Oil and Gas Exploration in Africa

The Company

Corporate History

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 holds 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 June 3, 2013, the shareholders of the Company passed a special resolution authorizing an alteration of the Company's articles to include advance notice provisions for the nomination of directors.

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 December 16, 2015 the Company announced that, as part of its new corporate strategy, it has executed the following three definitive agreements which will result in the Company acquiring a 90% working interest and operatorship in Block 2B offshore the Republic of South Africa:

  • a sale and purchase agreement with Afren plc, in Administration, and certain of its subsidiaries whereby the Company will acquire the Afren plc subsidiary owning a 25% participating interest in Block 2B for a cash consideration of US$1 million.
  • a share purchase agreement to acquire all of the shares of Thombo Petroleum Ltd. ("Thombo"), a privately held company which holds a 34.5% participating interest in Block 2B for cash consideration of US$2 million plus the issuance of 14.8 million new common shares of the Company. The Company has also agreed to issue up to an additional 20 million common shares of Africa Energy and, at the option of the Company, to either pay and/or issue up to US$1.5 million in additional contingent cash and/or shares of Africa Energy, both payable on milestones associated with the commercialization of Block 2B.
  • farm-in agreement with Crown Energy AB ("Crown") to acquire a 30.5% participating interest in Block 2B. The Company will reimburse Crown for US$0.3 million of net back costs and will fund costs for Crown's remaining 10% participating interest associated with the drilling and testing of the next well in Block 2B.

On October 21, 2016 Africa Energy Corp. reported that it has closed three transactions resulting in the Company acquiring a 90% participating interest and operatorship in Block 2B offshore the Republic of South Africa. 

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.

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.