Africa Energy Corp (AFE)

Africa Energy's Annual General and Special Meeting of Shareholders to be Held on June 18, 2026May 15, 2026 5:30 PM
PR Newswire (Canada) VANCOUVER, BC, May 15, 2026 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") is pleased to announce that its Annual General and Special Meeting of Shareholders will be held in Canada on Thursday, June 18, 2026, at 9:00 am (Pacific Time) at Suite 2500, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8 for the following purposes: View PDF Version To receive the consolidated audited financial statements and accompanying management discussion and analysis of the Company for the year ended December 31, 2025, together with the report of the auditors;To approve the appointment of MNP LLP as auditors of the Company to hold office until the next Annual General Meeting, at a remuneration to be fixed by the directors of the Company;To approve the Company's incentive stock option plan, as more particularly described in the accompanying Management Information Circular;To set the number of directors at five (5); andTo elect directors to hold office for the ensuing year.The record date for the Annual General and Special Meeting was May 7, 2026. The Notice of Meeting, Management Information Circular and related meeting materials are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.africaenergycorp.com.Holders of Euroclear Sweden Registered SharesThe information set forth below is of significance to shareholders who hold their securities ("Euroclear Registered Securities") through Euroclear Sweden AB, which securities trade on Nasdaq First North Growth Market Stockholm. Shareholders who hold Euroclear Registered Securities are not registered holders of voting securities for the purposes of voting at the Meeting. Instead, Euroclear Registered Securities are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Securities will receive a voting instruction form ("VIF") by mail directly from Computershare AB ("Computershare Sweden"). Additional copies of the VIF, together with the Company's Management Information Circular, can also be obtained from Computershare Sweden and are available on the Company's website (www.africaenergycorp.com). The VIF cannot be used to vote securities directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines described in the instructions provided with the VIF.About Africa Energy Corp.Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC").Important informationThe information was submitted for publication, through the agency of the contact persons set out above on May 15, 2026, at 5:30 pm E.T.The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, rutger.ahlerup@bergssecurities.se.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Africa Energy Corp. Original: Africa Energy's Annual General and Special Meeting of Shareholders to be Held on June 18, 2026

Africa Energy Announces Block 11B/12B Operations UpdateApril 29, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, April 29, 2026 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces that the Company, through its investment in Main Street 1549 Pty Ltd. ("Main Street"), which holds an interest in Block 11B/12B, offshore the Republic of South Africa, has obtained a further extension for the submission of a new Environmental and Social Impact Assessment ("ESIA") to November 4, 2026. View PDF VersionThe further extension to the ESIA has been granted in light of the decision by the Western Cape High Court in South Africa ("High Court") to set aside an environmental authorization for offshore exploration operations in Block 5/6/7 (held by an unrelated party) so that additional, new and amended environmental assessments can be conducted and placed before the Minister of Mineral and Petroleum Resources for reconsideration. An application for leave to appeal this decision to the Supreme Court of Appeal has been launched by the unrelated party. The Company has engaged with its advisors, including legal counsel, to determine the appropriate way forward with respect to its ESIA as a result of the High Court decision. The grant of the environmental authorization is a pre-requisite to the grant of the production right in relation to Block 11B/12B.Main Street currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street (previously announced May 29, 2025), the Company expects to hold a 75% direct interest in Block 11B/12B. Both the assignment of the withdrawing parties' interest in Block 11B/12B to Main Street and the completion of the Main Street restructuring require grant of the production right in relation to Block 11B/12B.About Africa Energy Corp.Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC").Important informationThis is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on April 29, 2026, at 5:30 p.m. ET.The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, rutger.ahlerup@bergssecurities.se.Forward looking statementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that the Parties will satisfy all the conditions in the Agreements and execute the assignment agreement and that, if executed, the terms in the assignment agreement will be consistent with the terms of the Agreements. Further, there is no certainty that the Parties will obtain all the required regulatory approvals, including those necessary to effect the transfer of the participating interests.The use of any of the words "will", "expected", "planned", "intends" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of exploration and development activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration and development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE Africa Energy Corp.

