VANCOUVER, BC, May 30, 2023
/CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North:
AEC) ("Africa Energy" or the "Company") announces the appointment
of Robert Nicolella as Chief
Executive Officer to replace Garrett
Soden effective June 22, 2023,
following the Company's annual shareholder meeting. As previously
announced, Mr. Soden is expected to be appointed Chairman of the
Board on June 22, 2023, following the
departure of William Lundin. View
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William Lundin, Chairman of
Africa Energy, said, "We look forward to Robert's appointment as
CEO next month. He is a well-known South African executive based in
Cape Town with valuable banking
and public company experience in the region. Robert is also a board
member of Impact Oil and Gas, Africa Energy's largest shareholder.
He will help us advance the Block 11B/12B development
to create value for all shareholders."
Robert Nicolella is the financial
director of Hosken Consolidated Investments Limited (HCI), a black
empowerment investment holding company listed on the Johannesburg
Stock Exchange (JSE). He serves on the boards of several JSE-listed
subsidiaries of HCI, including Southern Sun and Frontier Transport
Holdings. Robert is also on the board of Impact Oil and Gas
Limited, a private oil and gas exploration company that is partners
with TotalEnergies in the recent Venus discovery offshore
Namibia. Prior to joining HCI in
2011, Robert was employed by Investec Bank Limited for seventeen
years, including as Head of Corporate Banking and subsequently Head
of Private Banking for the Western Cape. Mr. Nicolella holds a
Bachelor of Accounting Science and Honours in Accounting Science.
He has been registered as a Chartered Accountant CA (SA) with the
South African Institute of Chartered Accountants since 1994.
Mr. Lundin added, "The Board would like to thank Garrett for
serving as President and CEO since 2017, closing several
transactions for exploration assets offshore Southern Africa and delivering two large
discoveries with TotalEnergies on Block 11B/12B. Garrett
will continue to guide Africa Energy as Chairman following the
annual shareholders meeting next month. We wish him well in his new
CEO role at ShaMaran Petroleum."
The Block 11B/12B joint venture has applied for the
Production Right and is advancing the proposed Luiperd gas
condensate development to support South Africa's energy
transition. The Company expects the operator, TotalEnergies, to
finalize the development concept and gas offtake terms this year
before receiving the Production Right approval in early 2024.
Africa Energy owns 49% of the common shares and 100% of the Class B
shares of Main Street 1549 Proprietary Limited, which has a 10%
participating interest in the Exploration Right for Block
11B/12B
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"). 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 May 30,
2023, 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 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.