Africa Energy Announces Third Quarter 2026 Results and Corporate Update
Key Highlights
- ➤Cash $5.6M and working capital $5.3M at September 30, 2026
- ➤47M shares issued at C$0.135, raising US$4.5M in August
- ➤New environmental application targets Block 11B/12B field development and production
- ➤Ownership restructuring could give Africa Energy 75% of Block 11B/12B
- ➤Net loss narrowed to US$390,000 in Q3 from US$381,000 year-over-year
Expert Statements
Robert Nicolella, CEO of Africa Energy Corp.
“We are very pleased to have completed the capital raise in the quarter. This will allow us to advance technical work on various development options that are aligned with our newly submitted environmental authorization application for Block 11B/12B(1). Obtaining the approval for our environmental authorization is critical to securing the Production Right approval.”
Gwede Mantashe, Minister of Mineral and Petroleum Resources of South Africa
“natural gas must play in closing the energy deficit in South Africa and that natural gas will be the most effective transition fuel.”
Gwede Mantashe, Minister of Mineral and Petroleum Resources of South Africa
“Africa Energy Corp.’s discovered resources in Block 11B/12B, offshore South Africa, as resources whereby the government of South Africa is seeking to accelerate development to ensure security of supply.”
Africa Energy VANCOUVER, BC, November 12, 2026 /CNW/ – Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) (“Africa Energy” or the “Company”), an oil and gas exploration company, announces financial and operating results for the three and nine months ended September 30, 2026 and corporate update.
Robert Nicolella, Africa Energy's CEO, commented, “We are very pleased to have completed the capital raise in the quarter. This will allow us to advance technical work on various development options that are aligned with our newly submitted environmental authorization application for Block 11B/12B(1). Obtaining the approval for our environmental authorization is critical to securing the Production Right approval.”
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