Original: Africa Energy Announces Block 11B/12B Operations Update

Africa Energy Announces 2025 Year End ResultsMarch 25, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, March 25, 2026 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces financial and operating results for the year ended December 31, 2025. View PDF VersionRobert Nicolella, Africa Energy's CEO, commented, "We are feeling cautiously optimistic about the recent announcements made by key ministers in government regarding the importance of natural gas as a key transition fuel in the energy transition and the decision to proceed with determination of appeals against environmental authorizations. We believe this demonstrates the government's commitment to attract investment to the industry and advance the development of its domestic resources to ensure energy security, which has been emphasized by recent conflict in the middle east."On March 5, 2026, the Honorable Minister of Mineral and Petroleum Resources, Mr. Gwede Mantashe, highlighted the role natural gas must play in closing the energy deficit in South Africa and that natural gas will be the most effective transition fuel. Further Mr. Gwede Mantashe identified Africa Energy Corp.'s discovered resources in Block 11B/12B1, offshore South Africa, as a resource which the government of South Africa is seeking to accelerate development of.On March 11, 2026, the newly appointed Honorable Minister of Forestry, Fisheries and the Environment, Mr. Willie Aucamp, announced that his department is proceeding with determination of appeals lodged against environmental authorizations granted for offshore oil and gas projects. Following the previous decision of the Western Cape High Court in South Africa to set aside an environmental authorization for the offshore exploration operations in Block 5/6/7 (held by unrelated parties), the former Minister of Forestry, Fisheries and the Environment made a decision to defer appeals lodged with his department following the granting of environmental authorizations pending the outcome of court proceedings in respect of the Block 5/6/7 judgement.The Company took the prudent step of pausing its Environmental Authorization ("EA") application for Block 11B/12B, offshore South Africa, following the previous decision by the Western Cape High Court. This allowed the Company to fully assess the implications of the new legal and regulatory landscape and ensure its EA application and development plans were optimally aligned. Concurrently, the Company's technical team continues to advance technical work on various development scenarios.2025 HIGHLIGHTSOn February 28, 2025, Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope.On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company to fully repay its debt, which consisted exclusively of obligations under the promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B.On May 28, 2025, the Company signed definitive agreements with Arostyle Investments (RF) (Proprietary) Limited ("Arostyle") to restructure their joint investment in Main Street 1549 (Proprietary) Limited ("Main Street 1549"), which holds the participating interest in Block 11B/12B. The restructuring will result in the Company (through Main Street 1549) holding a 75% participating interest in Block 11B/12B with Arostyle holding the remaining 25%. The definitive agreements are subject to all relevant regulatory approvals being obtained and remain subject to the fulfilment of certain conditions, including the regulatory transfer approval of the withdrawing parties interest in Block 11B/12B.Effective May 30, 2025, the Company completed a consolidation of the Company's shares on a 5:1 basis. After giving effect to the consolidation, the Company had 479,162,450 common shares issued and outstanding.At December 31, 2025, the Company had US$3.2 million in cash, US$3.0 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. In addition, Main Street 1549 had US$1.6 million of cash at December 31, 2025._______________________1 Main Street 1549 currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. The Company currently owns 49% of the common shares and 100% of the Class B shares of Main Street 1549.OUTLOOKThe Company is focused on obtaining environmental authorization for development of discovered resources in Block 11B/12B so that it can obtain the Production Right approval. Early engagements with relevant stakeholders on gas supply has commenced in an effort to secure offtake customers for future development.Subject to all relevant regulatory approvals by South African authorities with respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources can be commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs required to achieve both sustainable economic growth and the transition to lower carbon energy sources.FINANCIAL INFORMATION(Audited; thousands, except per share amounts, US dollars)
Year Ended
Year Ended
December 31,
December 31,
2025
2024Operating income/(expenses)(4,772)
(99,455)Net income/(loss)(4,957)
(100,615)Net income/(loss) per share (basic and diluted)(0.01)
(0.36)Weighted average number of shares outstanding (basic)430,981
281,562Weighted average number of shares outstanding (diluted)430,981
281,562Number of shares outstanding479,162
281,562



