Africa Energy acquires interest in PEL 37, offshore Namibia
Thursday, Sep 14, 2017
Africa Energy Corp. (TSX VENTURE:AFE) ("Africa Energy" or the "Company") announces the acquisition of one-third of the shares in a subsidiary of Pancontinental Oil & Gas N.L. ("Pancontinental") that holds a 30% participating interest in Petroleum Exploration Licence 37 ("PEL 37") offshore the Republic of Namibia.

Garrett Soden, Africa Energy's President and CEO, commented, "We are pleased to partner with Pancontinental for an effective 10% interest in PEL 37 offshore Namibia. This transaction completes the discussions we began some time ago and demonstrates our commitment to this oil prone play. We look forward to the exploration well that may be drilled as early as next year."

Africa Energy paid Pancontinental US$2.2 million at closing and will pay an additional US$5.5 million upon spud of the first exploration well provided that certain commercial conditions exist on the spud date.

About Africa Energy Corp.

Africa Energy Corp. is a Canadian oil and gas company listed on the TSX Venture Exchange under ticker symbol "AFE". The Company is part of the Lundin Group of Companies and is actively building an exploration and production portfolio across Africa.

For more information, please visit: https://www.africaenergycorp.com
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