The Company was incorporated on April 27, 2010 pursuant to the provisions of the ABCA under the name "Denovo Capital Corp.". On July 14, 2010, the Company amended its articles to remove the restrictions against the transfer of securities.
During September 2011, Denovo Capital Corp. ("Denovo") acquired all of the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd. ("Canmex"), a wholly owned subsidiary of Africa Oil Corp. ("AOC"). Canmex held a 60% interest in the production sharing agreements for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area in Puntland, Somalia.
Prior to closing, Denovo effected a consolidation of its share capital on the basis of 0.65 new shares for each old share, and changed its name to Horn Petroleum Corporation ("Horn"). Horn also completed a non-brokered private placement of an aggregate of 45,535,195 subscription receipts at a price of CAD$0.90 per subscription receipt for gross proceeds of $41.3 million. The subscription receipts were converted into common shares and warrants of Horn on September 20, 2011. AOC acquired 11,111,111 post-consolidation shares and 11,111,111 post-consolidation share purchase warrants in the Horn private placement.
In June 2015, the Company and its joint venture partners notified the Puntland State of Somalia of their decision to withdraw from the Nugaal Block and Dharoor Block Production Sharing Agreements (“PSAs”).
On March 11, 2015, the Company announced its intension to change its name to Africa Energy Corp. ("Africa Energy"). Africa Energy will continue to be within the Lundin Group of Companies and maintain its listing on the TSX Venture Exchange. The name change was made effective on March 12, 2015 and at market open on March 12, 2015, the Company's common shares began trading on the TSX Venture Exchange under the new symbol AFE.V.
On October 21, 2016, Africa Energy Corp. closed three transactions resulting in the Company acquiring a 90% participating interest and operatorship in Block 2B offshore the Republic of South Africa.
On September 13, 2017, the Company acquired one-third of the shares in a subsidiary of Pancontinental Oil & Gas N.L. ("Pancontinental") that holds a 30% participating interest in Petroleum Exploration Licence 37 ("PEL 37") offshore the Republic of Namibia.
In November 2017, Main Street 1549 Proprietary Limited ,an entity owned 49% by the Company, entered into farmin agreements to acquire a 10% participating interest in the Exploration Right for Block 11B/12B offshore the Republic of South Africa that will result in the Company holding an effective 4.9% interest upon close. 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.
Africa Energy's registered and records office is located at Suite 2600 Oceanic Plaza, 1066 West Hastings Street, Vancouver, British Columbia, V6E 3X1. The Company's corporate office is located at 2000 -- 885 West Georgia Street, Vancouver, B.C. V6C 3E8. The Company also has an office located at 22nd Floor, Metropolitan Life Centre, 7 Walter Sisulu Avenue, Cape Town, 8000, South Africa.
Africa Energy Corp. common shares trade on the TSX Venture Exchange under the symbol "AFE".
Africa Oil Corp. owns approximately 28.5% of African Energy Corp.