Instinct Energy (ASX:INY) aims to raise $8 million to fund exploration for Coal Bed Methane, unconventional gas and coal in Namibia.
Seeking to list on the ASX in November, the company has two extensive prospective CBM exploration areas under license covering approximately 22,000km2 across the Huab and Caprivi basins in Namibia.
Instinct aims to explore, appraise and ultimately commercialise resources to participate in rapidly expanding and unsatisfied energy market opportunities which exist in Namibia and Sub-Saharan Africa.
Non executive chairman of Instinct is Ian Tchacos, former managing director of Nexus Energy (ASX:NXS), responsible for the company’s development from an onshore micro cap explorer to an ASX top 200 offshore producer and operator.
Tchacos is currently non-executive chairman of ADX Energy (ASX:ADX), and non-executive director of Reidel Resources (ASX: RIE).