Latest news with #AfricaEnergy
Yahoo
22-05-2025
- Business
- Yahoo
Africa Energy Announces Update To Consolidation
VANCOUVER, BC, May 22, 2025 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces an update to the consolidation of common shares of the Company (the "Shares"), further to its press releases on January 30, 2025 and March 31, 2025. The consolidation of the Shares on a 5:1 basis (the "Consolidation") was approved by the Company's shareholders at the special meeting of shareholders held on March 27, 2025. View PDF version. Prior to the Consolidation, the Company has 2,395,812,249 Shares issued and outstanding. Following the Consolidation, the Company will have approximately 479,162,450 Shares issued and outstanding. The Consolidation is subject to approval by the TSX Venture Exchange (the "TSXV"). The record date and effective date of the Consolidation is expected to be May 30, 2025 (the "Effective Date"), with the post-Consolidation Shares commencing trading on the TSXV at market open on May 30, 2025, and on Nasdaq First North Growth Market ("Nasdaq First North") at market open on June 2, 2025. There is expected to be a brief halt of trading of the Shares on Nasdaq First North from May 28, 2025 to May 30, 2025. The last day of trading of the Shares on Nasdaq First North prior to the halt is expected to be May 27, 2025. The Share trading symbols "AFE" for the TSXV and "AEC" for Nasdaq First North will remain the same. The current CUSIP for the pre-Consolidation Shares is 00830W105 and the new CUSIP for the post-Consolidation Shares will be 00830W501. The current ISIN for the pre-Consolidation Shares is CA00830W1059 and the new ISIN for the post-Consolidation Shares will be CA00830W5019. TSX Venture Exchange Shareholders For holders of Shares on the TSXV, no fractional Shares will be issued as a result of the Consolidation. Any fractional interest in Shares that would otherwise result from the Consolidation will be rounded up to the next whole Share, if the fractional interest is equal to or greater than one-half of a Share and rounded down to the next whole Share if the fractional interest is less than one-half of a Share. In all other respects, the Company's post-Consolidation Shares will have the same attributes as its pre-Consolidation Shares. Euroclear Registered Securities Shareholders No fractional Shares will be issued to holders of Shares through Euroclear Sweden AB ("Euroclear Registered Securities") as a result of the Consolidation. In accordance with Euroclear Sweden's Rules for Issuers and Issuer Agents, any fractional interest in Euroclear Registered Securities that would otherwise result from the Consolidation will be rounded down to the next whole Share. Any surplus Shares will be transferred into the Company's ownership and then sold by Bergs Securities, acting as issuer agent in relation to the Consolidation, or (if the Shares are held through an intermediary) by the intermediary on or about June 4, 2025. The incoming payment from the surplus Shares will, after deductions for sales costs, be distributed to the holders of Euroclear Registered Securities covered by the rounding down process on or about June 11, 2025. In all other respects, the Company's post-Consolidation Shares will have the same attributes as its pre-Consolidation Shares. Holders of Euroclear Registered Securities of the Company do not need to take any action to participate in the Consolidation. Letters of Transmittal A letter of transmittal will be mailed to registered shareholders as at the Effective Date, providing instructions with respect to surrendering share certificates representing pre-Consolidation Shares in exchange for post-Consolidation Shares issued as a result of the Consolidation. Until surrendered, each certificate representing pre-Consolidation Shares will be deemed to represent the number of post-Consolidation Shares the holder received as a result of the Consolidation. Shareholders who hold their Shares in brokerage accounts or in book-entry form, or holders of Euroclear Registered Securities, are not required to take any action. The exercise or conversion price and/or the number of Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted in connection with the Consolidation. About Africa Energy Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on the TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 22, 2025, at 4:30 a.m. ET. The Company's certified adviser on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, This press release is not for distribution to United States news services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom. THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES. Forward Looking Statements This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws, including, but not limited to, the terms and timing for completion of the proposed Consolidation, receipt of all required approvals, including TSXV approval in respect of the Consolidation, and the number of Shares expected to be outstanding post-Consolidation. All information, other than information regarding historical fact, that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The use of any of the words "will", "expected", "planned", "intends", "may" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information. The forward-looking information contained in this press release is based on a number of assumptions made by management of the Company. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. The forward- looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Africa Energy Corp. View original content to download multimedia:
