VANCOUVER, BC, Nov. 25,
2024 /CNW/ - Africa Energy Corp.
(TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the
"Company") announces that the Company, through its investment in
Main Street 1549 Pty Ltd. ("Main Street"), has formally become the
operator of Block 11B/12B offshore South Africa. View PDF
version
Main Street is currently in the process of obtaining all the
important information from the previous operator, including
drilling, reservoir and development engineering data. Main Street
is in the process of completing the Environmental and Social Impact
Report ("ESIR") and expects to submit the ESIR in the first quarter
of 2025. The approval of the Production Right application will not
occur until after the Block 11B/12B joint
venture receives environmental authorization in respect of the
ESIR.
Main Street currently holds a 10% interest in Block 11B/12B. In light
of the withdrawal of the joint venture partners as announced
July 29, 2024, and subject to all
relevant regulatory approvals by South African authorities, Main
Street expects to hold 100% interest in Block 11B/12B.
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 November 25,
2024, at 5:30 p.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Bergs Securities AB, +46 739 49 62 50,
rutger.ahlerup@bergssecurities.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",
"intends" 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.
