Norwegian investment firm Aker plans to launch an initial public offering (IPO) of Aker Energy in late 2019 or in 2020, in order to make the company a leading exploration and production company in Ghana. Aker Energy took over Hess Gana in June 2018 and became the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block with a 50% participating interest in the license (38% owned by Lukoil, 2% by Fuel Trade and 10% by Ghana National Petroleum Corporation). The DWT/CTP block is estimated to hold 550 mbl to 950 mbl of oil resources in ultra-deep waters offshore of Ghana. Crude oil production could start within 3 years after the final investment decision (FID).
Aker Energy has submitted a US$4.4bn development plan for the Pecan oil field in the DWT/CTP block; this development plan is expected to be approved by Ghana's authorities by the end of 2019. To finance the project, the group has issued subordinated convertible bonds of US$100m to Africa Finance Corporation (AFC); the bonds have a coupon of 5.5% and will be converted to equity in the event of an IPO. The IPO would also bring additional financial resources to fund the oil project.