Cash flows provided by (used in) operations(1,850)
(1,113)Cash flows provided by (used in) investing(216)
(582)Cash flows provided by (used in) financing2,858
2,300Total change in cash and cash equivalents855
597



Change in share capital17,671
-Change in contributed surplus(3,818)
691Change in deficit4,957
100,615Total change in equity8,896
(99,924)




December 31,
December 31,
2025
2024Cash and cash equivalents3,160
2,305Total assets41,134
42,577Total liabilities316
10,655Total equity40,818
31,922Net working capital2,954
(8,229)The financial information in this table was selected from the Company's audited consolidated financial statements for the year ended December 31, 2025 (the "Financial Statements"), which are available on SEDAR at www.sedar.com and the Company's website at www.africaenergycorp.com.EARNINGS TREND AND FINANCIAL POSITION
(Audited; US dollars)Operating expenses decreased by $94.7 million for the year ended December 31, 2025, compared to the same period in 2024. The Company recorded a $97.4 million non-cash loss on revaluation of the financial asset during 2024 versus $1.0 million during 2025. The non-cash loss on revaluation of the financial asset relates to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures.At December 31, 2025, the Company had cash of $3.2 million and working capital of $3.0 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the shares for debt transaction and the private placement that completed March 31, 2025.NEXT EARNINGS REPORT RELEASEThe Company plans to report its results for the three months ended March 31, 2026 on May 14, 2026.About Africa Energy Corp.Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC").Important informationThis is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on March 25, 2026, at 5:30 p.m. ET.The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 4962 50, rutger.ahlerup@bergssecurities.se.Forward looking statementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE Africa Energy Corp.

Original: Africa Energy Announces 2025 Year End Results

Africa Energy Announces Corporate UpdateJanuary 26, 2026 10:30 PM
PR Newswire (Canada)

VANCOUVER, BC, Jan. 26, 2026 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces that Dr. Phindile Masangane has resigned from her roles as Director and Officer, serving as Head of Strategy and Business Development since May 2025. Dr. Masangane has accepted an executive position with the Development Bank of South Africa. View PDF version.








While stepping down from her formal positions with the Company, Dr. Masangane will continue to support Africa Energy Corp. in a consulting capacity. In this role, she will assist the Company in advancing the development of its significant gas and condensate discoveries in Block 11B/12B, offshore South Africa. Her deep expertise in South Africa's policy and regulatory environment will remain a valuable asset as the Company progresses its strategic initiatives."On behalf of the Board of Directors, we extend our sincere gratitude to Dr. Masangane for her dedicated service and meaningful contributions to the Company," said Robert Nicolella, Director and Chief Executive Officer. "We are pleased that she will continue to work with us, and we are confident that her ongoing involvement will contribute significantly to our continued progress."Africa Energy Corp. wishes Dr. Masangane every success in her new role and looks forward to her continued collaboration as the Company advances the development of its discoveries in offshore South Africa.About Africa Energy Corp.Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC").Important informationThis is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on January 26, 2026, at 5:30 p.m. ET.The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, rutger.ahlerup@bergssecurities.se.Forward looking statementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that the Parties will satisfy all the conditions in the Agreements and execute the assignment agreement and that, if executed, the terms in the assignment agreement will be consistent with the terms of the Agreements. Further, there is no certainty that the Parties will obtain all the required regulatory approvals necessary to effect the transfer of the participating interests.The use of any of the words "will", "expected", "planned", "intends" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of exploration and development activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration and development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this releaseSOURCE Africa Energy Corp.

Original: Africa Energy Announces Corporate Update

HPMCF one for 5 reverse split:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Friday’s Clarskons note on Block 11B/12B TotalEnergies reveals massive scale of its South African harsh environment gas discoveries

The scale of TotalEnergies’ gas discoveries from 2018 and 2020 in South Africa, the Brulpadda and Luiperd, has for the first time been publicly revealed in documentation the operator recently filed to South African authorities.

