Petroleum Africa: Africa Energy Terminates Namibia Buy

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Africa Energy Corp. has terminated its farm-out agreement which would have given it a stake offshore Namibia. The terminated agreement was with Pancontinental Oil & Gas for a 10% participating interest in PEL 37.

Africa Energy and Pancontinental entered into the agreement in late-November 2016.

Africa Energy exercised its right to terminate the farm-out agreement as a result of due diligence procedures performed by the company which identified discrepancies in respect of certain agreed commercial terms of the farm-out transaction.