Latest news with #Block11B
IOL News
01-08-2025
- Business
- IOL News
HCI's Copelyn: we are moving ahead with the Brulpadda and Luiperd offshore gas fields
The location of the Block 11B/12B offshore oil and gas exploration block in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa, where two significant condensate and gas discoveries, Brulpadda and Luiperd, have been found. The illustration above was provided by TotalEnergies, which has since announced its withdrawal from the project. Image: Supplied The Brulpadda and Luiperd offshore gas finds, the only multi-trillion cubic feet gas discovery in South Africa, are national assets that can be profitably exploited and simply must be developed, said Hosken Consolidated Investments (HCI) CEO John Copelyn. He detailed HCI's progress on these gas discoveries in the latest integrated report, which was released on Friday. JSE-listed HCI is a well-diversified investment holding company with interests that include businesses in casinos, hotels, energy, mining, transport, property, and media. Last year all the international partners exited the gas project. HCI controls Impact Oil & Gas (IOG), which in turn will own 48% of Toronto-listed Africa Energy Corporation (AEC). AEC had held a 10% interest in the discoveries, Block 11B/12B, but it will become the operator after the international partners in 2024, led by the previous operator TotalEnergies, and CNR International and QatarEnergy International, withdrew from the project, which had raised questions about the project's viability at the time. 'Pursuant to our commitment not to abandon the discovery, we set about negotiating a number of agreements that will hopefully transform our ability to deliver progress,' said Copelyn. Firstly, AEC was funded to rid it of debt. Then an agreement was reached with the partner in IOG to unbundle its stake in the shareholding of AEC. These two agreements would result in HCI having a direct 48% shareholding in AEC. 'We have released Rob Nicolella from his work in HCI to focus full time on his role as CEO of AEC. There have also been changes in the AEC board, which has effectively released it from its former control structure, including the appointment of Phindile Masangane as an executive director,' said Copelyn. He said management of AEC had also been strengthened by the inclusion of several consultants 'with long and interesting CVs' appropriate to assisting in the development. 'AEC has reached an agreement with Arostyle Limited to resolve several incipient disputes and to simplify its relationship. AEC will acquire a 75% interest in the block, with Arostyle acquiring the remaining 25%, upon the approval of the production right in the blocks and the simultaneous departure of the international partners,' he said. AEC had taken transfer of the documentation on the block from TotalEnergies. AEC had submitted an application for the environmental impact assessment relating to the production right application. 'This has involved holding public hearings that were broadly advertised. The Department of Minerals and Energy has recently signed off on its scoping report, which has allowed AEC to proceed to the next phase of this application. We hope that the actual production right will be granted in the first quarter of 2026,' said Copelyn. He said they were also making progress in establishing an off-taker for the gas and condensate. The condensate was easily sold in the international market, but 'the gas is more of an issue,' said Copelyn. One possibility was to use the gas as fuel for a gas-to-power plant at Mossel Bay. This would potentially provide South Africa with much-needed base electricity supply with less than half the emissions of the current coal-fired power stations. 'We have negotiated access to a piece of land owned by the Garden Route District very close to the Gourikwa plant, which we believe is suitable to house a gas-fired power plant. We are pursuing all the regulatory permissions required for this in anticipation of such an off-take,' said Copelyn. However, such off-take was unlikely to use all the gas available in a commercially sensible time frame. In addition, there were difficulties in hedging currency risks where customers of the electric plant pay in rands and the gas is priced in US dollars. 'Alternatively, it may be possible to provide a Floating Liquefied Natural Gas solution, which would allow the gas to be converted to liquefied natural gas and then sold in the same manner as the condensate. AEC will continue to work on these issues pending the grant of the production right,' said Copelyn. He said the Brulpadda and Luiperd discoveries were significant indigenous resources, which could provide crucial relief to South Africa's energy crisis, enhancing energy security by providing access to a long-term, reliable, baseload energy source. It would also reduce dependency on coal, diesel, and foreign imports, through the addition of an indigenous, low-carbon fuel, to its energy mix. Visit:
TimesLIVE
11-06-2025
- Business
- TimesLIVE
Africa Energy sees first output from SA's largest gas field by 2033
Canada-listed Africa Energy Corp is aiming to start production from SA's largest gas discovery by 2033, its CEO said on Tuesday, as it forges ahead with a project former operator TotalEnergies walked away from. The company is awaiting regulatory approval for a reworked environmental authorisation to survey Block 11B/12B off the southern coast. Using domestic gas is a key part of SA's strategy to diversify away from coal-fired power generation, with a flurry of new projects being pursued, including the first liquefied natural gas (LNG) import terminal along the east coast. "Our 11B/12B indigenous gas should be very competitive versus imported LNG," Robert Nicolella said from the Africa Energy offices in Cape Town. Nicolella said the company was studying ways to market the gas, though its preference is to supply a gas-to-power plant. SA is targeting 6,000 megawatts of new gas power projects. The CEO said Africa Energy is in talks with former national oil company PetroSA to use some of its infrastructure to land gas from the Brulpadda and Luiperd fields at Mossel Bay.
