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African focused support services and Logistics Company formerly known as Africa Oilfield Logistics Limited announces that it has completed its change of name to Atlas Development & Support Services Limited and effective 28th October.

This follows the acquisition of the entire issued share capital of Ardan Logistics Kenya Limited by Africa Oilfield Logistics Ltd following shareholder approval after the Company’s general meeting held on 23rd October.

During the acquisition Africa logistics CEO Carl Esprey noted that the new unit to operate under a new brand Atlas Development & Support Services that would rapidly expand its service lines across a broad geographic area, and bring its turn-key support services to clients operating within the booming East African exploration and development industries.

The renaming is under the framework and option agreement signed in March that allowed Africa Oilfield Kenya following the 100% acquisition of Ardan to separate and operate under a new shell company from which the restructured business of Ardan would be operated.

Under the new arrangement shareholders holding the existing share certificates in the name of Africa Oilfield Logistics Limited are advised that their equities will remain valid with new share certificates which are issued by the Company to be under the name of Atlas Development.

“I am delighted to confirm our formal change of name, which marks a new chapter in the development of the Company and our operations across Africa. During the course of 2014 our business has been systematically recalibrated to provide a scalable foundation for a highly efficient, profitable business which delivers world-class services to our ever expanding roster of clients says Carl Esprey, Chief Executive Officer of Atlas Development.

“ Demonstrable positive results have been achieved in the past nine months and I believe that under the new Atlas Development brand, we will continue this positive trajectory into 2015 and beyond and be well positioned to execute our vision of becoming the most professional, efficient and profitable turn-key development and support services group in Africa,” he concludes.

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Africa Oilfield Logistics Ltd an African focused support services and logistics company has announced it has conditionally raised approximately US$12.0 million before expenses by way of the issue of 77,800,000 new ordinary shares in the Company at a price of 9.0 pence per share.

The proceeds of the fundraising together with the existing cash resources the company says are to be applied mainly to the growth initiatives of the Company’s primary investment, Ardan Risk & Support Services.

The monies will be divided into approximately US$3.5 million for the expanded civil engineering team, which has doubled operational capacity with an additional 80-man well pad construction team while approximately US$2.5 million will be used for capital expenditure associated with the construction of a logistics hub in Kenya to centralise field operations and approximately US$1.5 million for the establishment of a regional logistics operation in Djibouti; and for working capital and general corporate purposes, including working capital in support of any future contract awards.

The company is also waiting for the outcome of a number of tender processes which are ongoing.

According to Africa oilfield CEO Carl Esprey the cash injection of US$12 million, we will be well capitalised to implement our growth strategy and build on our support services platform in Africa, which already boasts an international client list.

“We have made excellent progress on the ground in structuring our investments to deliver the support services and logistics required by operators in the region. The recent revenue figures from Ardan underscore our successes and highlight the opportunity available to us, something that has been recognised both by new and existing shareholders and reflected in the appetite for the Fundraising.” He said.

The company has however cautioned that the completion of the Fundraising remains conditional, inter alia, upon the approval of shareholders at a general meeting to be held on 11 August 2014 and upon admission of the new Shares to trading on the AIM market of the London Stock Exchange.

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