Black Marlin Energy Limited, British Virgin Islands-registered company engaged in oil and gas exploration in East Africa, entered into a definitive agreement with Afren plc, providing for the acquisition of Black Marlin by Afren. Upon completion of the arrangement, Black Marlin would become a wholly-owned subsidiary of Afren.
Under the terms of the agreement, each shareholder of Black Marlin will receive 0.3647 of a common share of Afren for each common share of Black Marlin held. The transaction will be completed pursuant to a scheme of arrangement under the laws of the British Virgin Islands. Upon completion, Black Marlin security holders will own approximately 7.9%, and Afren security holders will own approximately 92.1% of the combined company.
It is expected by the companies that the combination will provide many benefits both to Afren and Black Marlin.
Afren plc is an African focused independent oil and gas exploration and production company, having interests and operating in Ghana, Côte d'Ivoire and Nigeria. Afren also has minority exploration interests in Congo Brazzaville and the Joint Development Zone of Nigeria - São Tomé & Príncipe.
