Delonex Energy

completed

For the past decade, Sub Sahara Africa has been the focus of global exploration activity as it offers potentially huge undiscovered resources and it is believed some of the most prospective frontier basins in the world are in this continent, as exemplified by the recent large discoveries in Mozambique, Uganda and Tanzania. . Delonex Energy Limited seeks to build a portfolio of East and Central African assets with proven, undeveloped reserves and contingent and prospective resources, which it will bring to the development stage. The Project will target exploration-led opportunities in “known” petroleum systems, focusing mainly on two to three onshore/shallow water basins with common attributes and scalable to a material size. The portfolio will be built up through acquisitions, farm-ins and direct awards from host governments.Delonex’s management team is well advanced into pre-screening their first investments. Material equity stakes and operatorship will be targeted and partnerships will be built to access markets and mitigate risks. The Project will also seek to set a team on the ground, based in Kenya, in order to establish local presence, identify contractors, local content partners and create relationships with all stakeholders. IFC’s investment is to provide equity support for the acquisition of assets, exploration and development of the assets, but as of yet, undefined oil and gas-related infrastructure, the principal Performance Standards to be applied are PS1 and PS2.The processes for how Delonex Energy will address Performance Standards 3 through 8 for each future project are described within the detailed PS1 narrative below.