Africa Energy Optimistic Despite Q1 Loss

Africa Energy (TSE:AFE) has released an update.

Africa Energy Corp., an oil and gas exploration company, reported a US$23.1 million non-cash loss in Q1 2024 due to a revaluation of its investment. The company is optimistic about South Africa’s energy legislation and planning, which favor natural gas usage and could benefit its operations. Africa Energy is considering an early production system to expedite gas and condensate production from the Luiperd discovery in Block 11B/12B.

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