https://www.miningweekly.com

Labat Africa moves into Namibia oil and gas

20th May 2013

By: Idéle Esterhuizen

  

Font size: - +

JSE-listed Labat Africa on Monday said it aimed to invest in five oil and gas leases in Namibia.

Labat Africa had executed a letter of intent with Amicitia Holdings to purchase all the issued shares in Palatina Petroleum, thereby acquiring a majority participating interest in five petroleum exploration blocks, offshore Namibia.

Expectations were that the success marked by substantial discoveries in neighbouring Angola over the past decade, would be emulated in Namibia.

“This is an opportunity that was introduced to us by GEM [Global Engineering Markets], one of our shareholders. GEM will be the main funder for the development of the leases acquired by Labat,” Labat Africa CEO Brian van Rooyen stated.

Interest in African exploration was currently at an all-time high, as recent large discoveries in Tanzania, Angola and Ghana, together with the already developed Nigerian fields, have captured the attention of international investors.

It is projected that investments of billions of dollars would be made in exploration and development of the oil and gas industry in Southern Africa in the next decade.

Further, Labat was also considering investing in exploration possibilities in other neighbouring countries.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.048 0.927s - 110pq - 2rq
Subscribe Now