In total, TotalEnergies plans to spend $3bn to exploit the findings. Combined, the two discoveries (which came through only two wells) is said to comprise resources of 4.5 Tcf of gas, of which 3 Tcf of this volume is contained in Luiperd. First gas is targeted in 2027 given that all government approvals are received. To our knowledge, both discoveries were drilled by Odfjell Drilling’s (ODL, Buy) harsh environment semi the Deepsea Stavanger.

https://fitinvestmentideas.com/2023/02/20/clarksons-on-africa-energy-totalenergies-reveals-massive-scale-of-its-south-african-gas-discoveries-block-11b-12b/

Hopefully some development soon on 11B/12B

Africa Energy

[[ Thanks to Stockhouse ]]

Subject: Starting to get complicated
Posted by: minigoon
Date and time: 1/11/2022 8:06:56 PM
Text: https://fitinvestmentideas.com/2022/01/11/africa-energy-minutes-from-the-call-with-the-management/

Nice spike but what is the reason?

Africa Energy Corpor (HPMCF)
0.2436 ? 0.0078 (3.31%)
Volume: 29,500 @03/05/21 3:21:21 PM EST
Bid Ask Day's Range
0.221 0.266 0.2436 - 0.2552
HPMCF Detailed Quote

Eco (Atlantic) Oil & Gas

Eco has today announced its results for the three and nine months ended 31 December 2020, alongside a corporate and operational update.

Financially it is unfortunately very predictable, Eco has cash in the bank of $16.4m and no debt which makes it fully funded for its share of the two exploration wells in Guyana whenever they may come. Costs have been slashed by more than the industry norm, by over 50% in the 9 months to December so without doubt when the time comes Eco is extremely well placed to do well.

Operationally is where the waiting game is being played, ‘multiple light sweet oil drilling prospects on the Orinduik block are currently being reviewed by the Company and its licence partners’, with high-graded candidates being considered for the next drilling programme.

The intention is to provide further definition to the upper and lower Cretaceous interpretation and target selection for drilling. Whilst this is all very well, having made two discoveries on the block already it is high time they drilled again and but for the traumas that Tullow have got themselves into they would have done by now. I can’t add to previous comments about the licence partners except to say that they must have incredible patience with Tullow…

The good thing for Eco is that they, together with their strategic alliance partner Africa Oil Corp., continues to evaluate additional asset opportunities in both West Africa and South America. In Namibia where I have always rated their acreage particularly relative to their own size, they have successfully negotiated the reissuance of its four licenses in Namibia’s Walvis Basin for 10 years, which received final Government confirmation on 5 February 2021.

Another string to Eco’s bow is that they recently set up a JV to ‘source, acquire and develop an exclusive pipeline of potential high yield solar projects’ which is now called Solear Ltd. Eco agreed to provide a secured loan of up to $6 million to Solear, as a result of which the Company holds a 70% shareholding in Solear, with Nepcoe holding the remaining 30%. The Loan, which carries a 2% annual interest, is expected to be repayable from the proceeds of either a public or private financing, through operating cash flow, and/or a project monetization event.

In January 2021, Solear completed its first acquisition of a fully contracted, permitted, and build ready project in Greece, known as the Kozani Project. Solear is continuing to build its exclusive portfolio in Spain, Italy, and Greece and is targeting a further financing event in the form of a private finance and/or IPO later this year.

The key to this all is, apart from the obvious risk diversity is that it looks very much like this will be a vehicle to do a deal to enhance its value. Whether that will be an IPO of Solear or a standalone fund raise, either of which would likely make the value of the business look substantial and clearly please the market and revalue ECO.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

“We have made significant progress in recent months across a number of aspects of the business. We have demonstrated our commitment to our core business strategy of achieving near-term exploration success in Guyana and Namibia, through maturing and upgrading the drilling targets’ inventory in Guyana and the successful reissuance of our licences in Namibia, as well as adding a highly relevant and attractive asset to our portfolio through the formation of Solear Ltd., a majority held renewable energy company.

“Successfully renegotiating our four licences offshore Namibia, which we see as being an increasingly active exploration jurisdiction, was an important milestone for the Company and gives us a considerable footprint in country from which we will seek create significant shareholder value.

“In Guyana, we continue to work with our partners in the Orinduik block to finalise drilling selection, and look forward to recommencing drilling activity in the coming months. We remain very confident in Guyana’s prospectivity as a hydrocarbon basin and the upside potential it offers. The recent increase in oil prices makes our existing discoveries in Guyana and drilling prospects inventory ever more attractive.

