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 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 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 43.85% participating interest in Petroleum Exploration Licence 37 ("PEL 37") offshore the Republic of Namibia.

On May 4, 2018, Africa Energy's common shares began trading on Nasdaq First North Growth Market under the symbol "AEC".

In December 2018, Main Street 1549 Proprietary Limited, an entity owned 49% by the Company, closed farmin agreements to acquire a 10% participating interest in the Exploration Right for Block 11B/12B offshore the Republic of South Africa resulting in the Company holding an effective 4.9% interest.

In October 2020, the Company subscribed for new shares and has obtained 99.9% voting control of Impact Oil & Gas SA Blocks 11B-12B Limited, which was a subsidiary of Impact Oil & Gas Limited (“Impact”) immediately prior to closing, whose sole asset is a loan agreement that provides for an indirect financial interest in Main Street 1549 (Proprietary) Limited. As part of this transaction, the Company issued  509,092,771 common shares in Africa Energy to Impact.

In April 2021, the Company closed two farmout agreements on Block 2B offshore Republic of South Africa, transferring operatorship and an aggregate 62.5% participating interest in Block 2B. Africa Energy retained a 27.5% participating interest in Block 2B.

On May 10, 2023, the Company issued a notice of withdrawal in respect to its participation in Block 2B.

Africa Energy's registered and records office is located at  Suite 2500, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8. The Company's corporate office is located at 2000 - 885 West Georgia Street, Vancouver, B.C. V6C 3E8. 

Africa Energy’s common shares trade on the TSX Venture Exchange under the symbol "AFE" and on the Nasdaq First North Growth Market under the symbol "AEC".

Impact owns approximately 36.2% and AOC owns approximately 19.7% of Africa Energy.