Drilling seismic uphole surveys on AFEX’s Mali licence

Afex Global Limited (AFEX or the Company) is an independent oil and gas company specialising in West Africa, and its principal asset is a 25% Participating Interest (PI) in the gas and condensate-rich Matanda Block in the Republic of Cameroon. The Company is also actively developing new business opportunities elsewhere across the region.

In the last several years hydrocarbon exploration in Africa has become an increasingly attractive investment sub-sector in the oil industry relative to other regions. Exploration and Production companies that have intimate local knowledge, a proven ability to obtain quality licences, a track record of successfully managing local risk and the ability to work responsibly with local governments and communities have established Africa as an attractive development frontier. Several smaller companies operating in the region have had successful public listings or have become acquisition targets for larger sector participants looking for rapid access to potential operating assets in the region.

Seabird’s seismic vessel used for the 2011 Glencore-AFEX Equatorial Guinea seismic survey

AFEX has a unique background with dual origins in an exploration services company that formed joint ventures with African governments to acquire geological and geophysical data for licensing rounds, and a firm of geological consultants who acted as advisors to African governments on the promotion and development of their hydrocarbon resources. This heritage of advising African governments and their national oil companies has provided AFEX with a unique local relationship network and a knowledge base that is disproportionate to the Company’s size, allowing it to compete effectively with larger companies for desirable acreage. At the same time, AFEX’s detailed and integrated knowledge of the geology of all the key African oil-producing regions has permitted the Company to identify and develop new opportunities not fully recognised by others. AFEX also works closely with local communities in the areas in which it operates.

Helicopter-based geological field work in AFEX’s Mali licence area

Since its founding in 2006 AFEX has utilised a distinctive business model that combines a network of relationships with regional governments, national oil companies and local partners with informed technical knowledge of the region’s hydrocarbon resources and partnerships with major sector participants. This model has enabled the Company to acquire oil and gas exploration and production acreage in Cameroon, Angola, Mali and Equatorial Guinea at attractive prices while farming out prudent levels of exposure. By matching this model with a consistent and considered expansion of its capital base to ensure its business development strategy is adequately supported, AFEX has experienced consistent value growth across a portfolio of interests spanning from exploration to production.

South African geophysical company NRG flying gravity-magnetic surveys for AFEX

AFEX’s shareholders are financial institutions, family offices, private investors as well as its founders, and include both Gulf Cooperation Council institutions and high net worth individuals from the Middle East. AFEX is advised in corporate and financial matters by Gulf One Investment Bank BSC (c), a Bahraini financial institution.

The Company is debt free.