Monday, August 27, 2018

Africa Energy Corp - AFE.v

Africa Energy Corp - AFE.v is a Canadian oil and gas company with exploration assets in South Africa and Namibia. Africa Energy is part of the Lundin Group of Companies.

On August 14, 2018 the co released News

Africa Energy Corp.  an oil and gas company with exploration assets offshore Namibia and South Africa, announces financial and operating results for the three and six months ended June 30, 2018. View PDF Version.HIGHLIGHTS
The Company achieved the following key milestones year-to-date in 2018:
  • Private Placement – Completed a private placement on May 4, 2018 for gross proceeds of approximately US$45.0 million, which funds the Company's near-term high-impact exploration drilling program;
  • Secondary Listing – Africa Energy's common shares commenced trading on Nasdaq First North Stockholm on May 4, 2018, which has increased the Company's trading liquidity and provided access to a broader investor base in Europe;
  • Namibia Exploration Renewal and Drilling Rig Contract – On Petroleum Exploration License 37 offshore Namibia ("PEL 37"), the joint venture partnership received approval from the Ministry of Mines and Energy in Namibia to enter the next two-year exploration period. In addition, PEL 37 operator Tullow Namibia Limited ("Tullow") contracted the Ocean Rig Poseidon, a sixth-generation deep water drillship, to drill the Cormorant-1 well planned for September 1, 2018; and
  • South Africa Exploration Renewal – On Block 2B offshore South Africa ("Block 2B"), the joint venture partnership received approval from the Petroleum Agency of South Africa for entry into the next two-year exploration period.