2011-06-21-2011-06-10

To buy 11.9% diluted stake in Nigeria-focused company with 240 MMBOE 3P.

Petrofac Ltd., Aberdeen, U.K. (London: PFC) plans to acquire a 11.9% stake in privately held, London-based Seven Energy International Ltd. through an investment of up to US$75 million.

The additional investment will take Petrofac's interest to 24.5% on a fully diluted basis. Petrofac previously invested $100 million in November 2010, acquiring a 15% interest (12.6% on a fully diluted basis).

Seven Energy has oil and gas assets in Nigeria, primarily in the southeast Niger Delta core area and the northwest Niger Delta core area. Net reserves and contingent resources are approximately 240 million barrels of oil equivalent.

Petrofac production solutions Gordon East says, "We have worked closely with Seven Energy's team since we made our initial investment. This has increased our confidence in the value of their existing and potential portfolio of oil and gas assets."

Seven Energy chairman Phillip Ihenacho says, "The Petrofac alliance has been important in building additional capacity within Seven Energy, and in helping us to achieve our objectives. Since the recent elections in Nigeria there is renewed business confidence which is creating a very positive operating environment."