UK-listed Afren raised $126.3 million in a share placement Wednesday, securing funding for the first phase of its Ebok development in Nigeria in a move that reassured existing shareholders of its ability to find new money amid the economic crisis. The Africa-focused independent - which was set up in 2004 by a group including Egbert Imomoh, former deputy managing director of Royal Dutch Shell in Nigeria, and Rilwanu Lukman, the current Nigerian oil minister - said it placed 265 million new shares with institutional investors in the space of a few hours. The new shares - which will have the same rights as existing shares - represent some 60% of Afren's existing share capital on London's Alternative Investment Market (AIM).
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