PROJECT

Projects

Summary of Investment Information

Project Number

36699

Company Name

Meren Energy Inc

Date SPI Disclosed

Aug 31, 2015

Country

Kenya

Region

Africa

Projected Board Date

Jul 9, 2015

Environmental Category

A - Significant

Status

Active

Last Updated Date

Nov 30, 2016

Department

Regional Industry - INF Africa

Industry

Metals and Mining

Previous Events

Approved : Jul 9, 2015
Signed : Aug 18, 2015
Invested : Aug 28, 2015

Sector

Oil and Gas Exploration

Project Description

IFC is invited to invest in Africa Oil Corp. to fund the Company’s oil and gas exploration and appraisal activities and general working capital requirements, primarily aimed at advancing the appraisal of the South Lokichar Basin in Blocks 10BB and 13T near South Lokichar in Kenya. Africa Oil is an East Africa-focused oil and gas exploration and development company and is publicly listed on the Toronto and Nasdaq Stockholm Stock Exchanges. Including the proposed IFC equity placement of $50 million, the Company will have raised $275 million of equity during 2015 to fund its ongoing activities.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation