGG) facilities in OML 18. Capacities range from 10 kbopd to 60 kbopd, and 120 MMscf/day to 150mmscf/day.

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The company operates the fields (Alakiri, Buguma, Krakrama, Asari Toru, Bille, Tema, Cawthorne Channel, Awoba, Ibibio and Akso) in OML 18 on behalf of the joint venture between the Federal Government of Nigeria and Eroton. The National Petroleum Investment Management Services arm of NNPC (NAPIMS) represents the Federal Government in the joint venture. Tema and Awoba fields straddle the adjoining OMLs 23 & 24 respectively.

Source: thisdaylive

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