“Our recent strategic investment into Solear Ltd. demonstrates our drive and determination to use our cash reserves wisely alongside high impact exploration drilling. We are very excited about both the near-term opportunities that Solear brings, as well as the long-term benefits that come with broadening our asset portfolio. Solear has a highly attractive pipeline of low cost, high yield solar PV projects, that have the potential to generate high IRR returns for our shareholders. As ever, we look forward to keeping the market updated on our progress over the coming months.”

Shareholders in Eco have had to be a patient bunch, in any other time the highly prospective Guyana acreage would have been drilled again and more than likely runs would be on the board. In addition the pace of activity in Namibia has been slow but that it countered by the reissuance of the licences and of course with near neighbours in super major category there must be chances with the drill bit or in the corporate world. Add the Solear beta and value will out somehow or other, Eco stays in the Bucket list for certain and patient shareholders will be substantially rewarded in due course.

Africa Oil Corp news

News / 2021

Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.

No news

Pareto research - Better than expected production test at Luiperd
Africa Energy reports strong production test results from Luiperd with a higher than expected condensate yield of ~130 bbls/MMcf. This is equivalent to a liquids-ratio of 43%, which is well above our previously assumed 25%. As expected (link), total production of 9,820 boe/day was limited by surface equipment implying that production per well in the development phase likely will be much higher. Preliminary analysis indicate that we will increase our valuation by SEK 0.5-0.7/share on the back of today’s better than expected results. We also see upside potential from larger resource estimates and/or lower development costs (fewer wells needed) as the partners conduct further analysis when they now move into development planning for Block 11B/12B. BUY reiterated – TP SEK 4.0 to be increased

Africa Oil Announces Luiperd-1X Test Results December 7, 2020

[[ Partial owner of Africa Energy ]]

VANCOUVER, BC, Dec. 7, 2020 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa Oil" or "the Company") is pleased to announce drill stem test results for the Luiperd-1X well, the second major discovery on Block 11B/12B offshore South Africa. The Company holds an indirect interest in the project as a result of its equity interests in Africa Energy Corp. (19.9%) and Impact Oil & Gas Limited (31.1%). View PDF version

Jan Maier, Africa Energy's VP Exploration, commented, "The Luiperd discovery proves that the Outeniqua Basin offshore South Africa is a world-class hydrocarbon province that remains highly under-explored. Luiperd-1X intersected 85 meters gross sands of which 73 meters is net good quality pay in the main target interval and thicker than prognosed. The well reached total depth of approximately 3,400 meters on October 12, 2020, at which point the drill stem testing program was initiated. We are very pleased with the positive test results that show high condensate yield and excellent reservoir connectivity. These results confirm the joint venture's decision to proceed with development studies and to engage with authorities about commercialization."

Read more at:
https://www.africaoilcorp.com/news/africa-oil-announces-luiperd-1x-test-results-122797/

Isn't that most of the time the case that people sell or buy before an announcement due to inside information?

Quote there were people with inside information who dumped before the announcement
That was not the point of discussion

well you can call it condinsate or liquid solids or whatever you want...obviously there were people with inside information who dumped before the announcement

Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natural gas will condense to a liquid state if the temperature is reduced to below the hydrocarbon dew point temperature at a set pressure.

The natural gas condensate is also called condensate, or gas condensate, or sometimes natural gasoline because it contains hydrocarbons within the gasoline boiling range, and is also referred to by the shortened name condy by many workers on gas installations. Raw natural gas may come from any one of three types of gas wells:

Crude oil wells: Raw natural gas that comes from crude oil wells is called associated gas. This gas can exist separate from the crude oil in the underground formation, or be dissolved in the crude oil. Condensate produced from oil wells is often referred to as lease condensate.
Dry gas wells: These wells typically produce only raw natural gas that contains no hydrocarbon liquids. Such gas is called non-associated gas. Condensate from dry gas is extracted at gas processing plants and is often called plant condensate.[3]
Condensate wells: These wells produce raw natural gas along with natural gas liquid. Such gas is also called associated gas and often referred to as wet gas.