Yahoo
15-05-2025
- Business
- Yahoo
Africa Energy Announces First Quarter 2025 Results and Corporate Update
VANCOUVER, BC, May 15, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three months ended March 31, 2025. View PDF Version On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company fully repay its debt, which consisted exclusively of obligations under the existing promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B offshore South Africa. HIGHLIGHTS At March 31, 2025, the Company had US$4.7 million in cash, US$4.2 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope on February 28, 2025 and expects to submit a new Environmental and Social Impact Assessment ("ESIA") in advance of the revised deadline in September of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives EA approval in respect of the revised ESIA. The Company has also committed to completing a consolidation of the Company's shares on a 5:1 basis by June 29, 2025, which was approved by shareholders at a special meeting on March 27, 2025, but is still subject to TSX Venture Exchange approval. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B1 and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. __________________________ 1 Main Street 1549 currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. FINANCIAL INFORMATION(Unaudited; thousands of US dollars, except per share amounts)Three Months Three MonthsEnded EndedMarch 31, March 31,2025 2024 Operating expenses 675 23,832 Net loss (958) (24,087) Net loss per share (basic and diluted) (0.00) (0.02) Weighted average number of shares outstanding (basic and diluted) 1,418,790 1,407,812 Number of shares outstanding 1,418,790 1,407,812Cash flows provided by (used in) operations (199) (216) Cash flows provided by (used in) investing (359) (173) Cash flows provided by (used in) financing 2,858 315 Total change in cash and cash equivalents 2,382 (86)Change in share capital 17,671 - Change in contributed surplus (3,956) 375 Change in deficit 958 24,087 Total change in equity 12,757 (23,712) March 31, December 31,2025 2024 Cash and cash equivalents 4,687 2,305 Total assets 45,250 42,577 Total liabilities 571 10,655 Total equity attributable to common shareholders 44,679 31,922 Net working capital 4,207 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at EARNINGS TREND AND FINANCIAL POSITION(Unaudited; US dollars) Operating expenses decreased by $23.2 million for the three months ended March 31, 2025, compared to the same period in 2024. The Company recorded a $23.1 million non-cash loss on revaluation of the financial asset during the first quarter of 2024. The non-cash loss on revaluation of the financial asset related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures. At March 31, 2025, the Company had cash of $4.7 million and working capital of $4.2 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. CORPORATE UPDATE The Company announces the resignation of Pascal Nicodeme from his role as a member of the Board of Directors and Chairman of the Audit Committee. Mr. Nicodeme has served in this capacity with dedication and expertise, contributing significantly to the company's financial oversight and governance. The Board expresses its sincere gratitude for his invaluable contributions and wishes him success in his future endeavors. In his place, the Board has appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei will assume the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. The Board of Directors has approved the grant of 3,500,000 incentive stock options. The options will be granted on May 16, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the six months ended June 30, 2025 on August 14, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 15, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, Forward looking statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Africa Energy Corp. 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Cision Canada
15-05-2025
- Business
- Cision Canada
Africa Energy Announces First Quarter 2025 Results and Corporate Update
