Liberty advises the management team of Boru Energy

The Carlyle Group has announced that it has agreed to partner with Aidan Heavey and Tom Hickey, through Boru Energy, a new platform that will target acquisitions of up to $1 billion, focussing on oil and gas opportunities across Sub-Saharan Africa. Boru Energy’s investment goal will be to assemble a portfolio of primarily non-operated interests in oil & gas production assets. The potential portfolio will be spread across several Sub-Saharan Africa countries and will consist of assets with significant commercialisation potential and where the operator is a high quality national, international or independent oil and gas company. Funding for potential investments will come from Carlyle International Energy Partners, L.P. (CIEP), a fund that focuses on oil and gas exploration & production, midstream, and refining and marketing in Europe, Africa, Latin America and Asia. Aidan Heavey and Tom Hickey are well-regarded industry veterans with extensive investment experience investing in African oil & gas assets. Aidan Heavey is the founder and former Chairman and CEO of Tullow Oil PLC, an Africa-focused exploration and production company listed on the London Stock Exchange. Tom Hickey was CFO of Tullow Oil between 2000 and 2008, where he worked closely with Mr Heavey, and has since held various management positions in the oil & gas industry. Liberty Corporate Finance advised Aidan Heavey and Tom Hickey on the terms of their investment and the management incentive plan in the new platform. Tom Hickey commented: “As first time founders in the PE market, we found the support of Kevin and Clare at Liberty of immense assistance in demystifying, clarifying and ultimately optimising the terms of our partnership with Carlyle. The Liberty team’s ability to support our decision making ensured a smooth process for all parties.”


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