Indeed

Con is not gas~ In fact it gives a preminum to gas. Just has to have a market!
Bob

Well it seems investors are not trilled with the news Mr Garrett Soden

i guess they were hoping for oil not gas and obviously there was insider dumping ahead of the news

AFRICA OIL ANNOUNCES SECOND SIGNIFICANT DISCOVERY ON BLOCK 11B/12B OFFSHORE SOUTH AFRICA

October 28, 2020

Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce a significant gas condensate discovery on the Luiperd prospect located on Block 11B/12B offshore South Africa. This discovery follows the adjacent play-opening Brulpadda discovery in 2019, which proved a significant new petroleum province in the region. The Company holds an indirect interest in the project as a result of its equity interests in Africa Energy (31.3%) and Impact Oil & Gas Limited (31.1%).

Garrett Soden, Africa Energy’s President and CEO, commented, “We are thrilled to announce the second consecutive discovery on Block 11B/12B offshore South Africa. We congratulate Total as operator for drilling the Luiperd-1X deepwater well safely and efficiently during the coronavirus pandemic and austral winter season. The Luiperd discovery reconfirms this world-class exploration play with substantial follow-on potential. The net pay encountered in the Luiperd target objective is significantly larger than the main reservoir at last year’s Brulpadda discovery. The Block 11B/12B partners are conducting a drill stem test to measure flow rates over the next few weeks. Due to the success at Luiperd, the joint venture has decided to proceed with development studies and engage with authorities on the commercialization of gas instead of drilling another exploration well in this program.”

Read more at:
https://mma.prnewswire.com/media/1321632/Africa_Oil_Corp__Africa_Oil_Announces_Second_Significant_Discove.pdf

i hope not but it appears to be bad news

Was that action a dump before a pump (news release)?
Bob

great news...bought it gets dumped.....seems like someone has other news?

Great news

Thanks to Manuel06 on Africa Oil

Here is a link to a Video where the South African Oil Minister was INVITED by Total to the oil rig Drilling Luiperd as it is now at TD and casing installed and cemented . Total is now running Tests on this well and news is immenent ( within 2 weeks ).
Here is the LINK for all to view....thanks to HotDog01 .
https://stockhouse.com/companies/bullboard?symbol=v.afe&postid=31771316
Looks very promising. Oil Minister has thoughts on this.


Hi Manuel06 Thank you very much for posting this information. I found the following link to the video worked.

Does anybody have any information on mutual fund or institutional buying of this stock I can only see one thing listed I can't find the information whether they're buying or selling?

Does anybody have any information on mutual fund or institutional buying of this stock I can only see one thing listed I can't find the information whether they're buying or selling?

AOI
Subject: Rumor of success at Luiperd!
[[ Thanks to pennyoilking on Stockhouse ]]
Date and time: 10/12/2020 7:18:50 AM
Text: AFE is up about 14% and AOI is up 7% in Stockholm!

Africa Energy

[[ Africa Oil is a substantial shareholder ]]

Sept 22, 2020

AFE has announced that it has raised $28m at SEK3.00 in a well, even oversubscribed offer. The proceeds are to finance the drilling programme of three exploration wells on Block 11B/12B offshore South Africa.

I recently had a Zoom chat with AFE CEO Garrett Soden who had already signalled the upcoming raise which continues the house strategy of concentrating solely on this potentially massive discovery made last year with Total. With the company concentrating in SA the Namibia acreage will likely be farmed-out and the market in that country is quite hot at the moment.

Africa Energy is a Lundin company with that family and Africa Oil having substantial shareholdings and directorships and the investing public own around 50%. It looks like a fantastic opportunity and the likes of Lundin and Hill are rarely wrong so despite having all its eggs in one basket its a pretty good basket…

https://www.malcysblog.com/2020/09/oil-price-igas-president-coro-longboat-africa-energy-falcon-and-finally/

Africa Energy Corp Spuds Luiperd-1X Well Offshore South Africa

[[ Thanks to - Jonas Wander-Levin ]]

VANCOUVER, BC, Aug. 28, 2020 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas company with exploration assets offshore South Africa and Namibia, is pleased to announce spud of the Luiperd-1X well, the second exploration well on Block 11B/12B offshore South Africa following the Brulpadda discovery in February 2019. View PDF version

Jan Maier, Africa Energy's VP Exploration, commented: "The Outeniqua Basin offshore South Africa remains an under-explored, world-class hydrocarbon province. The Luiperd-1X well will test the eastern area of the Paddavissie Fairway on Block 11B/12B to follow-up on the Brulpadda discovery of gas condensate and light oil last year. In the success case, the joint venture plans to flow test the Luiperd-1X borehole by performing a drill stem test. We look forward to drilling results in the fourth quarter."

