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 on TSX Venture Exchange (ticker "AFE") and 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

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South Africa, Block 2B

Block 2B is located in the Orange Basin and covers 3,604 square kilometers off the west coast of South Africa and 300 kilometers north of Cape Town with water depths ranging from 50 to 200 meters. Over the main area of interest in the block, the A-J rift graben, water depth ranges from 140 meters to 160 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 50% and 12.5% interest in Block 2B to Azinam Limited and Panoro Energy, respectively. Subsequent to completion, which is subject to, among other things, South African Government approval, the Company will hold 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 off the northern Namibian offshore region located about 420 kilometers south of the Angolan/Namibian border. Water depths over PEL 37 range from 400 meters to 1,500 meters and over the main prospective area where the Cormorant and other prospects (Albatross, Seagull and Gannet) have been delineated, range from 400 meters to 600 meters. Tullow is the operator of this project.

17,295 km²

Size

Offshore Oil Exploration

Project Type

Namibia

Location

10%

Effective Interest

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