The business model of Property Development and Services is to develop and offer customized solutions relating to (staff) residential and offices to companies primarily in the oil and gas industry. Their services offer everything from planning and construction to management and other value-added services, such as security, transportation, telecommunications, catering and recreational facilities.

The business has been operating for 20 years. The portfolio consists of 14 property assets in Angola, distributed among buildings and leases. The leases consist of long- and short-term contracts with tenants and landowners of varying lengths that are extended regularly. Customers include some of the world’s leading oil and gas companies with high credit ratings.

In the Energy business area, value is created by finding and developing early-stage oil assets and then introducing larger oil industry players to the projects for further development and production.

Energy projects:

IRAQ – Onshore exploration and production licence over an area of 24,000 square kilometres located in northern Iraq south-west of Kurdistan. The licence area contains a number of major discoveries as well as vast unexplored areas with high potential.

South Africa – Offshore exploration licence containing a discovery with contingent resources ready for appraisal well drilling. The licence is considered to have great potential as a result of additional prospects within the licence area. The Company has entered into a farm-out agreement which results in financing for the remaining licence shares for well drilling.

Madagascar – Onshore exploration licence on the western side of the island. After conducting seismic and geological studies, several structures have been identified. Future efforts include drilling, for which Crown Energy is seeking a partner.