Nigeria: Camac changes name, reaches prepayment deal with Glencore

Camac Energy has changed its name to Erin Energy and agreed a $200m prepayment facility with Glencore Energy to finance its Oyo field development. The name change followed a reverse stock split in April. The company announced on 26 May that it had agreed heads of terms with Glencore on an offtake agreement with an embedded prepayment element. The offtake contract would allow Glencore to lift Oyo crude from the Armada Perdana floating production, storage and offloading vessel for a minimum of two years.