Block 11B/12B is located in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of approximately 19,000 square kilometers with water depths ranging from 200 to 1,800 meters. The Paddavissie Fairway is in the southwest area of the block and includes the Brulpadda discovery, which confirmed the petroleum system. The Luiperd Prospect is the second to be drilled in a series of five large submarine fan prospects with direct hydrocarbon indicators defined utilizing both 2D and 3D seismic data.

The Luiperd-1X exploration well is being drilled in 1,795 meters of water by the Odfjell Deepsea Stavanger semi-submersible rig to a total depth of 3,550 meters subsea. The well will test the oil and gas potential in a mid-Cretaceous aged deep marine sequence where fan sandstone systems are developed within combined stratigraphic/structural closure. Drilling and evaluation of the well is expected to be completed in the fourth quarter of 2020.

Africa Energy holds 49% of the shares in Main Street 1549 (Proprietary) Limited, which has a 10% participating interest in Block 11B/12B. Total E&P South Africa B.V. is operator and has a 45% participating interest in Block 11B/12B, while Qatar Petroleum International Upstream LLC and CNR International (South Africa) Limited have 25% and 20% participating interests, respectively, in Block 11B/12B.


Read at:
https://markets.ft.com/data/announce/detail?dockey=600-202008280200CANADANWCANADAPR_C8049-1&fbclid=IwAR3tiM4nV5p7jbKFYBq-kZn_svF8ic0pKcFn9AbQp0gbKIHOnf6su-_p684

New Canada stock high of $0.49 !! Ding ding

New high of $0.48 Oil has been surprisingly good for the last couple of months!

Boom New all time of $0.47!! Keep it going!

Financials look great today!! Still debt free and much more drilling !

Huge volume today and hitting the $0.45cdn mark !!

Hit a nice new 52 week high today of $0.40 on the Canadian side (:

So drilling soon?

Africa Energy Reveals Total's Luiperd Drilling Timeline

[[ Africas Oil has a substantial ownership of Africa Energy ]]

OE Staff January 20, 2020

Following last year's large gas/condensate discovery at Brulpadda well offshore South Africa, French oil major Total is preparing to drill more wells in the vicinity.

After the Brulpadda, estimated by Rystad Energy to hold 500 mboe to 600mboe, the next well in line at the 11B/12B block is the Luiperd prospect.

Total in July last year struck a deal with Odfjell Drilling to use the Deepsea Stavanger rig – the same it had used for Brulpadda – for the 2020 drilling program in South Africa's Outeniqua Basin, located approximately 175 kilometers off the southern coast of South Africa.

The drilling company Odfjell Drilling at the time said that it expected the drilling program to take 180-280 days, with the rig mobilization to South Africa is expected to start in Q1 2020.


Read More At:
https://www.oedigital.com/news/474779-africa-energy-reveals-total-s-luiperd-drilling-timeline

https://seekingalpha.com/pr/17429636-africa-energy-reports-2018-year-end-results

NEWS! OIL STRIKE!
http://news.africaoilcorp.com/releases/entry/122754

hit something good darn it!

WELL SPUDED TODAY! NEWS
https://www.africaenergycorp.com/news-releases/africa-energy-spuds-brulpadda-1ax-well-offshore-so-122560/

Nice write up.
https://seekingalpha.com/article/4230172-africa-oil-corp-new-portfolio-approach-pay-incredibly-well?source=email_rt_article_readmore
Bob

https://impactoilandgas.com/impact-to-provide-funding-for-main-streets-participation-in-s-a-block-11b-12b/

I'm damned if I can find it? Can you give a link. Thanks
Bob

yes