THE
FIRST BUSINESS IN THE FUND
The first business in the fund is Africa New Energies (ANE). ANE has title to a 22,000 km squared onshore prospective hydrocarbon concession in Namibia, a concession larger than New Jersey, along with supportive airborne data and geochemical evidence of hydrocarbons, both oil & gas.
ANE has also developed innovative exploration techniques needed to search for oil & gas across its Namibian concession at significantly lower costs than traditional hydrocarbon exploration techniques,
It was these favourable operating advantages that drew an unsolicited bid of $500 million in January 2017. The terms placed on the majority stake sale, however, were unfavourable to the sustainability of the concession and to the people of Namibia. The bid was, therefore, rejected and superseded by a more innovative and encompassing fund-raising model, the Aziza Project.
A successful ten-well drilling programme is the first step to eventually help ANE fund the construction of a hybrid gas-to-solar power plant that will supply low-cost electricity to the local grid. This will in turn deliver a massive stimulus to the Namibian economy, boosting job creation in the process.
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A CLOSER LOOK AT THE CONCESSION ECONOMICS
The concession is on Namibia’s Eastern border. It’s referred to as 2219/2319 based on the grid references and is 22,000 km2 in size with 32 separate anomalies occupying a total area of 2,038 km2.
An anomaly is an area which has measurable differences in vegetation, geochemistry, radioactivity of trace elements or changes in micromagnetic and electromagnetic fields when compared to the surrounding area. ANE exploratory research plus anecdotal feedback from local communities suggests these anomalies could be the result of seepage of hydrocarbons.