Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, is pleased to announce that the joint venture partners on Block 11B/12B offshore South Africa are assessing the feasibility of an early production system for a possible phased development of the Paddavissie Fairway.

Jan Maier, Africa Energy's VP Exploration, commented, "We are very encouraged by the contemplation of an early production system on Block 11B/12B to provide first gas and condensate production from Luiperd. The accelerated development timeline could significantly decrease the required capital expenditures to reach first production from Block 11B/12B, which has existing nearby gas infrastructure and demand. The development of the Paddavissie Fairway will have positive implications for the South African economy and will be critical in facilitating the country's energy transition away from coal through a domestic natural gas supply."

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 in the southwest corner of the block now includes both the Brulpadda and Luiperd discoveries, confirming the prolific petroleum system. The original five submarine fan prospects in the fairway all have direct hydrocarbon indicators recorded on both 2D and 3D seismic data and intersected in the wells, significantly de-risking future exploration. Following the Luiperd discovery in October 2020, the joint venture partners decided to proceed with development studies and engage with authorities on the commercialization of gas from Block 11B/12B. The joint venture expects to apply for a Production Right before the Exploration Right expires in September 2022.

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.

About Africa Energy Corp.

Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Africa Energy is part of the Lundin Group of Companies.