Africa Energy Corp. (TSXV:AFE)Oil & Gas
Africa Energy Corp is an oil and gas exploration company and a member of the Lundin Group of Companies.
Formerly known as Denovo Capital Corp, it was formed on April 27, 2010, in Alberta.
Africa Energy has undertaken various acquisitions and formed joint ventures and other partnerships over the course of its existence till date.
The energy firm is a publicly listed company with stocks trade on the TSX Venture Exchange (TSXV). The trading symbol is ‘AFE’. The Canadian oil and gas company operates three exploration projects across South Africa and Namibia, which includes: Block 2B, PEL 37 and Block 11B/12B.
Block 11B/12B Project
It is an oil and gas exploration project situated nearly 175 kilometers off the South Africa’s southern coast in the Outeniqua Basin. In August 2020, the company reportedly signed an investment agreement, wherein the effective interest rate was increased from 4.9 per cent to 10 per cent.
Block 2B Project
Block 2B is an oil exploration project situated 300 kilometers north of the Cape Town in the South Africa’s Orange Basin. The project includes a total area of 3,062 square kilometers with a water depth between 50-200 meters. The company has 27.5 percent of working interest and operatorship in the project.
Petroleum Exploration License 37 Project or PEL 37 is another energy project situated in Walvis Basin, nearly 420 kilometers south of the Angolan/Namibian border.
The project covers a total area of 17,295 square kilometers with an estimated water depth between 400-600 meters in the primary area.
The company is headquartered in Vancouver and manages its exploration operations through regional corporate offices in Cape Town, South Africa.
Impact Oil & Gas Limited and AOC holds 36.5 per cent and 19.9 per cent stake in the Africa Energy Corp respectively.
In October 2020, Africa Energy Corp claims to have explored an important gas condensate discovery on the Luiperd prospect situated within Block 11B/12B project, following the nearby Brulpadda petroleum discovery in 2019.
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