Africa Energy (TSE:AFE) has released an update.
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Africa Energy Corp. reported a significant non-cash loss of US$70.2 million due to the revaluation of its investment in Block 11B/12B amidst operational challenges, including the withdrawal of key joint venture partners. Despite these setbacks, the company intends to maintain its 10% stake and anticipates acquiring a 100% interest, remaining optimistic about the block’s potential to meet South Africa’s energy needs.
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