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Africa Energy Reports Third Quarter 2019 Results

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, announces financial and operating results for the three and nine months ended September 30, 2019. View PDF version


Garrett Soden, the Company's President and CEO, commented, "Following the Brulpadda discovery offshore South Africa, we are very encouraged by Total's progress on Block 11B/12B.  The partners are working hard to maximize the value of the block. The first phase of 3D seismic was completed in the second quarter of 2019 to prepare for the multi-well drilling campaign in 2020. Additional 2D and 3D seismic surveys will start before the end of the year to better delineate the prospects and leads across the block. The next exploration well will target the Luiperd prospect and is expected to spud in the first quarter of 2020."


HIGHLIGHTS AND OUTLOOK


In the first quarter of 2019, the Brulpadda well was drilled in approximately 1,400 meters of water by the Odfjell Deepsea Stavanger semi-submersible rig. The well targeted two objectives in a deep marine fan sandstone system within combined stratigraphic/structural closure. Following the success of the main objective, the well was deepened to a final depth of 3,633 meters and was successful in the Brulpadda-deep prospect. The well encountered a total of 57 meters net gas condensate pay over two Lower Cretaceous high-quality reservoirs. The well also encountered oil pay in the upper reservoir. Core samples were taken in the upper reservoir, and a comprehensive logging and sampling program was performed over both reservoirs. The success at both the Brulpadda primary and deep targets significantly de-risks other similar prospects on Block 11B/12B.


In the second quarter of 2019, the joint venture partnership for Block 11B/12B completed the first phase of the 3D seismic acquisition program with Polarcus Limited ("Polarcus") using the Polarcus Asima vessel.


In the third quarter of 2019, the operator entered into a multi-well drilling contract with Odfjell Drilling for the Deepsea Stavanger semi-submersible rig, the same rig that drilled the Brulpadda discovery earlier this year.


Subsequent to the end of the third quarter, the operator contracted Shearwater GeoServices Holding AS to acquire an initial program of 3,650 linear kilometers of 2D seismic using the Multi-Purpose Vessel SW Cook. The operator also contracted Petroleum Geo-Services ASA ("PGS") to acquire approximately 2,200 square kilometers of 3D seismic using the PGS Apollo seismic vessel.


The Company exited the quarter with $2.4 million in cash. In addition, Main Street 1549, an entity owned 49% by Africa Energy, held $17.8 million (gross) in cash and $2.0 million (gross) in escrow at September 30, 2019 in order to cover Main Street 1549's portion of future cash calls and exploration expenditures on Block 11B/12B.