Africa Finance Corporation acquires Aker Energy ahead of development of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana

14 Apr 2023 14:20 CEST

Aker Capital AS, 100 percent owned by Aker ASA (together referred to as "Aker"),
and The Resource Group TRG AS ("TRG") have agreed to sell their shares in Aker
Energy AS ("Aker Energy") to AFC Equity Investment Ltd, a company owned by
Africa Finance Corporation ("AFC"). Aker today holds 50.79 percent of the shares
in Aker Energy, and TRG holds 49.21 percent. The management team of Aker Energy
will remain unchanged and will work towards submission of the Plan of
Development ("PoD") for the Pecan field to Ghanaian authorities in April 2023.

Through the transaction, AFC will become the sole shareholder of Aker Energy,
and thereby 50 percent owner of the Deepwater Tano Cape Three Points (DWT/CTP)
block offshore Ghana, comprising discoveries of 450-550 million barrels of oil
equivalents, including the Pecan field. Africa Finance Corporation has
previously invested USD 200 million in senior secured bonds in the DWT/CTP block
development and AFC's CEO currently serves on the Aker Energy board.

"Aker still believes in the resource potential of the DWT/CTP block in Ghana.
AFC is already invested in this field development and is well-positioned to
continue this development. In-line with Aker's capital allocation priorities, we
have thus made a strategic decision to sell our stake in the Ghana assets with
an earn-out model as a consideration. This way we share the risk and reward of
this future development," said Øyvind Eriksen, President and CEO of Aker ASA.
"The sale to a reputable African institution, such as the AFC, was considered to
be the best way forward to ensure the development of the Pecan field, as well as
the whole DWT/CTP block. We are therefore very pleased to have reached this
agreement with AFC."

The consideration for the share purchase by AFC is an earn-out model based on
potential future sales and/or production proceeds from the Pecan project. Aker
will on an ongoing basis assess the value of the potential earn-out
consideration compared to its current book value, which forms part of Aker's Net
Asset Value reporting.

AFC is a pan-African multilateral development finance institution with a proven
track record in providing pragmatic solutions to Africa's infrastructure
deficit, having assembled a USD 10.5 billion portfolio of loans and other
investments across six sectors, and accession to the Corporation by 40 member
countries. The Republic of Ghana became an AFC sovereign shareholder in 2018,
having acceded to membership in 2011. AFC has invested in several projects in
Ghana across various real sectors over the last 15 years, both as equity and
debt providers.

"AFC reaffirms its commitment to catalyzing economic growth and development in
Africa. AFC will continue to ensure that Africa's natural resources, including
its vast oil and gas reserves, are developed sustainably within the global
framework on energy transition and the UN Sustainable Development Goals," said
Samaila Zubairu, President and CEO of AFC. "The DWT/CTP Project, which aims to
develop Ghana's proven resources, has the potential to create jobs, increase
government revenues, and spur development in the country. Our continuing
collaboration with Aker entities for technical support to the development will
ensure that the PoD is submitted on time and in line with the framework agreed
with the Government of Ghana. This is a positive step toward achieving the
project's goals and significantly contributing value to the Ghanaian economy."

ENDS

Media contact:
Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA
Tel: +47 907 84 878
Email: atle.kigen@akerasa.com

Investor contact:
Fredrik Berge, Head of Investor Relations, Aker ASA
Tel: +47 450 32 090
Email: fredrik.berge@akerasa.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Fredrik Berge, Head of IR, Aker
ASA, on April 14, 2023 at 14:20 CEST

More information:
Access the news on Oslo Bors NewsWeb site