Afren (LON:AFR) has now completed its takeover of east African oil junior Black Marlin.
The company agreed a share-based deal which valued the Toronto-listed junior at CDN$106 million, in June.
"Black Marlin has opened up a new core area of exploration focus for Afren, at a time when the region has yielded significant discoveries, yet remains relatively under explored,"said chief executive Osman Shahenshah.
“It provides Afren with a position of scale, and a unique opportunity to participate in multiple, potentially high impact exploration opportunities.”
Afren has issued 76.7 million shares to Black Marlin shareholders, and the new equity has been admitted to the LSE’s official list this morning.
Black Marlin owns 12 upstream exploration blocks focused on rift basins in Ethiopia, Kenya, Madagascar and the Seychelles.