- Aziza has acquired a 20 percent stake in a Namibian hydrocarbon claim worth $100 million
- Hosting securitized tokenized investment fund to raise $60 million
- Plans to undertake $45 million, 10-well drilling program by year-end 2019
Covering roughly 27 million square kilometers, or 10 million square miles (http://nnw.fm/SXsi2), sub-Saharan Africa is the last unexplored frontier in the hydrocarbon world. Compared to Northern Africa and the Middle East, exploration activity in the region has been paltry. In Namibia, lying on the Atlantic, for example, less than 20 wells have been sunk over the past 50 years. Yet, despite this neglect by the majors (http://nnw.fm/HGma5), “The drilling that has taken place to date has demonstrated beyond doubt that the region has the potential to become a new petroleum province, with all the indicators of hydrocarbons – from source-rock to structural traps – being confirmed.”
Now, Aziza Project LLC is hosting a tokenized investment fund to invest in oil and gas businesses operating in Southern Africa. It is offering an asset-backed security token, the Aziza Coin, which is compliant with the Ethereum blockchain ERC20 standard. Aziza has taken a one-fifth stake in Africa New Energies (“ANE”), which has concessions from the government of Namibia to explore for hydrocarbons. This investment, based on a recent offer, is now worth about $100 million. The fund is currently raising $60 million, $45 million of which it plans to spend on a drilling program that’s set to begin toward the end of 2019.
Africa is much bigger than you think. A traditional Mercator map makes it look the same size as Greenland, which covers 836,300 square miles, but Africa is 14 times larger, with a total land area of 11.73 million square miles. Most of that is below the Sahara. Sub-Saharan Africa covers approximately 10 million square miles. Yet, despite its immensity and promise, only a few dozen wells have been sunk in the entire Southern African region. By comparison, more than 20,000 wells have gone down in North Africa, about 14,000 in West Africa and another 600 in East Africa. As a result, sub-Saharan Africa’s oil production is just seven percent of world output.
However, change is on the horizon as the region garners attention. Some of the majors – ExxonMobil, Royal Dutch Shell and British Petroleum – are acquiring assets and stepping up exploration activities (http://nnw.fm/qG58k). ANE is part of this trend. However, while much of the mainstream oil and gas industry remains concentrated on the offshore sector, ANE is focusing on the much-neglected onshore sector, where it is exploring a vast concession in the east of the country that’s roughly the size of Wales. At present, the company is awaiting the results of a test bore conducted in September to help locate the presence of sub-surface water, along with evidence of any hydrocarbons in the region. ANE is planning a 10-well drilling program on the basis of positive results.
The $45 million program will be funded by offering $60 million worth of crypto tokens to investors. The tokens – Aziza Coins – represent an indirect fractional ownership interest in the Aziza Project. This means that Aziza Coin holders, in effect, own part of the Aziza Project and are economic beneficiaries who are able to share in any of the profits made by the organization. Aziza Coins are securitized tokens, or tokens that are financial securities. This distinguishes them from utility tokens and currency tokens. Utility tokens are simply a way of representing access to a service, product or rights. A good example is a Filecoin, which allows holders access to its decentralized cloud storage platform. Currency tokens, like bitcoin, are meant to be a medium of exchange, like any other form of money. Security tokens, however, are securities governed by federal laws.
For more information, visit the company’s website at www.Aziza.io
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