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Africa Energy Corp V.AFE

Alternate Symbol(s):  HPMCF

Africa Energy Corp. is a Canada-based oil and gas exploration company focused on South Africa. The Company owns approximately 49% of the common shares and 100% of the Class B shares in Main Street 1549 Proprietary Limited (Main Street 1549), which holds 10% participating interest in the Exploration Right for Block 11B/12B offshore the Republic of South Africa (Block 11B/12B). Block 11B/12B is located in the Outeniqua Basin approximately 175 kilometers (km) off the southern coast of South Africa. The block covers an area of 18,734 square kilometers (Km2) with water depths ranging from 200 meters in the north to 1,800 meters in the south.


TSXV:AFE - Post by User

Post by Harel1976on Oct 31, 2020 9:05am
205 Views
Post# 31818229

Why afe is down?

Why afe is down? The luiperd discovery is huge but was already over priced when afe was at the 50's. How come total halted the exploration campaign? The big hope in luiperd was to discover oil, if they would then afe was at the 70's and the campaign would continue, but they found gas! The amount of gas in both discoveries is enough for SA for 50 years, they will tie in via 200 km pipeline and start producing as fast as they can- ~4 years time. More gas reserves will be worth 0, nothing to do with the gas, lng project will be un economical in the coming years or more. As long as no oil play will be proved in this basin, thats it. Afe's MC is 290m$cad, with 600m shares dilution its 450m$cad! Afe is now over priced when I compere it to other oilers with producing gas fields.
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