West African energy-focused Coastal Africa intends to list in London

(Alliance News) - Coastal Africa Group Ltd on Thursday announced its plans to start trading on London's AIM market.

The newly incorporated company said it plans to acquire and invest in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa.

Coastal Africa intends to seek admission for trading on AIM in early June, adding it intends to make an initial acquisition within 18 months.

Further, the firm aims to buy a portfolio of minority, non-controlling interests in assets in the West African oil and gas sector.

The company said there currently exists a "significant" gap between the supply of and demand for electricity, notably in Nigeria which it said faced a three times electricity demand deficit, set to expand to nine times by the end of the decade.

It added that Nigeria's gross domestic product is forecast to grow at 4% per year through to 2030, amid an increasing population and urbanisation, speeding up demand for energy.

"A reduction in inflation and enhanced foreign exchange stability is also supportive of the fiscal outlook for Nigeria," Coastal Africa added.

Apart from Nigeria, Angola is a main target of the company, which said that both countries "are experiencing economic and demographic fundamentals supportive of sustained growth in domestic demand for oil and gas resources."

The company's chief executive officer is Conrad Clauson, chief financial officer is Ogbemi Ofuya, and chair is Peter Kimpel.

Chair Kimpel said: "The current environment offers a unique and timely opportunity for a company, such as Coastal, led by a team with the relevant experience and ability, to deliver material returns to investors, while supporting local companies, communities, and regional and national governments, as they seek to attract investment to maximise returns from oil and gas assets in support of wider economic, social, and community development."

CEO Clauson said: "We are seeking to replicate the strategy deployed in Southeast Asia by Coastal Energy Co, which has already proven successful, delivering around 6x return on equity capital raised. That strategy is based on an integrated approach, which better aligns operational interests, enhances project execution efficiency, reduces execution risk, and supports better asset returns. That approach also unlocks transactions that may not otherwise be plausible, creating a wider opportunity set, and reducing exposure to oil price volatility."

By Tom Budszus, Alliance News slot editor

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