Africa Energy Corp V.AFE

Alternate Symbol(s): HPMCF

Energy Oil & Gas E&P

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 a 10% participating interest in the Exploration Rights 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 19,000 square kilometers (Km2) with water depths ranging from 200 meters in the north to 1,800 meters in the south.

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Africa Energy Corp

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Comment by creaturecomphorton Mar 07, 2013 11:47am

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Post# 21094213

RE: RE: RE: RE: RE: RE: KH support

HRN had $16M as of Sep 30, 2012 - their last released report. Burn rate is about $1M/month. Well drilling will cost $3M - $4M. We won't even hear about plans for the next well until mid summer. They might be able to drill one well without going to the market. The only other option is signing up a JV. With no discoveries so far, that will be costly. Maybe surveys will show something huge. That would help when HRN looks for money.

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