Afren PLC,

Proposed Acquisition of Black Marlin Energy

On June 2nd, Afren announced the proposed acquisition of Black Marlin Energy, an Exploration company focused purely on East Africa, with 1.3bn boe net prospective resources spread across 12 exploration blocks and 4 countries. Kenya, Ethiopia, Seychelles, and madagaska. The proposed acquisition is all paper, with 0.3647 Afren shares per every Black Marlin Share. At Afren share price of 90p (on the day of announcement), the transaction implies a consideration of C$106.5m for Black Marlin Energy. Afren will issue 76.8m new shares 9.7% of issued shares and around 9 days of natural trade in the name.

Adds high impact potential to our thesis. We had previously flagged East Africa as a promising new exploration province and thus beleive that ..........

For the full paper leave your comments and email address :