The company will acquire 100% of the issued share capital of Avana whose core area of interest centers on the western Indian Ocean and East African margin with interests in the Seychelles Islands and offshore Kenya.
Completion of the transaction is subject to several conditions including the signing of a definitive share purchase deal, the completion of technical, financial and operational due diligence, and the receipt of necessary regulatory approvals.
Avana founder and CEO Sam Malin said partnering with CAMAC will further Avana’s strategic vision of creating an independent Pan-African exploration and production group.
