Africa Energy Corp, an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the signing of definitive agreements to increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10%.
Garrett Soden, the Company’s President and CEO, commented: ‘Block 11B/12B offshore South Africa contains one of the most exciting oil and gas exploration plays in the world today. In anticipation of the Luiperd-1X well results expected later this year, we have agreed with Impact and Arostyle to simplify and consolidate Main Street’s 10% interest in Block 11B/12B under Africa Energy.’
Africa Energy currently holds 49% of the shares in Main Street 1549 (Proprietary), which has a 10% participating interest in Block 11B/12B. Total E&P South Africa is operator and has a 45% participating interest in Block 11B/12B, while Qatar Petroleum International Upstream and CNR International (South Africa) have 25% and 20% participating interests, respectively, in Block 11B/12B.
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