Presentation

Africa Energy is an oil and gas exploration company in the Lundin Group and is listed on the TSX Venture (Toronto) and Nasdaq First North Growth Market (Stockholm) exchanges. The company holds offshore exploration assets in South Africa and Namibia. Africa Energy is 100% equity financed, and the largest shareholders are Impact Oil & Gas (36%), Africa Oil (20%) and the Lundin family (6%).

The company employs a technical team of geologists and geophysicists in Cape Town with more than 25 years of work experience across the African continent, and a proven track record of exploration success. The technical team has made several significant discoveries, including the Jubilee field offshore Ghana, the Lake Albert basin in Uganda and South Lokichar in Kenya.

In February 2019, Africa Energy participated in Total’s Brulpadda discovery on Block 11B/12B offshore South Africa. The well encountered significant gas condensate and light oil resources, likely exceeding pre-drill estimates of more than 500 mmboe of gross prospective resources. In October 2020, the partners drilled the nearby Luiperd prospect and announced a large gas condensate discovery. Due to the successful discoveries, operator Total has decided to move ahead with development studies on Block 11B/12B and is currently negotiating gas commercialization with the government. Africa Energy holds an indirect 10% interest in the block, whilst operator Total holds a 45% stake.

In addition, Africa Energy holds a 27.5% interest in Block 2B offshore South Africa following a farmout to Azinam and Panoro for a carried well. The partners expect to commence drilling the Gaziania-1 well by year-end, targeting more than 300 mmboe of gross prospective resources up-dip from an existing light oil discovery.