This to believed to be the first internationally structured aviation financing for a Nigerian Air Operator. (Image source: VivaJets)

London-based TLG Capital (TLG) has closed a US$10mn facility for VivaJets, a subsidiary of Nigerian aviation services platform Falcon Aerospace limited 

The financing was structured alongside Wema Bank, and will retire a legacy local‑currency facility used for aircraft acquisition and fleet growth. Both TLG and VivaJets believe this to be the first internationally structured aviation financing for a Nigerian Air Operator, and funding will be applied to boost intra-African connectivity.

This injection of funds is coming at a time of rapid expansion for the business aviation firm with a growing fleet and international collaborations whilst positioning itself as a critical mobility and logistics partner to the oil and gas industry in Africa.

Speaking to journalists on the sidelines of the African Energy Week in Cape Town, South Africa, CEO of Falcon Aero, Erika Achum disclosed that the fresh funding will be used to expand VivaJets’ fleet and strengthen its operational presence across Africa.

“We’re growing from three to four aircraft now, and by the third quarter of 2026, we expect to have significantly increased our fleet. This will allow us to serve more routes and clients across the continent,” Achum said.

According to the aviation tycoon, the company is reshaping how air logistics supports oil and gas operations, ensuring essential movement of people, equipment and products in a sector where time delays often translate into enormous financial losses.

Isha Doshi, partner, TLG Capital, said, “Africa’s growth story depends on connectivity. Falcon Aero is linking cities that global capital often overlooks, including tier-2 and tier-3 hubs where trade and opportunity are rising fastest. Aviation operators need long-duration capital at sensible rates. With our partners at Wema Bank and Falcon Aero, we are pleased to deliver a long-term financing solution that helps support highly skilled engineers, pilots, and workers in Nigeria's aviation sector."

Tejumade Salami, chief operating officer of Falcon Aero, said, "We spoke to many lenders; TLG solved it. Their structured-solutions mindset turned a complex funding puzzle into a single, bankable facility. In our industry, the ability to access long-tenor, USD-denominated capital is critical. With this facility, we have retired legacy obligations and can now focus fully on curating a seamless experience for our clients across the region. Our facility with TLG substantially reduces the amount of our revenue and cash flow that is spent on interest and debt service."

Drilling remains on the original expected schedule.

Reconnaissance Energy Africa Ltd continues to deliver drilling operations ahead of schedule in the shallower section of the Kavango West 1X exploration well

This, however, caused a deferral of operations for several weeks at the current casing depth as the company waited on casing strings for the final section of the well to be delivered to location. Operations have resumed and drilling remains on the original expected schedule. Recon anticipates being at total depth (TD) in the second half of November. The Kavango West 1X well is expected to penetrate approximately 1,500 metres of potential reservoir before reaching TD at approximately 3,800 metres. Once at TD, an extensive logging programme will commence with results anticipated around year-end.

Brian Reinsborough, president and CEO, said, “Drilling of the Kavango West 1X well is proceeding on schedule and I wish to thank our entire operations team for doing a great job on executing our drilling plan. The final casing string has been set at a depth of approximately 2,300 metres, just above the targeted Otavi reservoir. Currently, the well is drilling ahead into the Otavi carbonate reservoir, which is the primary target in the Damara Fold Belt. We anticipate drilling an extensive section of the potential reservoir, which will be followed by a full evaluation of the Otavi section. The Kavango West 1X well is testing a very large structural closure in the Otavi section measuring almost 20 kilometres long by 3 kilometres wide.”

Communications from the company regarding the Kavango West 1X drilling details from this point until reaching TD will be under “tight hole” status, meaning that Recon will not provide indications of well results prior to final logging of the Otavi reservoir section. Strict adherence to tight hole status prior to the company obtaining logging results should not be interpreted as being either negative or positive. Any drilling updates provided between now and the completion of logging of the Otavi reservoir zone will only include an updated drilling depth.

The company is gathering information and working with applicable regulators. 

A pre-requisite to the grant of production right in Block 11B/12B offshore South Africa, Africa Energy Corp has obtained approval of its request for a deadline extension for the submission of a new Environmental and Social Impact Assessment (ESIA) to 4 May 2026

Operator of 11B/12B, Africa Energy Corp holds interest on the block through its investment in Main Street 1549 Pty Ltd. 

The extension to the ESIA has been granted in light of the recent decision by the Western Cape High Court in South Africa to set aside an environmental authorisation for offshore exploration operations in Block 5/6/7 (held by an unrelated party) so that additional, new and amended environmental assessments can be conducted and placed before the Minister of Mineral and Petroleum Resources for reconsideration.

