Africa Energy (TSE:AFE) has released an update.
Africa Energy Corp. reported a challenging year with a US$114.2 million non-cash loss on investment revaluation, amidst efforts by the South African government to address the energy crisis and transition to natural gas, including potential use of indigenous gas from Block 11B/12B. The company is optimistic about the role of gas in the energy mix and is considering an early production system to expedite gas supply to the market. This development coincides with South Africa’s broader energy strategy, including the Integrated Resource Plan 2023, to ensure energy security and comply with emission reduction targets.
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