Cision Canada
29-05-2025
- Business
- Cision Canada
Africa Energy Executes Definitive Agreements with Arostyle
VANCOUVER, BC, May 29, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces that, following the signing of non-binding agreements that were previously announced December 20, 2024, the Company, Arostyle Investments (RF) Proprietary Ltd. ("Arostyle") and Main Street 1549 Proprietary Ltd ("Main Street") (together the "Parties") have now executed definitive binding agreements (the "Agreements") for the purpose of restructuring the Company's and Arostyle's investment in Main Street. View PDF version. View PDF Main Street currently has a direct 10% participating interest in Block 11B/12B offshore South Africa. In light of the withdrawal of the remaining joint venture partners ("Withdrawing Parties") as announced July 29, 2024, and subject to all relevant regulatory approvals, Main Street is entitled to become the holder of 100% of the participating interests in Block 11B/12B. The Company, through wholly-owned subsidiaries, owns 49% of the ordinary shares and 100% of the class B shares in Main Street. The remaining 51% of the ordinary shares of Main Street are held by Arostyle. Under the Agreements, the Parties will restructure their interests in Main Street and the participating interests in Block 11B/12B. The restructuring will result in the Company owning 100% of the ordinary shares and 100% of the Class B shares of Main Street. In addition, all loan claims between the Parties will be settled in full. Finally, the 90% participating interest in Block 11B/12B to be assigned by the Withdrawing Parties will be assigned 65% to Main Street and 25% to Arostyle, resulting in the Company (through Main Street) holding a 75% participating interest in Block 11B/12B with Arostyle holding the remaining 25%. The Agreements are subject to all relevant regulatory approvals being obtained and remain subject to the fulfilment of certain conditions, including the finalization of the assignment agreements between the Parties and the Withdrawing Parties, which will require regulatory transfer approval under section 11 of the Mineral Petroleum Development Resources Act, 2002. Satisfaction of the conditions of the Agreements is subject to a long stop date of September 30, 2026. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). This is information that Africa Energy is obliged to make 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 May 29, 2025, at 1:00 a.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, [email protected]. 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. There is no certainty that the Parties will satisfy all the conditions in the Agreements and execute the assignment agreement and that, if executed, the terms in the assignment agreement will be consistent with the terms of the Agreements. Further, there is no certainty that the Parties will obtain all the required regulatory approvals necessary to effect the transfer of the participating interests. The use of any of the words "will", "expected", "planned", "intends" 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 exploration and development 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 and development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, 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.
