VANCOUVER, BC, July 29,
2024 /CNW/ - Africa Energy Corp.
(TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the
"Company") announces that TotalEnergies EP South Africa B.V. and
QatarEnergy International E&P LLC have provided notice to the
joint venture partners that they will withdraw from their 45% and
25% interest, respectively, in accordance with the joint operating
agreement in respect of Block 11B/12B, Offshore
the Republic of South Africa
("JOA"). View PDF version
As previously announced on July 1,
2024, CNR International (South
Africa) Limited also provided notification of withdrawal of
their 20% interest in Block 11B/12B. Under the
JOA, the withdrawing parties assign their interest free of charge
to each of the non-withdrawing partners in proportion to the
interest of non-withdrawing partners.
The Company, through its investment in Main Street 1549 Pty
Ltd., which currently holds a 10% interest in Block 11B/12B, does not
intend to withdraw. 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 as
it seeks to transition away from coal fired power plants.
The withdrawal of the joint venture partners from Block
11B/12B
is subject to all relevant regulatory approvals by South African
authorities. Subject to all relevant regulatory approvals, Main
Street 1549 Pty Ltd. expects to hold 100% interest in Block
11B/12B. The Company will be focused on the Block
11B/12B
Production Right approval and securing offtake customers.
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 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 July 29,
2024, at 2:45 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, including Africa Energy's current
intention not to withdraw from Block 11B/12B. 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 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.