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Africa Energy Closes Block 11B/12B Transaction in South Africa
Africa Energy Closes Block 11B/12B Transaction in South Africa Canada NewsWire V...
About this update from Africa Energy Corp.
[{"type":"text","content":"\n\n\n\nAfrica Energy Closes Block 11B/12B Transaction in South Africa\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 19, 2018\n\n\n\nVANCOUVER, Dec. 19, 2018 /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, has received governmental approval and closed the previously announced transactions to acquire an effective 4.9% interest in the Exploration Right for Block 11B/12B offshore South Africa. View PDF version\nGarrett Soden, Africa Energy's President and CEO, commented, \"We are excited to partner with Total, Qatar Petroleum and CNRI on Block 11B/12B in South Africa. This is a unique opportunity for us to explore with majors in one of the most prospective areas offshore the African continent. We look forward to spudding the Brulpadda-1AX well this month.\"\nAfrica Energy holds 49% of the shares in Main Street 1549 Proprietary Limited (\"Main Street 1549\"), which has closed separate farmin transactions with Total E&P South Africa BV (\"Total\"), a wholly-owned subsidiary of Total SA,  and CNR International (South Africa) Limited (\"CNRI\"), a wholly-owned subsidiary of Canadian Natural Resources Limited, to acquire 5% from each for an aggregate 10% participating interest in Block 11B/12B (4.9% net to Africa Energy).\nBlock 11B/12B is located in the Outeniqua Basin approximately 175 kilometers off the southern coast of South Africa. The block covers an area of 18,734 square kilometers with water depths ranging from 200 to 2,000 meters.  After closing, Total, as operator, will have a 45% interest in Block 11B/12B, while Qatar Petroleum and CNRI will have 25% and 20% interests, respectively. \nThe Brulpadda-1AX exploration well will be drilled in 1,432 meters of water by the Odfjell Deepsea Stavanger semi-submersible rig to a total depth of 3,420 meters subsea. The well will test the oil potential in a mid-Cretaceous aged deep marine fan sandstone system within stratigraphic c...