Athena is a Secured Revolving Borrowing Base facility for the development of a single oil and gas field Okoru Setu in Nigeria, by Afren, an independent oil and gas exploration and production company.
Afren’s local company AERL will be working together with International Petroleum Development Company Limited (AMNI), a local Nigerian oil and gas exploration and production company to develop this Nigerian off-shore field. These two companies announced the approval by the Department of Petroleum Resources in Nigeria for this field development in early April 2007.
The Project involves developing the well from one location using sophisticated directional drilling techniques. Oil will be transported to and stored in an FPSO-facility, a floating production storage and offloading vessel, which will be moored nearby. Recoverable reserves are estimated to be 30 million barrels.
The loan facilities consist of two tranches equalling US $200m, both with a 5 year term which sees the model span 10 years.
Operis, who was appointed by BNP Paribas to review the model, delivered its final opinion letter to BNP Paribas today.