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.