Accra, Ghana, 22nd June 2023 Springfield Exploration and Production Limited (SEP), an independent
African energy company) has signed a US$750 million facility with African Export-Import Bank(Afreximbank).
The ceremony took place at the ongoing Afreximbank 30 th Annual General Meetings being held in Accra.
Mr George Owodo, Chief Finance Officer signed for Springfield whilst Ms Oluranti Doherty, Director, Export Development of Afreximbank signed on behalf of the bank.
The facility will positively impact the development of the West Cape Three Points Block 2, particularly the unitized Afina-Sankofa field.
In October 2019, the Afina-1 well made two discoveries that included gas, critical and light oil at a water depth of 1030 metres drilled to a total depth of 4085 metres.
This more than doubled Springfield’s proven oil reserves to 1.5 billion barrels and added almost 1TCF of gas to the existing discoveries. The current undiscovered potential of the Block is estimated at over 3 billion barrels of oil and gas in multiple leads and prospects within multiple proven reservoir units.
Commenting on the facility after the signing ceremony Kevin Okyere, Chief Executive Officer of Springfield said:
This is a great day for African companies in building an alliance with a great African financial institution. like Afreximbank. This facility will enable us to add tremendous value to our oil block and we are very
excited about the opportunity.
SPRINGFIELD SIGNS US750M FACILITY WITH. AFREXIMBANK
