EXPLORATION: Gas License Application Withdrawn
Recent Western Cape Business News
Advasol is seeking an exploration license to determine whether a natural gas resource exists in the southern Cape coastal region, harnessing potential gas reserves in Mozambique and establishing Solar Energy Parks in the Northern Cape. Because the latter two energy projects are now gaining momentum, Advasol has decided to withdraw its application for an exploration license on the south Cape coast.
“Within the energy industry, we are a relatively small company”, explains Advasol director, Anton van Wyk. “Our intention still is to find the best possible solution for South Africa’s considerable energy challenges but we must consolidate that effort so that it is as effective as possible. Certain project interests have escalated and our focus now needs to shift to these projects so that they can be brought to fruition sooner – and, of course, these projects would also be very effective and responsible bridging solutions to our energy problems.”
Sustainable and responsible business is a key driver of ICE Finance, owners and investors of Advasol and Menlyn Maine. The organization is affiliated to the Clinton Foundation’s Climate Change initiative through the Menlyn Maine.
Anton van Wyk adds: “Although we have withdrawn our license application, we still believe opportunities for harnessing natural gas in the area exist and therefore we may reactivate our application again in the future.”
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