Afren

completed

Afren plc (Afren or the company) is a newly-established independent UK public limited company with an exclusive focus on oil and gas exploration and production (E&P) activities in Africa. IFC will provide “seed” capital to help finance Afren’s initial establishment and operational costs. The company is committed to work with local partners, thereby enabling African companies to benefit from the liberalization of the oil and gas sector. IFC's early participation will also achieve the following: - assist the company in mobilizing much needed expansion capital, - enhance the credibility of Afren by helping it attract investors with high integrity, and - add value in the areas of environmental and social policy and corporate governance. The proposed IFC financing secures the right to approximately 6% of the company’s equity with the option to participate in future capital raisings.