Under the terms of the agreement, Agri Energy will acquire a minority stake in Statesman’s African arm, which in turn holds a 75% in Sudan’s Block 14 concession in the country’s north-west.

“Agri has agreed to acquire a 49.9% shareholding of Statesman Africa Ltd,” Statesman said on 10 September, adding that it was for an initial period of only 12 months. Agri Energy will be required to invest a minimum of $12mn to cover its share of investment over an initial three-year exploration period, Statesman noted, adding it had already received an advance of $800,000 from Agri to provide it with interim funding to cover “some of the initial costs associated with…[its] efforts in Africa.” (CONTINUED - 650 WORDS)