Africa Energy Acquires Interest in Namibian PEL 37

Source: www.gulfoilandgas.com 9/13/2017, Location: Africa

Africa Energy Corp. (Africa Energy) announces the acquisition of one-third of the shares in a subsidiary of Pancontinental Oil & Gas N.L. (Pancontinental) that holds a 30% participating interest in Petroleum Exploration Licence 37 (PEL 37) offshore the Republic of Namibia.

Garrett Soden, Africa Energy's President and CEO, commented, "We are pleased to partner with Pancontinental for an effective 10% interest in PEL 37 offshore Namibia. This transaction completes the discussions we began some time ago and demonstrates our commitment to this oil prone play. We look forward to the exploration well that may be drilled as early as next year."

Africa Energy paid Pancontinental US$2.2 million at closing and will pay an additional US$5.5 million upon spud of the first exploration well provided that certain commercial conditions exist on the spud date.

For more information about related Opportunities and Key Players visit West Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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