Africa Energy (TSE:AFE) has released an update.
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Africa Energy Corp. reported a significant financial hit in the third quarter of 2024 due to a US$97.4 million non-cash loss from revaluing its investment in Block 11B/12B. As major partners like TotalEnergies and QatarEnergy withdraw from the joint venture, the company faces changes in its South African operations. Meanwhile, South Africa is forming a new national petroleum company to enhance local refining capacity.
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