VANCOUVER, BC, May 15, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three months ended March 31, 2025. View PDF Version View PDF On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company fully repay its debt, which consisted exclusively of obligations under the existing promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B offshore South Africa. HIGHLIGHTS At March 31, 2025, the Company had US$4.7 million in cash, US$4.2 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope on February 28, 2025 and expects to submit a new Environmental and Social Impact Assessment ("ESIA") in advance of the revised deadline in September of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives EA approval in respect of the revised ESIA. The Company has also committed to completing a consolidation of the Company's shares on a 5:1 basis by June 29, 2025, which was approved by shareholders at a special meeting on March 27, 2025, but is still subject to TSX Venture Exchange approval. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B 1 and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. FINANCIAL INFORMATION (Unaudited; thousands of US dollars, except per share amounts) Three Months Three Months Ended Ended March 31, March 31, 2025 2024 Operating expenses 675 23,832 Net loss (958) (24,087) Net loss per share (basic and diluted) (0.00) (0.02) Weighted average number of shares outstanding (basic and diluted) 1,418,790 1,407,812 Number of shares outstanding 1,418,790 1,407,812 Cash flows provided by (used in) operations (199) (216) Cash flows provided by (used in) investing (359) (173) Cash flows provided by (used in) financing 2,858 315 Total change in cash and cash equivalents 2,382 (86) Change in share capital 17,671 - Change in contributed surplus (3,956) 375 Change in deficit 958 24,087 Total change in equity 12,757 (23,712) March 31, December 31, 2025 2024 Cash and cash equivalents 4,687 2,305 Total assets 45,250 42,577 Total liabilities 571 10,655 Total equity attributable to common shareholders 44,679 31,922 Net working capital 4,207 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at (Unaudited; US dollars) Operating expenses decreased by $23.2 million for the three months ended March 31, 2025, compared to the same period in 2024. The Company recorded a $23.1 million non-cash loss on revaluation of the financial asset during the first quarter of 2024. The non-cash loss on revaluation of the financial asset related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures. At March 31, 2025, the Company had cash of $4.7 million and working capital of $4.2 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. CORPORATE UPDATE The Company announces the resignation of Pascal Nicodeme from his role as a member of the Board of Directors and Chairman of the Audit Committee. Mr. Nicodeme has served in this capacity with dedication and expertise, contributing significantly to the company's financial oversight and governance. The Board expresses its sincere gratitude for his invaluable contributions and wishes him success in his future endeavors. In his place, the Board has appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei will assume the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. The Board of Directors has approved the grant of 3,500,000 incentive stock options. The options will be granted on May 16, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the six months ended June 30, 2025 on August 14, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 15, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, [email protected]. Forward looking statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. SOURCE Africa Energy Corp.
Zawya
15-05-2025
- Business
- Zawya
"We Don't Have the Luxury of Time": Global Energy Leaders Urge Swift Action on Africa's Resources
In a striking call to action at the closing session of the Invest in African Energy Forum in Paris, Energean CEO Mathios Rigas laid out a bold vision to replicate the company's Mediterranean success across Africa, urging African governments to accelerate decision-making and prioritize the development of untapped gas resources. Rigas' remarks came during the high-profile panel, The Future of Global Energy Partnerships: Seizing Africa's Untapped Market Opportunities –sponsored be Energean – which brought together global energy leaders to underscore Africa's central role in shaping the future of secure, inclusive and sustainable energy systems. 'We want to bring the same model that worked in the Mediterranean to Africa,' said Rigas. 'We don't have the luxury of time. This is not exclusive [to] renewables or natural gas. To solve energy poverty, affordability and accessibility for the whole continent – we need everything.' Energean, which has invested over $3 billion in the Mediterranean over the last five years, is now looking to deploy the same integrated development approach across Africa. But Rigas warned that success depends on bold leadership from governments: 'If there are resources being undeveloped, push people to develop them. If they don't want to, there's someone else who will.' His comments were nuanced by Tim Gould, Chief Energy Economist at the International Energy Agency (IEA), who emphasized the need for a balanced and pragmatic approach to Africa's energy development. 'There's extraordinary untapped potential, given the richness of the renewable resource across many parts of Africa. But we also recognize that the conversation about Africa's development cannot end with renewables,' said Gould. 