Media Briefing Note – 3 November 2023

Johannesburg, South Africa – 3 November 2023 – As a company focused on executing our strategy, it is important to ensure we keep our focus and find the most effective way to achieve our objectives. While the project has had delays, these do not detract from our focus on the necessary steps needed to be taken to move forward.

Capital to unlock the funding for Phase 2 is now front of mind and in a form as efficient as possible with the least possible dilution. To this end, we have already stated that we are preparing for a US IPO to maximise the chances of success and obtain the best valuations in the process. As such, a board decision authorised me to travel to the US to see through the capital raising process.

The organisation structure allows me to spend time in South Africa based on pre-determined periods of travel and have regular interaction with Nick and the team while I am focused on strategic IPO-related initiatives.

COVID has taught everyone that remote working is feasible, which is no different for Stefano. Nick Mitchell, our COO, oversees the business’s operational aspects, which Stefano is not involved in. Stefano is now focused on laying the necessary foundations for a successful IPO by being present and engaging with industry leaders and investors in the world’s largest oil and gas community.

Significant groundwork and relationship building are required for a successful IPO; thus, as a result, it is necessary for in-person discussions to take place in the United States.

This move clearly signals the Company and Stefano’s commitment to the process by undertaking this temporary move.

Having Phase 1 fully operational with helium and LNG is necessary, and the team is laser-focused on achieving this in the timelines stated.

Media Contact:

Mandy Stuart
Head: Marketing & ESG
+2784 606 7200


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