Ex-official in comeback with launch of E&P outfit to target West Africa

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<h1>Ex-official in comeback with launch of E&P outfit to target West Africa</h1><strong> Author: <a href='http://www.articleseen.com/profile_Tom Jui.aspx'>Tom Jui</a></strong><br /><p>Rilwanu Lukman, the previous head of Opec and Nigeria's former presidential advisor on petroleum affairs, has teamed up with four other Africa 'hands' to build up a new E&P company whose initial focus will be on the Gulf of Guinea. Afren was registered at London's Companies House on 3 December 2004, more than one year after Lukman resigned - giving no reason - as advisor to Nigeria's President Olusegun Obasanjo. Given Lukman's background and those of some other Afren investors, upstream targets in Nigeria - perhaps some of the marginal fields - will likely be on their radar. Joining Lukman in Afren is Egbert Imomoh, former deputy managing director of Shell Nigeria and head of Shell's external affairs program for community issues in the strife-torn Niger Delta; and Guy Pas, a Belgian national who was previously chief financial officer of Geneva-based oil trading-to-upstream group Addax & Oryx and is currently chairman of Mano River Resources, a publicly traded West African mineral resources company based in London. Additional backers are Osman Shahenshah, a managing director of merchant bank Taylor-de-Jongh and also head of its London office who has experience in financing oil and gas projects in Africa; and Ethelbert Cooper, described as a Liberian entrepreneur with more than 20 years' involvement in African natural resources. Taylor-de-Jongh is also acting as Afren's financial advisor. Afren has applied to the International Finance Corporation for 'seed capital' with the World Bank offshoot "considering an equity investment in the form of ordinary shares of up to $1 million". About $5.7 million is budgeted to meet the company's establishment and operating costs during its first year. The company will be reviewing investment opportunities during its initial 12 months while investments in specific projects will be financed through a combination of new equity funding and debt. Afren, which could well list in London, also plans secondary listings in African markets, perhaps including Johannesburg and Lagos. Afren has an ambitious plan to become "a truly African-owned and run business that actively pursues opportunities for local participation in the development of the continent's oil and gas reserves", according to documents filed with the IFC.</p><strong>About the Author:</strong><br />The Article is written by www.ethelbertcooper.com providing <a rel="nofollow" href="http://www.ethelbertcooper.com">Ethelbert Cooper</a>. Visit http://www.ethelbertcooper.com for more information on www.ethelbertcooper.com Products and Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links and this copyright statement must be included. Visit www.ethelbertcooper.com for more services! <p> Article Source: <a href='http://www.articleseen.com/Article_Ex-official-in-comeback-with-launch-of-EP-outfit-to-target-West-Africa_97256.aspx'> http://www.articleseen.com/Article_Ex-official in comeback with launch of E&P outfit to target West Africa_97256.aspx</a></p>

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