Can you introduce Effimax Energy and give an overview of your company and assets?

Effimax Energy has a rich history of innovation making waves in exploration and production, focusing on oil and renewable energy. We aim to innovate and make an impact in the African energy sector. Our model is empowering Africa's energy resources, and our vision is to be a world-class energy company and a strong player in Angola, Namibia and Nigeria. We are committed to sustainability, ensuring we preserve the environment while conducting our activities. Our footprint includes the Congo and Kwanza Basins in Angola, with plans for marginal fields in advanced discussions. We are also looking at a farm-in into a prolific basin in Namibia.

Can you tell us about winning the KON 13 bid? 

Angola has strategic plans in place extending to 2027 to increase the acreage explored and boost production. This involves putting more blocks into the market to attract investors. Despite the global shift away from fossil fuels, Angola offered attractive terms to incentivize investment. The process was smooth and transparent, with ANPG ensuring investor-friendly terms. We attended roadshow events in various markets and reviewed the data. 

The strategy behind our stake in KON 13 is multifaceted, aiming to capitalize on the block’s potential reserves, optimize operational efficiency, and foster strategic partnerships to drive sustainable growth.

What challenges do E&P players in Angola face amid foreign investors' reluctance towards oil and gas projects?

There is heightened attention on climate change, exemplified by COP28 resolutions urging a shift from oil and gas. Securing funding, mainly from international banks, has become difficult due to their reluctance towards oil and gas. Environmental concerns persist, potentially leading to resistance from environmentalists, especially in protected areas. Our blocks already have existing oil and gas activity so this is less of a concern. For us, complex geological formations pose exploration challenges that will require innovative approaches and new technology. Moreover, while offshore infrastructure in Angola is robust, inland areas lack support for transportation and storage, possibly necessitating State assistance. Another challenge is completing our exploration within the time limit stipulated by our bid.  

What is Effimax Energy’s approach towards renewables? 

Internally, we prioritize an energy mix. While oil and gas production is crucial, we also plan to invest capital into renewables. This approach aligns with our commitment to sustainability. We see significant opportunities in renewables, especially in regions like the south and east of Angola where there is a high demand for power. We aim to be a major player in the renewable energy sector.

We regularly assess the current energy use of the company and identify areas where renewable energy solutions can be integrated effectively. Examples include solar or electrical power generators. We also favor renewable energy technologies for operations and participate in carbon offset programs where possible. 

These initiatives are part of our employees' training to educate the workforce and stakeholders about the benefits of renewables.  We see ample opportunities in renewables and aim to lead in developing these projects.

What are your immediate priorities for the next couple of years, including goals and targets? 

Our immediate priorities involve completing a seismic acquisition in Angola by year-end, processing, and interpreting data in 2025, with drilling commencing by early 2026. Similarly, in Namibia, we aim to finalize entry and secure our farm-in agreements in Nigeria. Addressing infrastructure challenges and collaborating with regulators and the state are also key focuses. Overall, the goal is to manage oil and gas projects effectively while investing in renewable energy for sustainability.