Crypto-token issue to fund Namibia onshore drilling

Issue 377 - 28 Sep 2018

Oil and gas explorer Africa New Energies (ANE) is preparing to begin fundraising for a ten-well drilling project onshore Namibia through the issuance of asset-backed crypto-tokens. The company has owned two onshore blocks totalling 22,000km2 in Namibia through its subsidiary Alumni Exploration East Namibia Ltd since December 2012, when the company was founded by South Africans Steven Larkin and Brendon Raw. ANE has been using unconventional exploration techniques based on machine learning to identify drilling sites, in theory at a fraction of the cost of conventional 2D and 3D seismic programmes.

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