Oil and Gas Exploration in Africa

Africa Energy Operations

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 Corp. is part of the Lundin Group of Companies.

South Africa, Block 11B/12B

Block 11B/12B is located in the Outeniqua Basin approximately 175 kilometers off the southern coast of South Africa. The block covers an area of 18,734 square kilometers with water depths ranging from 200 meters in the north to 1,800 meters in the south. The Cretaceous Post-rift Paddavissie Fairway, which contains the Brulpadda discovery, is located within the southwest corner of the block. Total is the operator of this project.

18,734 km²

Size

Offshore Oil and Gas Exploration

Project Type

South Africa

Location

4.9%*

Effective Interest

In August 2020, the Company signed definitive agreements to increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10%, subject to various consents and approvals.

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South Africa, Block 2B

Block 2B is located in the Orange Basin and covers an area of 3,604 square kilometers about 300 kilometers north of Cape Town with water depths ranging from 50 to 200 meters.

3,604 km²

Size

Offshore Oil Exploration

Project Type

South Africa

Location

90%*

Working Interest & Operatorship

* In February 2020, the Company signed two farmout agreements whereby it will transfer operatorship and a 50% interest in Block 2B to Azinam Limited, as well as a 12.5% interest in Block 2B to Panoro Energy. At completion, which is subject to, among other things, South African Government approval, the Company will hold a 27.5% interest in Block 2B.

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Namibia, PEL 37

Petroleum Exploration License 37 ("PEL 37") is located in the Walvis Basin and covers an area of 17,295 square kilometers about 420 kilometers south of the Angolan/Namibian border. Water depths over the main prospect area range from 400 to 600 meters. Tullow is the operator of this project.

17,295 km²

Size

Offshore Oil Exploration

Project Type

Namibia

Location

14.6%

Effective Interest

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