Africa Energy Corp. · TSXV:AFE
Africa Energy — Investor Presentation (September 2025)
18 slides from Africa Energy's investor presentation, September 2025
Slide 1: Creating Value Through Exploration and Development
AFRICA ENERGY AFRICA ENERGY CORP Creating Value Exploration and Through Development Oil in Exploration South Africa in Africa The Odfjell Deepsea Stavanger rig drilled the Brulpadda-1AX discovery in February 2019 and the Luiperd-1X discovery in October 2020 on Block 11B/12B offshore South Africa.
Slide 2: Corporate Profile
Corporate Profile • Independent oil and gas exploration company Asset Footprint • Significant support from largest shareholder, Hosken Consolidated Investments (“HCI”), listed on JSE • Two large gas condensate discoveries on Block 11B/12B offshore South Africa • Nearby gas infrastructure and demand
Slide 3: South Africa: Attractive Location and Fiscal Terms
South Africa Attractive Location and Fiscal Terms Active Players Fiscal Terms State Take < 30% Royalty: 2-5% Income Tax: 27% Tax benefit from cost uplift After Tax Profit Tax Deductible Costs: Including cost uplift, 200% of exploration and appraisal, 150% of capex and 100% of opex State and Black Ec
Slide 4: Block 11B/12B: Large Discoveries with De-Risked Upside
Block 11B/12B Large Discoveries with De-Risked Upside • Two major gas condensate discoveries • Massive acreage position with significant upside • Production Right application submitted • Assessing development options and gas offtake Asset Summary AEC effective interest Operator - 4.9%(1) TotalEnergi
Slide 5: South Africa Block 11B/12B: Interest to Increase to Direct 75%
South Africa Block 11B/12B Interest to Increase from Indirect 4.9% to a Direct 75% Old Corporate Structure New Corporate Structure (1,2) 1. Partner Withdrawal(1) • TotalEnergies, QatarEnergy and Canadian Natural Resources provided their notice of withdrawal in July 2024 Arostyle Arostyle • Under the
Slide 6: Block 11B/12B: Proposed Fast-Track Development
Block 11B/12B Proposed Fast-Track Development FA Platform in Block 9. Planning Luiperd Early Production System (EPS) with existing nearby infrastructure • Production Right (PR) application submitted in September 2022 • PR approval expected in Q4 2026 • Engage with domestic gas offtake customers and
Slide 7: Block 11B/12B: Potential Domestic Gas Market
Block 11B/12B Potential Domestic Gas Market (formerly Port Elizabeth) Full field development expected as domestic gas market expands Note: Future gas market potential includes Company estimates. Slide 7 Africa Energy | September 2025
Slide 8: Block 11B/12B: Huge Block with Running Room
Block 11B/12B Huge Block with Running Room Block 11B/12B Prospect Map 3 Paddavissie Drill Ready Prospects • Amplitude Variations with Oil Field Offset (AVO) conformance Gas - Condensate Field Leads to structure and flat spots Greater Paddavissie Prospects on Paddavissie Prospects Prospects 2020 2D S
Slide 9: Block 11B/12B: Key Stakeholders
Block 11B/12B Key Stakeholders Policy & Environmental Permitting Authority Independent Regulator • Department of Mineral and Petroleum Resources, • Petroleum Agency South Africa, (PASA) (DMPR) – responsible for issuing petroleum – monitors compliance to the exploration and production rights; and for
Slide 10: Block 11B/12B: HCI Foundation
Block 11B/12B HCI Foundation • The HCI Foundation (“HCIF”) is the corporate social investment arm of the holding company Hosken Consolidated Investments. HCIF offers financial and strategic support for not-for- profit organizations in South Africa. • HCIF’s mission is to spark human potential and ca
Slide 11: Block 11B/12B: Value Proposition
Block 11B/12B Value Proposition • Domestic solution to energy crisis in South Africa • Attractive fiscal terms improve value per barrel • Luiperd and Brulpadda discoveries contain at least 760 million barrels of oil equivalent(1) • Three de-risked prospects remain – TotalEnergies estimated >1 Bboe a
Slide 12: Summary
Summary World-Class Assets • Offshore gas and condensate development • Discovered resources, de-risked prospects and significant exploration upside Strong Fundamentals • Nearby infrastructure with existing pipelines to shore • Gas demand in Mossel Bay with existing gas-to-liquids refinery and power
Slide 13: Appendix
Appendix Slide 13 Africa Energy | September 2025
Slide 14: South Africa Block 11B/12B: Paddavissie Fairway
South Africa Block 11B/12B Paddavissie Fairway 1,767m 3,203m TD 3,371m Paddavissie Prospect Deep Prospect Gas - Condensate Field Oil Field Source Sequences Slide 14 Africa Energy | September 2025
Slide 15: Brulpadda Gas Condensate and Oil Discovery
South Africa Block 11B/12B Brulpadda Gas Condensate and Oil Discovery Brulpadda-1AX N S Paddavissie Objective (Primary) • 34 meters net gas condensate pay plus oil pay • High productivity anticipated given high net- to-gross and good quality of reservoirs • Significantly de-risks remaining three Pad
Slide 16: Luiperd Gas Condensate Discovery
Block 11B/12B Luiperd Gas Condensate Discovery Luiperd-1X NNW SSE Paddavissie Objective Mature Source Rock Gas-Condensate Reservoir Water Leg • 73 meters net gas condensate pay • Gas down to bottom of reservoir • Possible oil rim down-dip • Significantly de-risks remaining three Paddavissie Prospect
Slide 17: Cautionary Statements
Cautionary Statements This presentation has been prepared and issued by and is the sole responsibility of Africa Energy Corp. (the "Company") and its subsidiaries. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company's business activ
Slide 18: Thank You
Thank You CONTACT DETAILS Investor Relations Jeromie Kufflick Email: info@africaenergycorp.com Tel: +1 (587) 333-6489 Oil and Gas Exploration and Development in South Africa www.africaenergycorp.com Africa Energy | September 2025
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