Yahoo
29-05-2025
- Business
- Yahoo
Africa Energy Executes Definitive Agreements with Arostyle
VANCOUVER, BC, May 29, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces that, following the signing of non-binding agreements that were previously announced December 20, 2024, the Company, Arostyle Investments (RF) Proprietary Ltd. ("Arostyle") and Main Street 1549 Proprietary Ltd ("Main Street") (together the "Parties") have now executed definitive binding agreements (the "Agreements") for the purpose of restructuring the Company's and Arostyle's investment in Main Street. View PDF version. Main Street currently has a direct 10% participating interest in Block 11B/12B offshore South Africa. In light of the withdrawal of the remaining joint venture partners ("Withdrawing Parties") as announced July 29, 2024, and subject to all relevant regulatory approvals, Main Street is entitled to become the holder of 100% of the participating interests in Block 11B/12B. The Company, through wholly-owned subsidiaries, owns 49% of the ordinary shares and 100% of the class B shares in Main Street. The remaining 51% of the ordinary shares of Main Street are held by Arostyle. Under the Agreements, the Parties will restructure their interests in Main Street and the participating interests in Block 11B/12B. The restructuring will result in the Company owning 100% of the ordinary shares and 100% of the Class B shares of Main Street. In addition, all loan claims between the Parties will be settled in full. Finally, the 90% participating interest in Block 11B/12B to be assigned by the Withdrawing Parties will be assigned 65% to Main Street and 25% to Arostyle, resulting in the Company (through Main Street) holding a 75% participating interest in Block 11B/12B with Arostyle holding the remaining 25%. The Agreements are subject to all relevant regulatory approvals being obtained and remain subject to the fulfilment of certain conditions, including the finalization of the assignment agreements between the Parties and the Withdrawing Parties, which will require regulatory transfer approval under section 11 of the Mineral Petroleum Development Resources Act, 2002. Satisfaction of the conditions of the Agreements is subject to a long stop date of September 30, 2026. About Africa Energy Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make 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 May 29, 2025, at 1:00 a.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, 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. There is no certainty that the Parties will satisfy all the conditions in the Agreements and execute the assignment agreement and that, if executed, the terms in the assignment agreement will be consistent with the terms of the Agreements. Further, there is no certainty that the Parties will obtain all the required regulatory approvals necessary to effect the transfer of the participating interests. The use of any of the words "will", "expected", "planned", "intends" 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 exploration and development 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 and development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, 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. 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Yahoo
15-05-2025
- Business
- Yahoo
Africa Energy Announces First Quarter 2025 Results and Corporate Update
VANCOUVER, BC, May 15, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three months ended March 31, 2025. View PDF Version On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company fully repay its debt, which consisted exclusively of obligations under the existing promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B offshore South Africa. HIGHLIGHTS At March 31, 2025, the Company had US$4.7 million in cash, US$4.2 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope on February 28, 2025 and expects to submit a new Environmental and Social Impact Assessment ("ESIA") in advance of the revised deadline in September of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives EA approval in respect of the revised ESIA. The Company has also committed to completing a consolidation of the Company's shares on a 5:1 basis by June 29, 2025, which was approved by shareholders at a special meeting on March 27, 2025, but is still subject to TSX Venture Exchange approval. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B1 and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. __________________________ 1 Main Street 1549 currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. FINANCIAL INFORMATION(Unaudited; thousands of US dollars, except per share amounts)Three Months Three MonthsEnded EndedMarch 31, March 31,2025 2024 Operating expenses 675 23,832 Net loss (958) (24,087) Net loss per share (basic and diluted) (0.00) (0.02) Weighted average number of shares outstanding (basic and diluted) 1,418,790 1,407,812 Number of shares outstanding 1,418,790 1,407,812Cash flows provided by (used in) operations (199) (216) Cash flows provided by (used in) investing (359) (173) Cash flows provided by (used in) financing 2,858 315 Total change in cash and cash equivalents 2,382 (86)Change in share capital 17,671 - Change in contributed surplus (3,956) 375 Change in deficit 958 24,087 Total change in equity 12,757 (23,712) March 31, December 31,2025 2024 Cash and cash equivalents 4,687 2,305 Total assets 45,250 42,577 Total liabilities 571 10,655 Total equity attributable to common shareholders 44,679 31,922 Net working capital 4,207 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at EARNINGS TREND AND FINANCIAL POSITION(Unaudited; US dollars) Operating expenses decreased by $23.2 million for the three months ended March 31, 2025, compared to the same period in 2024. The Company recorded a $23.1 million non-cash loss on revaluation of the financial asset during the first quarter of 2024. The non-cash loss on revaluation of the financial asset related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures. At March 31, 2025, the Company had cash of $4.7 million and working capital of $4.2 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. CORPORATE UPDATE The Company announces the resignation of Pascal Nicodeme from his role as a member of the Board of Directors and Chairman of the Audit Committee. Mr. Nicodeme has served in this capacity with dedication and expertise, contributing significantly to the company's financial oversight and governance. The Board expresses its sincere gratitude for his invaluable contributions and wishes him success in his future endeavors. In his place, the Board has appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei will assume the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. The Board of Directors has approved the grant of 3,500,000 incentive stock options. The options will be granted on May 16, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the six months ended June 30, 2025 on August 14, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make 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 May 15, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, 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, drilling and development related 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 on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, 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. 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