'For the IEA, energy security is our core mandate. We don't see security and sustainability at opposite ends of the spectrum.' This framing underscored a growing consensus that Africa's energy mix must be as diverse as its development challenges, with Gould calling for 'integrated development of energy systems' that balance affordability, sustainability and sovereignty. Namibia's Petroleum Commissioner Maggy Shino offered a compelling national perspective, highlighting how the country's nascent oil sector could be a springboard for economic transformation, particularly through the development of specialized skills and long-term industrial capacity. 'We are going to establish Lüderitz as an energy hub – that's where we're putting the infrastructure to evacuate the green hydrogen we will produce in Namibia, as well as the infrastructure for developing the petrochemical industry,' she said. Shino emphasized that resource revenues should be leveraged strategically to build the country's future, not just to meet short-term needs. 'We are at a time where Africa should move away from using revenues from resources to address the problems of today. They should be used as seed capital to grow the future.' Cheick-Omar Diallo, Leader Task Force Communication and Spokesperson for TotalEnergies on the East African Crude Oil Pipeline, defended the development as a sovereign decision by Uganda and Tanzania, emphasizing the company's efforts to uphold environmental standards, minimize displacement and ensure local benefits. 'We want to be a responsible operator – that means producing to the highest standards while addressing biodiversity and community concerns,' said Diallo. 'This was not just a TotalEnergies project – it was a sovereign decision by Uganda and Tanzania. Once that decision is made, the question is how to implement it responsibly. We avoided sensitive areas along the pipeline route, and while displacement is never ideal, it is a reality of infrastructure projects.' The panel marked a fitting conclusion to the forum, blending urgency, realism and ambition. While global players like Energean and the IEA called for speed and pragmatism, African leaders insisted that the path forward must be driven by national priorities and long-term value creation. Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
08-05-2025
- Business
- Zawya
Energean Chief Executive Officer (CEO) Confirmed to Speak at Invest in African Energy (IAE) 2025 in Paris
Mathios Rigas, CEO of Energean, will speak at the upcoming Invest in African Energy (IAE) 2025 Forum in Paris, where he will bring critical insights into the future of gas development and investment in Africa. As the head of one of the Mediterranean's leading independent E&P companies, Rigas is uniquely positioned to discuss how African nations can accelerate gas monetization, meet rising domestic energy demand and attract private sector-led upstream investment. Energean's entry into Morocco marks a notable expansion of its operations in Africa and reflects the company's strategic focus on gas development across the continent. In April 2024, Energean farmed into the Lixus and Rissana offshore licenses and began drilling at the Anchois gas project in August. Although the discovery did not yield sufficient volumes to justify development, the move signals Energean's intent to replicate its gas-focused success in the Mediterranean and target gas-weighed assets. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Following the announcement in December 2024 that Energean would target new acquisitions across Africa, along with the Balkans, the UK and the North Sea, the company is actively reshaping its portfolio around high-impact, development-ready assets. This strategic shift comes in the wake of the divestment of mature assets and signals a renewed focus on frontier and underdeveloped regions, where Energean can apply its proven development model. Africa is set to play a central role in this new chapter, offering both resource potential and strong demand fundamentals. With its technical capabilities, successful track record in bringing offshore gas projects online, and experience navigating complex regulatory environments, Energean is well-positioned to make a significant contribution to Africa's gas agenda. The company's approach aligns with the continent's energy transition priorities, offering cleaner-burning fuel sources that can support industrial growth, job creation and greater energy independence. IAE 2025 will serve as a critical platform for facilitating dialogue between Energean and key African stakeholders – including governments, regulators and investors – as the company deepens its presence on the continent. As Africa advances its gas agenda and seeks partners to support energy security and industrial development, IAE offers unmatched opportunities to share strategic insights, forge new partnerships and drive investment into high-impact, gas-focused projects. Distributed by APO Group on behalf of Energy Capital&Power.