An application for leave to appeal this decision to the Supreme Court of Appeal has been launched by the unrelated party. The company is therefore engaging with its advisors, including legal counsel, to determine the amendments and additions which may be required to its ESIA as a result of the High Court decision. Due to the High Court decision, which is pending appeal to the Supreme Court of Appeal, there is no certainty on the timing of the grant of the environmental authorisation after the submission of the amended ESIA. To navigate the challenges, the company is continuing to gather information and work with applicable regulators. 

Main Street currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street, the company expects to hold a 75% direct interest in Block 11B/12B. Both the assignment of the withdrawing parties' interest in Block 11B/12B to Main Street and the completion of the Main Street restructuring require grant of the production right in relation to Block 11B/12B.

Africapitalism is the core economic philosophy for Heirs Energies. (Image source: Heirs Energies)

Driven by its African identity, Nigerian independent Heirs Energies operates with an in-house development approach, partnering largely with indigenous contractors

Following its inspiring success story with OML 17, the company is ready to take on further challenging projects, now eyeing the Republic of Congo. 

Heirs Energies CEO, Osa Ighiehon, reveals to Oil Review Africa what it takes to thrive as an African independent in today's energy industry and much more: 

How would you define the Africapitalism approach? 

Africapitalism is an economic philosophy pioneered by our Heirs Holdings Group chairman, Tony O Elumelu, CFR. It provides a powerful and practical framework for a more impactful role for the business sector in Africa's development. At its core, is the conviction that the private sector must be a primary catalyst for creating both economic prosperity and sustainable social wealth.

It’s about changing the old story where business in Africa was only about taking resource extraction. Now, it’s about making sure that every investment we make creates value, both commercially and socially, with the latter enabling and uplifting our communities whilst strengthening our economies.

For us at Heirs Energies, this is our north star. When we took over OML 17, it was our chance to prove this works. We set out to demonstrate that African capital, managed by African expertise, could not only revitalise a distressed asset, but do so in a way that delivers shared and enduring prosperity. Today, the results speak for themselves: we doubled production, restored security to the area, and, crucially, embedded community development into our core operations.

But the real success is that we did this while also funding scholarships, providing healthcare, and creating jobs for locals. For us, making a profit and having a positive social impact are two sides of the same coin. This is Africapitalism in action.

What should independents from Nigeria keep in mind while acquiring assets from IOCs? 

Nigerian independents must understand that they are not merely purchasing an asset; they are inheriting a legacy and a material responsibility. The acquisition is the simplest step. The profound challenge lies in the transformation that need to follw for the journey to end well. International Oil Companies typically divest assets that no longer fit their global portfolio, often because they are capital-intensive, have operational challenges, burdened by years of underinvestment, and entangled in complex social and security challenges. The incoming independent must be prepared for this reality from day one.

Our journey with OML 17 is a case study in successfully tackling this reality to achieve a historic turnaround. When we took over, the asset was in severe distress, with terminal delivery of field production at a mere 3% shortly after. This wasn't an operational hiccup; it was a systemic failure, indicating near-total loss to theft and sabotage. We recognised that a purely technical or capital solution would fail. The real breakthrough came from rebuilding the entire ecosystem of trust. We engaged host communities not as a periphery activity, but as the core of our security and operational strategy, while forging strong, collaborative partnerships with government and security agencies. The definitive response by Government to oil and gas asset security that emanated, which has been sustained, is foundational to this spectacular outcome. This catalytic work enabled us to elevate reconciliation to over 99%; a transformation that turned a dying asset into a secure, reliable national contributor.

Critically, independents must resist the inertia and excuses that have plagued and caused the decline of the past two decades. Our advantage is not in the depth of our balance sheets, but in our delivery and growth focus, our solution-mindedness, and our genuine desire to develop our communities and countries. For instance, at Heirs Energies our engineers pioneered a rigless through-tubing intervention technique that restored shut-in wells at 65% lower cost and 32% faster than conventional methods. This innovation, born of a necessity to do more with less, unlocked significant value and added millions of cubic feet of gas to the domestic market.

Ultimately, the most vital lesson is this: our social license is as important as our legal license. The community is not a hurdle to overcome; they are the most crucial stakeholder we must engage with for sustainable operations. If they are not active partners in our success, we have no durable foundation to build upon. For the Nigerian independent, success is a blend of operational innovation, genuine partnership, strategic security and tenacity. 

This is the first of a two-part interview