The Chinese bid

In January 2017, ANE received an unsolicited bid valuing the company at $500 million from a US-based private equity company, with the backing of an Asian state-owned oil company.
But the terms for the majority stake were unfavourable to the sustainability of the concession and to the people of Namibia. The bid was, therefore, rejected and superseded by a more innovative fund-raising model – the Aziza Project.

ANE is currently working with the Aziza Project to raise $60 million, $45 million of which will be used to complete a ten-well drilling programme, as well as completing the final stages of the pre-drilling programme launched in 2013.