Africa Energy Corp. (TSX VENTURE:AFE) ("Africa Energy" or the "Company) announces that it has terminated the farmout agreement (the "Farmout Agreement") entered into on November 29, 2016 with a subsidiary of Pancontinental Oil & Gas N.L. ("Pancontinental"). Pursuant to the Farmout Agreement, the Company was to acquire a 10% participating interest in Petroleum Exploration Licence 37 offshore, Republic of Namibia ("PEL 37"). Africa Energy exercised its right to terminate the Farmout Agreement as a result of due diligence procedures performed by the Company which identified discrepancies in respect of certain agreed commercial terms of the farmout transaction.
About Africa Energy Corp.
Africa Energy Corp. is a Canadian oil and gas exploration company, the shares of which are listed on the TSX Venture Exchange under the symbol "AFE". The Company holds a 90% participating interest in Block 2B, offshore Republic of South Africa and is actively building an exploration portfolio in Africa.
SOURCE: Africa Energy Corp.
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