Mars E&P secures $274m facility from Afreximbank

The facility signed on Tuesday at the ongoing Intra-African Trade Fair IATF in Durban, South Africa, by Abdullahi Bashir, founder/executive chairman, 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.

Mars Exploration & Production Company Limited (Mars E&P) has secured a $274 million senior reserve-based lending facility from Afreximbank.

The financing package will facilitate Mars E&P’s acquisition of 51percent 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 50,000 barrels per day by 2023.

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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 fulfilment 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 Abdullahi’s achievement.

As one of the energy subsidiaries under the AA&R Investment Group, Mars E&P commenced operations in 2019, and currently owns interests in two marginal oil field assets.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.