$11.15 Million Raised

Since ANE began its crowd-funding campaign in 2015, almost 400 investors have decided to back the project. When all grants, consulting profits and research and development tax credits are included, ANE has raised £8.6 million ($11.15 million) to date for a project that most industry experts said was unfundable.

This investment has been deployed to develop the seventeen-layer algorithm ANE uses to indicate the presence of oil and gas. This was achieved using techniques including satellite remote sensing, airborne surveys and surface layers of evidence such as geochemical analysis, which indicated 32 potential oil fields with a gross unrisked prospective resource of 1.6 billion barrels of oil equivalent (boe) – about 25 times what Namibia needs to become electricity self-sufficient.

This means that the prospective hydrocarbon resource in the Kalahari has the potential to help Namibia’s neighbours as well. Zimbabwe, Angola, Zambia and Botswana – all members of the Southern African Power Pool, Southern Africa’s regional grid – all face crippling electricity shortages.

It is important to understand the financial context in which ANE operates. The company has done extremely well in the current environment to raise £8.6 million from a variety of sources, without undue dilution.