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How White & Case Advised TNOG Oil on Acquisition of OML 17

Obinna Chima
Global law firm, White & Case LLP, has disclosed that it advised Trans Niger Oil and Gas Limited (TNOG), a related company of Heirs Holdings Oil & Gas Limited and Transnational Corporation of Nigeria Plc (Transcorp), on the highly innovative acquisition financing of a 45 per cent participating interest in OML 17 and related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.
TNOG Oil and Gas Limited, now has sole operatorship of the asset.
This is just as White & Case has announced the promotion of Deji Adegoke, one of its officials, who played a key role in the transaction to the position of a Partner in its Global Project Development and Finance Practice. ....

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Afreximbank disburses $250 million to support Trans Niger Oil and Gas's acquisition of OML 17

Afreximbank disburses $250 million to support Trans Niger Oil and Gas’s acquisition of OML 17 ....

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Trans Niger Gets Afreximbank's US$250m For 45% Stake in OML 17

Trans Niger Gets Afreximbank's US$250m For 45% Stake in OML 17
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Tony Elumelu's TNOG obtained $250m facility from Afriexim bank to acquire 45% stake in OML17 onshore oil field

By The Rainbow
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Trans Niger Oil and Gas Limited (TNOG) obtained a $250 million facility from Afrieximbank of the $1.1 billion it used in the acquisition of a 45% stake in the OML 17 onshore oil field.
This makes Afreximbank largest creditor, subscribing about a quarter of the financing, in three deal that enabled TNOG to purchase shares in OML 17 from Shell Petroleum Development Company, Total E&P Nigeria Limited and ENI.
Other participating donors include Africa Finance Corporation, Union Bank, Shell, Hybrid Capital and Schlumberger, with TNOG advised by United Capital Plc
The five-year US$1.1 billion facility, which was signed in December 2020, despite the economic headwinds caused by the COVID-19 pandemic, was led, as Mandated Lead Arrangers, by Afreximbank, Standard Chartered Bank and ABSA. Following this acquisition, TNOG will now operate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation, which owns the ....

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Afreximbank disburses $250 million to TNOG to acquire 45% stake in oil lease

The African Export-Import Bank (Afreximbank) has announced the disbursement of $250 million as part of its support for Trans Niger Oil and Gas Ltd (TNOG) to acquire 45 per cent stake in Oil Mining Lease (OML) 17 onshore oilfield.
The fund is part of the $1.1 billion which is required by the oil firm for the acquisition of the 45% stake in the oilfield in which the Nigerian National Petroleum Corporation (NNPC) holds 55% equity in the Lease.
According to a press statement from Afreximbank, the $250 million Reserve Based Lending facility, is the largest amount to be disbursed for this purpose, underwriting about a quarter of the financing that enabled TNOG to acquire stakes in OML 17 from Shell Petroleum Development Company, Total E & P Nigeria Limited and ENI. ....

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