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.
Corporate Profile
Asset Footprint
Independent oil and gas exploration company
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 in Mossel Bay
Planning gas and condensate development
Share Ownership
Impact O&G Ltd.
21%
Lundin Family 10%
Africa Oil Corp.
Corporate Snapshot | |
AFE/AEC | Toronto Stock Exchange-V/Stockholm First North |
C$0.165 SEK 1.17 | Share Price at September 22, 2025 |
479.2 | Common Shares (million) |
20.1 | Stock Options (million) |
$57 | Market Cap (US$ million) |
$0 | Debt at June 30, 2025 (US$ million) |
$4.1 | Cash at June 30, 2025 (US$ million) |
6 | Number of Employees, excluding consultants |
12%
Retail & Institutional 20%
Hosken Consolidated Investments 37%*
* Hosken Consolidated Investments also owns ~51% of Impact Oil & Gas Ltd.
South Africa Attractive Location and Fiscal Terms
Active Players
Fiscal Terms
State Take < 30%
Royalty: 2-5%
Income Tax: 27%
After Tax Profit
Tax Deductible Costs:
Including cost uplift,
200% of exploration and appraisal, 150% of capex and 100% of opex
State and Black Economic Empowerment (BEE) Participation:
10% State back-in rights / 10% BEE participation rights(1)
Existing discoveries and nearby infrastructure
Draft Upstream Petroleum Resources Development Act proposes an increase in State Participation from 10% to 20%.
Block 11B/12B Large Discoveries with De-Risked UpsideTwo 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) |
Partners | TotalEnergies (operator with 45%), QatarEnergy (25%), Canadian Natural Resources (20%); all withdrew in 2024(1) |
Basin | Outeniqua Basin |
Discovery wells | Brulpadda-1AX / Luiperd-1X + DST |
Water depth | 1,432 m / 1,767 m |
Resources | > 1 Bboe(2) |
Play type | Submarine fan |
Current program | Production Right application, including associated Environmental approvals, and gas commercialization |
Subject to approval by SAGov'tof partner withdrawals and execution and completion of Definitive Agreements with Arostyle, the Company should increase its interest to a direct 75% in the Production Right for Block 11B/12B offshore South Africa
Resource numbers obtained from third-party public disclosure and have not been subject to independent audit in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
South Africa Block 11B/12B Interest to Increase from Indirect 4.9% to a Direct 75%49% - ordinary
100% - class B
51% - ordinary
Main Street 1549
10%
Block 11B/12B
Arostyle
New Corporate Structure (1,2)
Old Corporate Structure
Partner Withdrawal(1)
100% - ordinary
100% - class B
Main Street 1549
75%
25%
Block 11B/12B
Arostyle
TotalEnergies, QatarEnergy and Canadian Natural Resources provided their notice of withdrawal in July 2024
Under the JOA, withdrawing parties transfer their interest to non-withdrawing parties free of charge
Arostyle Transaction(2)
The Company and Arostyle agreed to restructure their investment in Main Street 1549
Africa Energy will own 100% of the ordinary and class B shares of Main Street 1549
65% participating interest will be transferred to Main Street 1549 and 25% participating interest to Arostyle
Notes:
The notice of withdrawal is subject to South African government approval including regulatory transfer approval under section 11 of the Mineral Petroleum Development Resources Act, 2002.
Arostyle Transaction is 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..