/ Operations


Dharoor and Nuggal Blocks

Q1 2015


The Company has informed the Government of Puntland (Somalia) that the Company will be significantly reducing its presence in Bosaso, Puntland and will refrain from any operational activity and associated expenditures pending a resolution of the political situation between the Regional Government of Puntland and the Federal Government of Somalia regarding the legitimacy of oil concession contracts. Given the considerable efforts taken by the Company to date in Puntland (Somalia), the Company has requested a two year extension to the current exploration period from the Government of Puntland to allow time for these political challenges to be resolved. Accordingly, the Company elected during the fourth quarter of 2014 to record a $90.6 million non-cash impairment charge related to its assets in Puntland. As at March 31, 2015, intangible exploration assets related to these properties was nil.

On June 29, 2015 the Company reported that it has provided notice to the Puntland State of Somalia advising of its intention to withdraw from the January 2007 productions sharing agreements ("PSAs") in respect of the Nugaal Block and the Dharoor Block, each made among the Company, the Government of Puntland and Range Resources, effective immediately.

In its notice to the Puntland Petroleum and Minerals Agency, the Company cited the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and the regional government of Puntland, Somalia over the legitimacy of the PSAs, and potential territorial claims on the Nugaal Block, as the principal reasons for its decisions.

As discussed in the Company's March 11, 2015 news release, Africa Energy will continue to focus on its new corporate strategy of aggressively pursuing other upstream oil opportunities in Africa.

Year End 2014

Q3 2014

Q2 2014

Q1 2014

Year End 2013

Q3 2013

Q2 2013

Q1 2013

Year End 2012

Q3 2012

Q1 2012

Year End 2011

Q3 2011