South Africa: Africa Energy Corporation completes Block 2B acquisition

Toronto-listed Africa Energy Corporation has completed three transactions giving it a 90% interest in Block 2B in the Orange Basin (AE 315/16). The company, founded by former Energy Africa executives, paid $1m for Afren’s 25% stake in the block, and acquired 34.5% shareholder Thombo Petroleum for $2m in cash and 14.8m shares. It also completed a farm-in agreement with Crown Energy giving it another 30.5%. AEC will reimburse Crown for up to $300,000 of back costs and will fund Crown’s remaining 10% stake in the drilling and testing of the next well on the block.