VANCOUVER, BC, Aug. 28, 2020 /CNW/ - Africa Energy Corp. (TSX
Venture: 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 spud of the
Luiperd-1X well, the second exploration well on Block 11B/12B offshore
South Africa following the
Brulpadda discovery in February 2019.
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Jan Maier, Africa Energy's VP
Exploration, commented: "The Outeniqua Basin offshore South Africa remains an under-explored,
world-class hydrocarbon province. The Luiperd-1X well will test the
eastern area of the Paddavissie Fairway on Block 11B/12B to
follow-up on the Brulpadda discovery of gas condensate and light
oil last year. In the success case, the joint venture plans to flow
test the Luiperd-1X borehole by performing a drill stem test. We
look forward to drilling results in the fourth quarter."
Block 11B/12B is located in the Outeniqua Basin 175
kilometers off the southern coast of South Africa. The block covers an area of
approximately 19,000 square kilometers with water depths ranging
from 200 to 1,800 meters. The Paddavissie Fairway is in the
southwest area of the block and includes the Brulpadda discovery,
which confirmed the petroleum system. The Luiperd Prospect is the
second to be drilled in a series of five large submarine fan
prospects with direct hydrocarbon indicators defined utilizing both
2D and 3D seismic data.
The Luiperd-1X exploration well is being drilled in 1,795 meters
of water by the Odfjell Deepsea Stavanger semi-submersible rig to a
total depth of 3,550 meters subsea. The well will test the oil and
gas potential in a mid-Cretaceous aged deep marine sequence where
fan sandstone systems are developed within combined
stratigraphic/structural closure. Drilling and evaluation of the
well is expected to be completed in the fourth quarter of 2020.
Africa Energy holds 49% of the shares in Main Street 1549
(Proprietary) Limited, which has a 10% participating interest in
Block 11B/12B. Total E&P South Africa B.V. is operator
and has a 45% participating interest in Block 11B/12B, while
Qatar Petroleum International Upstream LLC and CNR International
(South Africa) Limited have 25%
and 20% participating interests, respectively, in Block
11B/12B.
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
Africa Energy is obliged to make this information 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 August 28 at
2:00 a.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Pareto Securities AB, +46 8 402 5000,
certifiedadviser.se@paretosec.com.
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 seismic and 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, 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.
