Kerogen backs sub-Saharan energy player
To the uninitiated, oil and gas assets in Congo-Brazzaville and Kurdistan might seem too risky for private equity. Energy-focused investor Kerogen Capital, however, takes a different view. The Hong Kong-based firm invested $125 million to become the largest shareholder in NewAge (African Global Energy), a sub-Saharan Africa specialist with rights to 13 oil and gas blocks in four countries.
Kerogen's capital will be used to finance the appraisal and development of offshore resources in Congo as well as an exploration program in Kurdistan. It also has the right to co-invest alongside NewAge...
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