PROJECT

Projects

Environmental Review Summary

Project Number

11459

Company Name

OSPREY OIL & GAS LIMITED

Date ERS Disclosed

Feb 28, 2002

Country

Africa Region

Region

Africa

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Jun 26, 2002
Signed : Sep 23, 2002
Invested : Sep 23, 2002

Sector

Oil and Gas Production (Includes Development)

Industry

other

Department

Regional Industry - INF Africa

Project Description

Osprey Oil & Gas Limited (Osprey) is a newly established Exploration and Production (E&P) company with a focus on oil and gas prospects in Africa. IFC will provide “seed” capital to cover the establishment and operational costs for one year. Osprey is willing to work with local partners thereby enabling local companies to benefit from the liberalization of the oil and gas sector. IFC''s early participation will also (i) assist the company in mobilizing much needed expansion capital, (ii) enhance the credibility of Osprey by helping it attract investors with high integrity, and (iii) add value in terms of best practices in the areas of environmental and social policy and corporate governance. The proposed IFC financing secures the right to 13.3% of the company’s equity with the option to participate in future transactions. The next stage of financing, in which IFC may or may not be involved, will include the acquisition and development of oil and gas assets.

Environmental and Social

Conclusion & Monitoring