Africa Energy Corp. (AFE) (“Africa Energy”, previously Horn Petroleum Corp., or the “Company”) reports that it has provided notice to the Puntland State of Somalia advising of its intention to withdraw from the January 2007 productions sharing agreements (“PSAs”) in respect of the Nugaal Block and the Dharoor Block, each made among the Company, the Government of Puntland and Range Resources, effective immediately.
In its notice to the Puntland Petroleum and Minerals Agency, the Company cited the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and the regional government of Puntland, Somalia over the legitimacy of the PSAs, and potential territorial claims on the Nugaal Block, as the principal reasons for its decisions.
As discussed in the Company’s March 11, 2015 news release, Africa Energy will continue to focus on its new corporate strategy of aggressively pursuing other upstream oil opportunities in Africa.
About Africa Energy Corp.
Africa Energy Corp. is a Canadian oil and gas company the shares of which are listed on the TSX Venture Exchange under the symbol “AFE”.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance including, without limitation, the Company’s new corporate strategy. The use of any of the words “will”, “expected” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ON BEHALF OF THE BOARD
James Phillips, President and CEO