Africa Energy sees first output from SA's largest gas field by 2033
The company is awaiting regulatory approval for a reworked environmental authorisation to survey Block 11B/12B off the southern coast.
Using domestic gas is a key part of SA's strategy to diversify away from coal-fired power generation, with a flurry of new projects being pursued, including the first liquefied natural gas (LNG) import terminal along the east coast.
"Our 11B/12B indigenous gas should be very competitive versus imported LNG," Robert Nicolella said from the Africa Energy offices in Cape Town.
Nicolella said the company was studying ways to market the gas, though its preference is to supply a gas-to-power plant. SA is targeting 6,000 megawatts of new gas power projects.
The CEO said Africa Energy is in talks with former national oil company PetroSA to use some of its infrastructure to land gas from the Brulpadda and Luiperd fields at Mossel Bay.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
3 hours ago
- IOL News
PK Investments defends its voluntary offer for MAS amid governance concerns
MAS owned Moldova Mall in Romania underwent a redevelopment and reopened in April 2025. MAS' shareholder PKI Investment has made an offer to acquire at least 10% of the shares in MAS it does not already own. Mas shareholder PK Investments has defended its voluntary bid to buy MAS shares. Image: Supplied The corporate travails at JSE-listed East European property group MAS took another twist on Monday when shareholder PK Investments (PKI) insisted its 'voluntary offer' is fair, and the concerns raised by the MAS independent board were not material. PKI's offer follows its earlier attempt to get MAS to sell all its assets, but this was thwarted at a shareholders' meeting. It also follows concerns expressed by nine minority South African institutional shareholders about aspects of governance in the MAS board. These shareholders, which together own 15% of MAS, include Meago, Sesfikile Capital, Ninety One, Catalyst, Eskom Pension Fund, and Stanlib. South African REIT Hyprop also earlier withdrew a bid for MAS, because MAS's board and PKI allegedly failed to provide information. PKI has offered cash of €1.40 per MAS share (R29.22) or a preference share option or a combination of both. MAS's shares were trading 0.96% lower at R23.77 on Monday. On the MAS board's view that there was a 'perceived lack of regulator 'proactive' intervention' in the PKI bid, PKI's directors said their offer 'is fully compliant from a legal perspective.' And while the bid documents were submitted to the JSE for approval, it was the 'JSE's own view that it did not have jurisdiction to review or comment on the documentation,' PKI said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'This was not a view unilaterally adopted by PKI. We believe the PKI Voluntary Bid is generous by any reasonable measure, as evidenced by the premiums to MAS pricing levels recognised in the MAS announcement…' The MAS board had also said that neither it nor shareholders were 'engaged meaningfully by PKI prior to the launching of the bid, and that shareholders were not given enough time to make a complex decision.' PKI said, however the "bid is a voluntary offer…and does not constitute a scheme of arrangement or similar transaction. Accordingly, there was no express need to engage the MAS independent board prior to the launch thereof, as is the case with any such offer to MAS shareholders.' Additionally, said PKI, the material terms of the bid were publicly available since May 16, 2025. PKI and PSG Capital had also engaged 'extensively with numerous MAS shareholders' regarding the bid, PKI said. 'As regards MAS' statement that the timeline does not comply with the JSE corporate actions timetable or Maltese Capital Markets Rules, it should be noted that these rules are not applicable to the PKI voluntary bid,' PKI directors said. The MAS board had also questioned the absence of any requirement for the exempt parties to make a mandatory offer if, pursuant to the PKI bid, certain control thresholds were exceeded. 'MAS shareholders would already have had the opportunity to tender their shares into a full voluntary offer on attractive terms. This is precisely the outcome the mandatory bid regime in the MAS Articles is designed to achieve.' The MAS board also highlighted the absence of a third-party guarantee for the cash consideration. PKI said the settlement process, handled by MAS' own transfer secretaries, ensured that cash and shares were exchanged simultaneously. 'We further confirm that PKI has already deposited the maximum cash amount with its bankers in South Africa.' On the MAS board concern about the rand/euro exchange rate risk for South African shareholders, PKI said foreign exchange exposure was inherent in any cross-border investment and 'MAS' own share price already embeds EUR exposure through its portfolio.' On concerns that the free float reduction could mar the liquidity of MAS shares, PKI said many companies with lower free floats maintain healthy liquidity, while a stable, aligned controlling shareholder could bring strategic benefits and a more predictable capital allocation. BUSINESS REPORT
