Africa Energy Increases Exposure to Block 11B/12B

On August 24, 2020, Africa Energy Corp. ("Africa Energy") announced that the signing of definitive agreements to increase its effective interest in Block 11B/12B (the "Block") offshore South Africa from 4.9% to 10%.

Africa Energy currently holds 49% of the shares in Main Street 1549 (Proprietary) Limited ("Main Street"), which has a 10% participating interest in Block. Total E&P South Africa B.V. is the operator of the Block and has a 45% participating interest, while Qatar Petroleum International Upstream LLC and CNR International (South Africa) Limited have 25% and 20% participating interests, respectively.

Africa Energy is pursuing two transactions through which it will first secure the indirect financial interest held by Impact Oil & Gas Limited ("Impact") and then obtain an option from Arostyle Investments (RF) (Proprietary) Limited ("Arostyle"), which holds 51% of the shares in Main Street, to acquire Main Street's entire participating interest in the Block, once drilling of the Luiperd-1X well is complete.

Further information on the transactions can be found on Canada Newswire's website.

Africa Energy is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia.