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Energy Voice
New Age secures $425million loan to fund exploration in Africa

The facility, provided by a consortium of five lenders, was led by EIG Global Energy Partners and the Africa Finance Corporation.

Africa Energy Intelligence
For its upstream debut, EIG places bet on New Age

Up to now confined to North America, the EIG fund has ventured into Africa’s oil industry. In teaming up with the Nigerian equity fund Africa Finance Corporation, EIG Global Energy Partners has lent $425 million to the British explorer. Highly active in E&P in North America (it bankrolls Chesapeake Energy, among others), EIG is making its very first investment in the sector in Africa.

Business Day Online
AFC arranges $425m loan facility for New Age

Andrew Alli, President & CEO of AFC commenting on the announcement said:
“While the recent volatility in the oil industry has been challenging, AFC believes the current market provides opportunities for long-term investors across the value chain.”

Cajnews Africa
New Age secures loans to finance Nigeria expansion

BizNis Africa
AFC leads a $425 million loan facility for oil and gas producer New Age

African Media Agency
AFC leads a $425 million loan facility for oil and gas producer New Age

New Age has enjoyed considerable operational success in recent years across its Pan African portfolio and we would like to help them build on these foundations for the future. The company’s well capitalised existing shareholder base, now complemented by a new financing from top tier financial institutions with a long history of investing in global oil and gas projects, is a testament to the confidence in the business model and provides comfort on New Age’s ability to successfully execute future large scale capital projects.