About Africa Energy

Africa Energy Corp. operates as an oil and gas exploration and production company in South Africa and Namibia. The company focuses on high-impact exploration in Africa. Block 11B/12B Main Street 1549, an entity held 49% by the company, has a 10% participating interest in Block 11B/12B offshore South Africa, resulting in the company holding an effective 4.9% interest in Block 11B/12B. The block is operated by Total E&P South Africa BV, which holds 45%, with partners Qatar Petroleum and CNR International (South Africa) Limited holding 25% and 20%, respectively. Block 11B/12B is located in the Outeniqua Basin. The block covers an area of approximately 19,000 square kilometers with water depths ranging from 200 to 1,800 meters. Block 2B The company has a 90% participating interest and operates Block 2B offshore the Republic of South Africa, in a proven oil basin with an existing discovery. In February 2020, the company executed two farmoutx agreements whereby the company would transfer operatorship and an aggregate 62.5% participating interest in the Exploration Right for Block 2B offshore South Africa. The company would retain a 27.5% participating interest in Block 2B. Block 2B is located in the Orange Basin and covers 3,604 square kilometers off the west coast of South Africa approximately 300 kilometers north of Cape Town with water depths ranging from 50 to 200 meters. Petroleum Exploration Licence 37 offshore the Republic of Namibia (PEL 37) Pancontinental Namibia, an entity held 33% by the company, holds a 30% participating interest in PEL 37 offshore the Republic of Namibia, resulting in the company holding an effective 10% interest in PEL 37. The license is operated by Tullow Namibia Limited, which holds 35% with partners ONGC Videsh and Paragon Oil and Gas holding 30% and 5%, respectively. PEL 37 covers an area of 17,295 square kilometers of the northern Namibian offshore region located approximately 420 kilometers south of the Angolan/Namibian border. 2019 In 2019, the company announced a significant gas condensate and light oil discovery at the Brulpadda-1AX well located on Block 11B/12B. The Brulpadda well was drilled in 1,432 meters of water by the Odfjell Deepsea Stavanger semisubmersible rig. The well encountered light oil pay and a total of 57 meters of net gas condensate pay over two Lower Cretaceous reservoirs. In 2019, the joint venture partnership for Block 11B/12B completed the first phase of the 3D seismic acquisition program (570 square kilometers) with Polarcus Limited using the Polarcus Asima vessel. In 2019, the joint venture partnership for Block 11B/12B executed a multi-well drilling contract with Odfjell Drilling for the Deepsea Stavanger semi-submersible rig, the same rig that drilled the Brulpadda discovery in 2019. History The company was incorporated in 2010. It was formerly known as Horn Petroleum Corporation and changed its name to Africa Energy Corp. in 2015.