Messrs Banklink Limited and Banklink Africa Private Equities Limited is partnering with two Offshore Investment Boutiques to structure an Independent Equity Fund – open ended to support Nigerian companies increased participation in the exploration and production activities of marginal fields.
Disclosing this development recently is the Group General Counsel –Yomi Olojo Esq. while briefing newsmen on the 3rd quarter activities of the Group.
The Fund which is strictly private shall be targeted at firms with marginal fields but limited resources to conclude seismic acquisition, payment of all statutory and commitment fees, well testing as well as actual commencement of production.
Further details will be provided upon the formal Fund launch before December 2013.
In another vein, Banklink has also secured a $3.9 million financing for Geomarine Systems Limited to enhance the execution of her Sinopec/NPDC Contract. The funding arranged will enable Geomarine Systems acquire a Seismic Acquisition/Energy Source Vessel from the United States among several other Sesimic equipment.
Banklink Limited also arranged a micro-loan of $2.7 million for Port Harcourt-based Sego Oilfield Services Limited. Sego was established in the early nineties and has remained a major local content wireline service provider to the nation’s oil and gas industry. The facility will enable the company acquire a self-propelled Spud Barge among several other specialized equipment for the execution of Sego on-going contract with Shell Petroleum Development Company (“SPDC”)
Speaking during a courtesy call to Banklink’s Representative Office in Lagos, the Chairman of Sego Oilfield appreciated Banklink’s funding solutions which has enabled Sterling Bank Plc to provide the guarantee to achieve this new and strategic milestone for Sego Oilfield.