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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Comment by cjohansen76on Jul 23, 2022 6:49am

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RE:RE:RE:Upstream

They have 28% of Gazania, which is probably oil, and the drilling cost is paid by their partners. They have 10% of the Leopard gas condensate development, which the government says will cost $3 billion. That means $300m for AFE to stay in, but they said they can borrow 70% of that from development banks at FID. So they would only need $90m of equity to stay in, and they do not need that until FID around 2024.

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