Africa Energy signs rig contract for Block 11B/12B, offshore South Africa

7/15/2019

VANCOUVER -- Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, is pleased to announce that the joint venture partnership for Block 11B/12B offshore South Africa has entered into a multi-well drilling contract with Odfjell Drilling for the Deepsea Stavanger semisubmersible rig.

Garrett Soden, Africa Energy's President and CEO, commented, "We are very pleased that Total was able to secure the Deepsea Stavanger rig again for the next phase of drilling on Block 11B/12B offshore South Africa. Using the same equipment and crew that drilled the Brulpadda oil and gas discovery earlier this year should save time and reduce cost. We look forward to starting the multi-well drilling program with the spud of the Luiperd Prospect in Q1-2020."

Block 11B/12B is located in the Outeniqua Basin 175 km off the southern coast of South Africa. The block covers an area of 19,000 km2 with water depths ranging from 200 to 1,800 m. The Paddavissie Fairway in the southwest corner of the block includes the Brulpadda discovery and several submarine fan prospects.

The success at both the Brulpadda primary and secondary targets significantly de-risks the other similar prospects identified on 2D seismic. The joint venture partnership for Block 11B/12B recently completed the first phase of the 3D seismic acquisition program over the Paddavissie Fairway. The Brulpadda well results will be integrated with the 3D seismic data in advance of next year's drilling program, which will include up to three exploration wells.

Africa Energy holds 49% of the shares in Main Street 1549 Proprietary Limited, which has a 10% participating interest in Block 11B/12B. Total SA is operator and has a 45% interest in Block 11B/12B, while Qatar Petroleum and Canadian Natural Resources Limited have 25% and 20% interests, respectively.

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