VANCOUVER, BC, March 3, 2022 /CNW/ - Africa Energy Corp.
(TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the
"Company"), an oil and gas company with exploration assets offshore
South Africa and Namibia, is pleased to announce that the joint
venture partnership for Block 2B
offshore South Africa has
contracted the Island Innovator semi-submersible rig to drill the
Gazania-1 well by October 2022. View
PDF Version.
Garrett Soden, Africa Energy's
President and CEO, commented, "We are pleased to secure the Island
Innovator rig to drill a high-impact oil exploration well this year
on Block 2B. The block has
significant contingent and prospective resources in shallow water
close to shore and includes the A-J1 discovery from 1988 that
flowed light sweet crude oil to surface. Gazania-1 will target two
large prospects seven kilometers up-dip from A-J1 in the same basin
as the recent Venus and Graff discoveries."
Block 2B is located offshore
South Africa in the Orange Basin
where both Total and Shell recently announced significant oil and
gas discoveries offshore Namibia.
The block covers 3,062 square kilometers off the west coast of
South Africa 300 kilometers north
of Cape Town with water depths
ranging from 50 to 200 meters. Oil was discovered and tested by
Soekor in the A-J1 borehole drilled in 1988. Thick reservoir
sandstones were intersected between 2,985 meters and 3,350 meters.
The well was tested and flowed 191 barrels of oil per day of
36-degree API oil from a 10-meter sandstone interval at about 3,250
meters. Significant prospectivity has been identified over the
entire A-J graben area using 686 square kilometers of 3D seismic
data acquired in 2013.
Africa Energy has a 27.5% participating interest in Block
2B offshore South Africa. Block 2B is operated by a subsidiary of Azinam Limited
("Azinam"), which holds a 50% participating interest. A subsidiary
of Panoro Energy ASA holds a 12.5% participating interest with
Crown Energy AB indirectly holding the remaining 10%. Subject to
completion of a definitive agreement announced on February 8, 2022, Eco (Atlantic) Oil & Gas
Ltd. will acquire 100% of Azinam.
About Africa Energy Corp.
Africa Energy Corp. is a Canadian oil and gas company with
exploration assets offshore South
Africa and Namibia. The
Company is listed in Toronto on
TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy is part of the Lundin Group of
Companies.
Important information
This is information that Africa Energy is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was
submitted for publication through the agency of the contact persons
set out above on March 3, 2022, at
2:00 a.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 739 49 62 50,
rutger.ahlerup@aktieinvest.se.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
These forward-looking statements involve risks and uncertainties
relating to, among other things, changes in oil prices, results of
exploration and development activities, including results, timing
and costs of drilling activity in the Company's area of operations
and, uninsured risks, regulatory changes, defects in title,
availability of funds required to participate in the exploration
activities, or of financing on reasonable terms, availability of
materials and equipment on satisfactory terms, outcome of
commercial negotiations with government and other regulatory
authorities, timeliness of government or other regulatory
approvals, actual performance of facilities, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual future results may differ materially.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to the Company. The
forward-looking information contained in this release is made as of
the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Africa Energy Corp.
