AFR.L Share News (AFR)

London-based oil group Afren has completed the acquisition of Black Marlin Energy, an East African oil exploration company. In line with Afren's pan African strategy, the purchase has established a multi country platform in East Africa, comprising twelve assets across Kenya, Madagascar, the Seychelles and Ethiopia. Black Marlin shareholders will recieve 0.3647 Afren shares for each Black Marlin share, in accordance with the agreement.CEO of Afren, Osman Shahenshah commented "the acquisition of Black Marlin has opened up a new core area of exploration focus for Afren, at a time when the region has yielded significant discoveries, yet remains relatively under explored."The group has said that all licenses acquired in connection with Black Marlin are located in basins with proved working hydrocarbon systems, importantly offering the potential for large scale oil discoveries.