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Acorn Petroleum secures $60m foreign capital, unveils plans for 2010
February 1, 2010

TO further consolidate on its ongoing expansion agenda, Acorn Petroleum Plc at the weekend said it has concluded plans to secure $60 million from some strategic foreign investors.

The Managing Director/Chief Executive Officer of the company, Mr. Doyin Adeyinka also disclosed that the second phase of fund raising has been scheduled for a latter date, adding that it would involve a combination of both local and foreign investors.

According to Adeyinka, the proposed fund is expected to adequately position the firm for competition and full deregulation of the sector's activities.

He said despite the global financial meltdown, Acorn Petroleum has been able to attract capital and attention from foreign investors based on what he identified as "high prospect" of the firm.

Speaking further, he said, "the first phase of the capital raising exercise is almost being concluded. We are expecting $60 million from foreign investors through equity and debt financing. The fresh capital will definitely boost our expansion drive and general operations."

Adeyinka added that this would be followed by the second phase of capital raising programme through local and international investors. He explained that plans to list Acorn Petroleum shares on the floor of the Nigerian Stock Exchange (NSE) are very much alive.

"We have not shelved our plans to list the shares of the company on the NSE because that was a promise we made during our private placement and as a good corporate citizen, we always keep to our promise. With the improvement being witnessed in the capital market, the listing issue is being considered very strongly," said Adeyinka.

Making reference to Acorn Petroleum Plc strategic plans for 2010, Adeyinka said special focus would be on exploration, retail outlet and expansion within the West Africa sub region.

Acorn Petroleum recently, signed an agreement with the Sierra-Leonean government to manage the crude oil and refined products storage tanks at the Sierra Leone oil refinery complex at Kissy, Freetown.

This is coming after the company acquired Pegaz Group S.A Benin Republic. Pegaz Group is a holding company involved in storage and distribution of petroleum products and logistical services in the Republic of Benin.

Acorn Petroleum Plc, fully serviced oil and gas firm is regarded as one of the fastest growing oil and gas companies in Nigeria.

Acorn Petroleum explained that these acquisitions came after the firm became certified by the Standards Organisation of Nigeria (SON) with an ISO 9000:2000 certification, which signifies conformity to quality management systems across its business network.

The Guardian Newspaper 1st Feb. 2010.

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