Heirs Energies Limited has secured a $750 million financing agreement with the African Export–Import Bank (Afreximbank) in one of the largest financings ever secured by an indigenous African energy company.
Heirs Energies recently assumed operatorship of OML 17 hence the need for the capital. The Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.
OML 17 Growth
Since Heirs Energies took over the facility, oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) to over 50,000 bopd and 120 mmscf/d.
Significance of Financing
The Afreximbank facility will help accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.
Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:
“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital.
“It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.” he concluded.
Dr. George Elombi, President and Chairman of Afreximbank, stated:
“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”
