The Asset is owned by joint venture partners, including Aker Energy (50%), Lukoil (38%), Fueltrade (2%) and a 10% carry for the Ghana National Petroleum Corporation (“GNPC”), wholly owned by the Government of Ghana. The Pecan field, which is the most appraised in the DWTCTP block and the field to be developed in the first phase, is an oil field estimated to contain reserves of about 334 million barrels of oil equivalent.

This investment is aligned with AFC’s overall natural resources strategy, which entails building a portfolio of value added assets across the Energy value chain. By taking an early equity financier role in operational or near-operational upstream assets. AFC can enhance the revenue potential of African states to generate revenue required for investment in infrastructure and social services for its growing populations.

This investment also marks the beginning of AFC and Aker’s mutually beneficial relationship in the exploration and production sector across the African continent; AFC will offer support to Aker, open new opportunities, and mitigate potential geopolitical risks. Aker, with its proven track record of delivering complex deep water projects on time and budget, and a network of affiliates, such as Aker Solutions, a leading subsea equipment and services provider, is an ideal partner for AFC, as it seeks to broaden its partnerships with developers within the natural resources sector.

The Republic of Ghana (Ghana) which became an AFC sovereign shareholder in 2018, having acceded to membership in 2011, will benefit from this project through increased revenue and government royalty and taxation income. Deepwater Tano Cape Three Points field is one of the Ghana’s principal hydrocarbon assets and is expected to contribute to Ghana’s near term target of an annual production volume of 500,000 barrels of oil equivalent per day.

Samaila Zubairu, President & CEO of AFC, commented on the announcement: “This is an exciting milestone for Africa Finance Corporation – we have partnered with the

subsidiary of one of the most highly respected international oil, gas and industrials companies to support its first project in the African market as an operator. This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa, both of which AFC is ideally placed to offer.”

Jan Arve Haugan, CEO of Aker Energy, added: “We value AFC’s vote of confidence by collaborating with Aker Energy and the commitment to further strengthening this partnership going forward. We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lies ahead of us.”

Distributed by African Media Agency (AMA) on behalf of Africa Finance Corporation (AFC).

Notes to Editors

About AFC – www.africafc.org

AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately US$4.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$750 million in 2015 and US$500 million in 2017; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested approximately US$4 billion in projects within 28 countries across North, East, West and Southern Africa.

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About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating interest in the DWT/CTP Petroleum Agreement. Its partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%). Aker Energy aims to become the oil and gas operator of choice offshore Ghana, by maturing and producing resources in a safe, efficient and reliable manner to the benefit of the company, partners and the people of Ghana. Aker Energy has offices in Oslo, Norway and Accra, Ghana. Please visit www.akerenergy.com for more information.