Africa Energy Corp. Stock Analysis AFE.V

Africa Energy Corp. engages in the acquisition, exploration, and production of oil and gas properties. The firm owns approximately 49% of the common shares and 100% of the Class B shares in Main Street 1549 Proprietary Limited (Main Street 1549). Main Street 1549 has a 10% participating interest in the Exploration Rights for Block 11B/12B offshore the Republic of South Africa (Block 11B/12B). Block 11B/12B is located in the Outeniqua Basin approximately 175 kilometers (km) off the southern coast of South Africa. The block covers an area of 19,000 square kilometers (Km2) with water depths ranging from 200 meters in the north to 1,800 meters in the south. The Lower Cretaceous Post-rift Paddavissie Fairway, which contains the Luiperd and Brulpadda discoveries, is located in the southwest corner of the block.