IOL News
2 days ago
- IOL News
Accelerate Property Fund reports significant credit losses and strategic disposals
JSE-listed Accelerate Property Fund has Fourways Mall as the flagship of its portfolio. Vacancies in the mall decreased to 13.7% by the en of the year to March 31, 2025, from 19% a year before. Image: Fourways Mall/Facebook Accelerate Property Fund (APF), which has Fourways Mall as the flagship in its portfolio of retail, office and industrial properties, has massively increased its credit losses to R1.05 billion due to the impairment of a related party agreement of R970.7 million. In the results for the year to March 31, rental income fell by 5.7% to R824.04m. Net property income was down by 8.3% to R494.74m. Including the expected credit loss, the taxed loss increased 103.2% to R1.27bn from a R624.74m taxed loss a year before. The big impairment related to a settlement agreement entered into in November last year, between APF and co-developer of the mall, Azrapart, that had lapsed due to suspensive conditions not being fulfilled in the requisite timeframe. Last month, Azrapart was placed into business rescue by the High Court in Bloemfontein, following an application by FirstRand's RMB and Investec, but Azrapart is appealing the ruling. Other parties to the agreement are the trustees of the Michael Family Trust; and Accelerate's former CEO Michael Georgiou, who also controls Azrapart. Although a new agreement was drawn up, it had still not been signed at the release of the results. As a result, the amount was impaired. 'As at the date of this report, Mr Georgiou (on behalf of the related parties) has not signed the new settlement agreement,' Accelerate's directors said. They said that despite its challenges and the geopolitical and economic headwinds, the group focused on strategic objectives - optimising the balance sheet through disposals to reduce debt and the concomitant reduction of SA REIT loan-to-value. During the year, eight assets were disposed of with a combined lettable area of 63 284 square metres, for R694m. After the financial year-end, Erf 7 Roggebaai and 1 Charles Crescent were transferred with a combined area of 15 547 square metres. The proceeds of R62.4m were used to settle debt. Sale agreements for a further four properties were concluded to the value of R688.5m, with a lettable area of 41 719 square metres, and a combined vacancy of 28.8%. The group's average collection rate was 98.9%. The directors said the formation of the Government of National Unity had improved investor confidence, and GDP growth was projected to accelerate to 1.5% in 2025 supported by stabilising electricity supply. Inflation had moderated. Regarding the outstanding related party matter, the directors said preliminary legal advice suggested the company's claims against the related parties were unlikely to have prescribed. 'However, certain aspects of the legal position remain under consideration.' Operating costs fell by 13.5%, largely due to decreased staff costs, but legal fees increased after the conclusion of sale agreements, related circulars, redrafting of related party agreements and the restructured finance agreements. Disposals unlocked proceeds of R694m utilised to reduce interest-bearing borrowings. During the year, R110.4m was spent on properties which includes investment properties and non-current assets held-for-sale. This was funded from available funds from facilities as well as specific facilities put in place for Fourways Mall. Vacancies decreased to 19.4% as at March 31, 2025, from 21.1% as at the same time a year before. Vacancies in Fourways Mall decreased to 13.7% from 19% following an aggressive drive to attract new tenants. The SA REIT LTV decreased to 48.3% from 50.3%. This was mainly a function of the disposals and LTV was expected to improve as the disposal programme progressed. On July 25, 2025, the company successfully raised R100m through a fully underwritten rights offer. Visit:
IOL News
2 days ago
- IOL News
A South African woman's call to action: defying the statistics, embracing our power
