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iMbokodo's transformative vision for oil and gas in South Africa

04-28-2023 02:23 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Meridian Capital Limited

iMbokodo's transformative vision for oil and gas in South Africa

iMbokodo's transformative vision for oil and gas in South Africa

Meridian Capital Limited, invests in companies and people with a successful track record from various sectors. As a part of the investment portfolio, the Company seeks to invest in early-stage oil and gas exploration companies with quality management teams and assets. One such investment is in iMbokodo Exploration and Production. A South African company with a difference - a majority black female management team led by the newly appointed Chair, Sonja De Bruyn.

Over the last four years, much has happened behind the scenes at iMbokodo, the majority women-led and majority black-owned South African oil and gas group. iMbokodo, from the Zulu word meaning 'solid rock', is recognised for its concrete approach that aims to have a positive impact in South Africa and works to build trusted partnerships with reputable IOC's that believe in sharing the value of oil and gas assets in South Africa and developing a sustainable model that also creates value for the local community.

The Company's geographic focus has largely aligned with the progress and development of the broader sub-Saharan Africa oil and gas sector, which has been significantly reshaped over the last few years by several major discoveries offshore of both South Africa and Namibia.

It also coincides with the deepening energy crisis in South Africa, a crisis that will require a range of solutions to overcome, including a Just Energy Transition which is already underway. Right now, it has never felt more important to be part of the solution to South Africa's energy crisis.

Since the Company's inception in 2019, is has gained an interest in three highly prospective onshore assets in eastern South Africa. The economic potential of these properties is clear, neighboured by Rhino Resources, Kinetiko Energy and Renergen, whose assets also contains the highly sought-after commodity of helium.

iMbokodo has not only successfully grown and consolidated its position as a burgeoning African oil and gas player, but has also spearheaded female empowerment in one of the least gender-diverse sectors globally.

Sonja de Bruyn, Chairperson of iMbokodo, believes that she has best team in place to deliver meaningful and transformative value-creation in the sector. While it was founded as a female empowerment company, the Company has taken steps to reinforce its commitment to gender diversity with her recent appointment as Chairperson, alongside a team of experienced black women who are also currently occupying the lead geologist and chief financial officer roles.

Sonja's experience of over 25 years in investment and finance, as executive director at WDB Investment Holdings leading several of their acquisitions, as a co-founder of women-owned and managed investment firm Identity Partners, and also at Ethos Private Equity, where she was responsible for diversity and transformation; has shown her how important building a diverse team is for effecting outcomes. This is at the heart of the Company's mission and why they believe in what is being built at iMbokodo.

At iMbokodo there is a responsibility to the people and communities where oil and gas operations take place. The Company aims to ensure all their participation has a growth and development focus beneficial to local communities with 10% of iMbokodo's future share ownership structure allocated to the historically disadvantaged communities, to enable them to achieve their full potential in participation in the oil and gas arena.

The whole team's expertise will enable iMbokodo to not only secure the appropriate financing required but also to unlock the most prospective investment opportunities. The Company recently secured a funding facility of US$12 million from Meridian Capital Limited, a significant global investor in various offshore and onshore oil and gas opportunities, highlighting the confidence that exists in the business, whilst simultaneously providing the firm capital required to enter a highly prospective asset on the West Coast of South Africa.

iMbokodo's vision is to become the leading upstream company offering services to the oil and gas sector, impacting not just the businesses they work with, but with the intention to create meaningful and transformative partnerships with the local communities and becoming the BEE partner of choice for the South African / African oil and gas industry.

Level 37, 41 Heung Yip Road,
Wong Chuk Hang,
Hong Kong

Tel: +852 2239 5300

https://meridiancapitallimited.com/

Meridian Capital Limited is an international investment firm headquartered in Hong Kong with a diversified investment portfolio spanning consumer goods, real estate, hospitality and natural resources. Meridian Capital Limited seeks out global investment opportunities with favourable long-term fundamentals. They operate in emerging and frontier markets, often in partnership with industry leaders and talented entrepreneurs. Meridian Capital Limited carefully select their investments to ensure that they have a broader social, developmental or environmental impact in their sector and operating environment.

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