Mars Exploration & Production Company Limited has secured a $274 million senior reserve-based lending facility from Afreximbank.
Signed yesterday at the ongoing Intra-African Trade Fair (IATF) in Durban, South Africa by its founder and executive chairman, Mr. Abdullahi Bashir, Mars E & P is to utilise the proceeds of this financing towards the funding of growth and expansion opportunities as well as general corporate purposes.
The financing package will facilitate Mars E&P’s acquisition of 51 per cent equity interest in OMLs 123, 124, 126 and 137. In addition, the financing package will help boost oil production for the country as it incorporates a $50 million tranche to increase daily production from 25,000 barrels per day to 50,000barrels per day by 2023..
Bashir, who is also the group managing director of the AA&R Investment Group, stated “we are elated and proud to have secured this financing deal with Africa’s leading bank.. It will enable Mars E&P further strengthen its position as an emerging player in the global E&P space through the enrichment of our upstream asset portfolio”
In fulfillment of its commitment to support the next generation of African business leaders, Afreximbank affirmed that this was the largest deal signed with an African youth and the bank was extremely proud of Bashir’s landmark achievement.
As one of the energy subsidiaries under the AA & R Investme.