Camac Energy chairperson and CEO Dr Kase Lawal
JOHANNESBURG (miningweekly.com) – US-based oil and gas exploration company Camac Energy on Monday listed on the main board of the JSE, following nearly 18 months of discussions, making various benefits available to South African investors, said chairperson and CEO Dr Kase Lawal.
Listing on the JSE allowed Camac Energy, which was already listed on the NYSE, to make its oil and gas opportunities and shares, previously not accessible, available to South African individuals and institutions, Lawal told Mining Weekly Online.
“Since the company started its business 28 years ago, we always dreamt that one day we would have better participation from the African continent, in which we operate and have lived. Today, we start our journey with African investors,” Lawal said.
He said Camac Energy believed that if countries used their resource endowments wisely and developed effective partnerships with extraction companies, they could potentially transform their economies and the lives of their citizens.
The JSE granted Camac Energy a listing of 1 088 396 226 shares, which ranked on equal footing with all shares issued on the NYSE, representing the entire issued ordinary share capital of the company.
Lawal also pointed out that this was the first inward investment from the NYSE to the JSE, explaining that usually companies that operated in Africa listed in Johannesburg first before listing abroad.
Meanwhile, the South African Public Investment Corporation (PIC) had secured a 30% shareholding in Camac Energy through a $270-million private placement, which was completed earlier this month.
PIC chief investment officer Dr Daniel Matjila told Mining Weekly Online on Monday that the corporation was currently focusing on oil and gas as it made up the biggest component of the country’s import bill.
“We believe that if we are able to assist in reducing this, it will result in better gross domestic product growth for the country,” he said, adding that the PIC was, therefore, also considering investing in various other oil and gas opportunities in countries such as Mozambique, Ghana and Nigeria.
“We are looking for companies that we can partner with to get exposure to these opportunities,” Matjila said.