Africa Energy's long-term goal is to create shareholder value by building an attractive portfolio of exploration and production assets. The company is focused on high-impact exploration in Africa and may look to acquire producing assets to fund its ongoing exploration program.
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 approximately 18,734 square kilometers with water depths ranging from 200 meters in the north to 2,000 meters in the south. The Lower Cretaceous Post-rift Paddavissie Fairway, which contains the Brulpadda Prospect, is located within the southwest corner of the block. Total is the operator of this project.
*Closing of the Block 11B/12B farmin transactions is subject to standard conditions for a transaction of this type, including approval of the South African government and the TSX Venture Exchange.
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.
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 1500 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.