Summary of Proposed Investment
Project Number
11459
Company Name
OSPREY OIL & GAS LIMITED
Date SPI Disclosed
Mar 1, 2002
Country
Africa Region
Industry
Metals and Mining
Projected Board Date
Apr 7, 2002
Status
Completed
Sector
Oil and Gas Production (Includes Development)
Department
Regional Industry - INF Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 26, 2002
Signed : Sep 23, 2002
Invested : Sep 23, 2002
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. |
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Frank Taverner, Senior Investment Officer
International Finance Corporation, Room 8P-146
2121 Pennsylvania Ave., Washington D.C. 20433
International Finance Corporation, Room 8P-146
2121 Pennsylvania Ave., Washington D.C. 20433