A $700 million facility from the African Export-Import Bank (Afreximbank) has been obtained by Springfield Exploration and Production Limited (SEP), an independent oil exploration firm in Africa founded by Ghanaian businessman Kevin Okyere, to pay for the necessary capital expenditures in the development of the West Cape Three Points Block 2. During the 30th Annual General Meeting of Afreximbank, held in Accra on Wednesday, the agreement was signed.


George Owodo, chief financial officer of Springfield, signed on behalf of the business during the signing event, while Oluranti Doherty, director of export development at Afreximbank, signed on behalf of the financial institution.
The West Cape Three Points Block 2 development, with a specific focus on the unitized Afina-Sankofa field, is anticipated to benefit from this partnership between SEP and Afreximbank.

In a remarkable feat, the Afina-1 well, drilled to a depth of 4085 meters and situated at a water depth of 1030 meters, led to two significant discoveries in October 2019.

These were gas, critical oil, and light oil discoveries. As a result, Springfield's proven oil reserves increased significantly and are currently estimated to be 1.5 billion barrels.

Along with the company's previous discoveries, over 1 trillion cubic feet (1TCF) of additional gas was found. The block's undiscovered potential is thought to surpass 3 billion barrels of oil and gas due to numerous leads and opportunities found inside several confirmed reservoir units.

The CEO of Springfield, Okyere, voiced his delight for the partnership after the signing ceremony, saying: "This is a great day for African companies in building an alliance with a great African financial institution like Afreximbank."

Okyere founded Springfield Exploration and Production Limited in 2008, and it has been looking for exploration and production prospects in Ghana and the wider West African sub-region.

The West Cape Three Points Block 2 was first made available to Springfield in 2012, but it wasn't until March 2016 that the Ghanaian government officially granted Springfield ownership of the block.

The Ghana National Petroleum firm and its exploration firm, EXPLORCO, retain the remaining interest in the block, which is now operated by the company, which also has the majority of the interest.

The financing and promotion of intra- and extra-African commerce are the responsibilities of the pan-African multilateral financial organization Afreximbank.