We are forging our own paths through entrepreneurship launching businesses not just for profit, but as a form of social justice and an act of self-liberation, says the writer. Image: Danilyuk SOUTH Africa, a nation built on a complex foundation of triumph and trauma, continues to grapple with the deep-seated legacies of inequality. Yet, in this challenging landscape, a powerful force is rising: the indomitable spirit of South African women. They are not merely observers of change, but its very architects, leading movements, building enterprises, and rewriting the narrative of our nation. This progress, however, has been hard-won, a continuous struggle against systemic barriers that still stand in our way. The harsh realities: a mirror to our work As we forge ahead, we must not shy away from the statistics that reveal the persistent inequalities we face. These numbers are not a narrative of our limitations, but a mirror reflecting the crucial work that still needs to be done. The data from Statistics South Africa paints a clear picture of a gendered landscape. Poverty and economic disparity: More than 42.4% of South African households are headed by women, a figure that soars in rural provinces like the Eastern Cape and KwaZulu-Natal. These women, the matriarchs of our communities, bear the weight of families on a landscape where the odds are stacked against them. The World Economic Forum's Global Gender Gap Report highlights a sobering reality: South African women are still paid 23% to 35% less than men for the same work. In the first quarter of 2025, women accounted for a staggering 77% of all job losses, despite comprising only 44% of the employed population. This isn't just a setback; it's an economic crisis demanding justice. A "hidden crisis" of violence: The statistics on gender-based violence (GBV) are not just numbers; they are a national tragedy. A recent Human Sciences Research Council report confirms a harrowing reality: 1 in 3 South African women over the age of 18 has experienced physical intimate partner violence in her lifetime. This violence, from physical brutality to the subtle cruelty of economic control, threatens to unravel the hard-won progress of women's empowerment. It is a calculated pattern of power and domination that leaves deep and lasting scars, and it demands our collective compassion and urgent action. The unbroken glass ceiling: While our Constitution guarantees gender equality, the daily reality in the workplace tells a different story. A 2024 analysis by Just Share on the JSE's Top 40 found a modest increase in women on boards, but a 2% decline in women in executive positions, with only 23% of these roles held by women. A 2022 PwC report found that across all JSE-listed companies, only 8% of CEOs and 22% of CFOs are female. This is not a missed opportunity; it's a profound failure to tap into the full potential of our country's talent pool. These statistics can feel overwhelming, a narrative of limitation that can cause us to question our ambitions. But as an entrepreneur, I have learned that a "no" is not the end of the road; it's an invitation to find another way. I do not see a reason to retreat; I see a grand, undeniable opportunity to defy them. Entrepreneurship: a pathway to self-liberation In the face of these formidable barriers, women are not waiting for permission. We are forging our own paths through entrepreneurship launching businesses not just for profit, but as a form of social justice and an act of self-liberation. We are creating enterprises that are community-centered and that embed equality into their very DNA. I know the road is tough. Access to finance remains a significant hurdle, with banks and institutions often viewing women-owned businesses as high-risk, despite evidence to the contrary. But this is where our collective power and ingenuity become our greatest assets. We are building our own support networks, mentoring the next wave of leaders, and proving that the true measure of risk is not gender, but vision and grit. Our journey is a deliberate shift from being a passive recipient of the economy to an active driver of it. A unified vision: inspiring the next generation Our journey is far from over. The path to gender equity and inclusive entrepreneurship cannot be shouldered by women alone. It requires a collaborative effort from government, civil society, and the private sector. We must demand: - Stronger enforcement of equity policies: Moving from symbolic gestures to measurable, transformative action across all sectors. - Equitable access to funding and procurement: Financial institutions must rethink their risk models and invest in the proven potential of women-led businesses. - Investment in education and mentorship: We need more pipelines that target young girls and women in STEM, and more mentorship programs to guide them through the complexities of leadership. - Protection from violence: We must work tirelessly to strengthen GBV interventions, shelters, and legal support services to ensure that a woman's economic and personal safety are not mutually exclusive. Women in South Africa have always been agents of transformation. From the women who marched in 1956 to our mothers and grandmothers who nurtured generations against all odds, we carry their legacy. Today, we stand on their shoulders, ready to navigate the complexities of justice, gender, and enterprise with both courage and clarity. Our vision is clear: a South Africa where every woman can thrive with dignity, equity, and purpose. And that vision is not a dream - it is a promise we must all work to fulfill. Pria Haasan Image: Facebook
