VANCOUVER, BC, April 19,
2022 /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 report that Eco (Atlantic) Oil & Gas Ltd. ("Eco
Atlantic") has deposited approximately US$20
million in escrow to support its capital expenditure
requirements for the Gazania-1 well on Block 2B offshore South
Africa after closing the acquisition of Azinam Group
Limited. View PDF version
Garrett Soden, Africa Energy's
President and CEO, commented, "We are excited to move forward on
Block 2B and drill the Gazania-1 oil
exploration well this year. The rig has been contracted and is
expected to mobilize from the North Sea in August for the 45-day
journey to South Africa. The Block
2B joint venture plans to spud the
well by October with drilling expected to last 30 days, including a
full set of logs in the success case. The block has significant
contingent and prospective resources in relatively shallow water
and contains the A-J1 discovery that flowed light sweet crude oil
to surface. Gazania-1 will target two large prospects seven
kilometers up-dip from A-J1 in the same region as the recent Venus
and Graff discoveries."
Block 2B is located offshore
South Africa in the Orange Basin
where both TotalEnergies and Shell recently announced significant
oil and gas discoveries offshore Namibia. The block covers 3,062 square
kilometers approximately 25 kilometers off the west coast of
South Africa near the border with
Namibia in water depths ranging
from 50 to 200 meters. Soekor discovered and tested oil on Block
2B in 1988 with the A-J1 borehole,
which intersected thick reservoir sandstones between 2,985 meters
and 3,350 meters. The well flowed 191 barrels of oil per day of
36-degree API oil from a 10-meter sandstone interval at
approximately 3,250 meters. Significant prospectivity has been
identified over the entire A-J graben area using 686 square
kilometers of 3D seismic data acquired in 2013.
Africa Energy has a 27.5% participating interest in Block
2B offshore South Africa. The block is operated by a
subsidiary of Eco Atlantic, which holds a 50% participating
interest. A subsidiary of Panoro Energy ASA holds a 12.5%
participating interest, and Crown Energy AB indirectly holds the
remaining 10%.
About Africa Energy
Corp.
Africa Energy Corp. is a Canadian oil and gas company with
exploration assets offshore South
Africa and Namibia. The
Company is listed in Toronto on
TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy is part of the Lundin Group of
Companies.
Important information
This 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 19,
2022, at 2:00 a.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 739 49 62 50,
rutger.ahlerup@aktieinvest.se.
Forward looking statements
Certain 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 drilling 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.