Africa New Energies Limited (ANE) was founded by two South Africans Stephen Larkin and Brendon Raw in 2008. ANE was incorporated in 2012, where its sole asset is its wholly owned subsidiary, Alumni Exploration East Namibia, which in turn owns 90% of Blocks 2219 and 2319 in Namibia with the Namibian State Owned Oil Company, Namcor owning the remaining 10%. These two oil blocks were awarded in December 2012 after group sister company, Pinpoint Energy Namibia was hired by the UN African Innovation Foundation to assist Namibia to achieve energy independence in an environmentally sustainable way. The findings of the report were that a universal solar access program was only financially feasible if an interim natural gas provision funded an off-grid renewables program.
The team have pioneered the development of an integrated hydrocarbon exploration methodology that triples the probability of drilling success at 1/10th of the cost of traditional hydrocarbon techniques. ANE’s techniques have been applied to the concession, where a scan of 9% or 2,000 km2 of the total 22,000 km2 area have already shown nine prospective oil fields covering 200 km2. As oil recovery could be anywhere from 200,000 barrels per square kilometre to 10 million – this 200 km2 area alone could yield 100 million barrels to 2.5 billion barrels. Further geochemical and radiometric tests added confidence to the existence and suggest that the hydrocarbons are light crude oil rather than natural gas.
The company was voted in the top 10 of junior oil exploration companies to watch in the African Investor magazine in 2013.
Watch here our presentation at the 60th Oil Barrel Conference in London, June 2013.