Africa Energy Spuds Luiperd-1X Well Offshore South Africa

Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, is pleased to announce spud of the Luiperd-1X well, the second exploration well on Block 11B/12B offshore South Africa following the Brulpadda discovery in February 2019.

Jan Maier, Africa Energy's VP Exploration, commented: "The Outeniqua Basin offshore South Africa remains an under-explored, world-class hydrocarbon province. The Luiperd-1X well will test the eastern area of the Paddavissie Fairway on Block 11B/12B to follow-up on the Brulpadda discovery of gas condensate and light oil last year. In the success case, the joint venture plans to flow test the Luiperd-1X borehole by performing a drill stem test. We look forward to drilling results in the fourth quarter."

Block 11B/12B is located in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of approximately 19,000 square kilometers with water depths ranging from 200 to 1,800 meters. The Paddavissie Fairway is in the southwest area of the block and includes the Brulpadda discovery, which confirmed the petroleum system. The Luiperd Prospect is the second to be drilled in a series of five large submarine fan prospects with direct hydrocarbon indicators defined utilizing both 2D and 3D seismic data.

The Luiperd-1X exploration well is being drilled in 1,795 meters of water by the Odfjell Deepsea Stavanger semi-submersible rig to a total depth of 3,550 meters subsea. The well will test the oil and gas potential in a mid-Cretaceous aged deep marine sequence where fan sandstone systems are developed within combined stratigraphic/structural closure. Drilling and evaluation of the well is expected to be completed in the fourth quarter of 2020.

Africa Energy holds 49% of the shares in Main Street 1549 (Proprietary) Limited, which has a 10% participating interest in Block 11B/12B. Total E&P South Africa B.V. is operator and has a 45% participating interest in Block 11B/12B, while Qatar Petroleum International Upstream LLC and CNR International (South Africa) Limited have 25% and 20% participating interests, respectively, in Block 11B/12B.