In addition to the forward drilling and testing costs being funded by the Farm-in partner, the Farm-in partner will also reimburse Crown Energy for their share of net back costs incurred in respect of Joint Venture operations on Block 2B up to the transaction completion.
About Africa Energy
The Lundin Group has created a new company to build an African, oil-prone, exploration- and production portfolio over the next 18-24 months. Africa Energy is a Canadian oil and gas company the shares of which are listed on the TSX Venture Exchange under the symbol “AFE”. Africa Energy is owned 40.8% by Africa Oil, also a Lundin Group company.
Africa Energy has strengthened the Board of Directors with 3 new members to join Keith Hill and Ian Gibbs:
- Ashley Heppenstall, previously Lundin Petroleum CEO, Geneva
- John Bentley, previously CEO Energy Africa Ltd., Cape Town
- Adrian Nel, previously Technical Director Energy Africa Ltd., Cape Town
Africa Energy has a very experienced management team many of whom formerly worked with Energy Africa and Tullow Oil in Cape Town and have great experience in oil in gas industry in Africa and South Africa in particular. They are now keen to move to the drilling phase of the Block 2B Exploration Right.
Andreas Forssell, CEO of Crown Energy comments:
“We are very pleased farming out our participating interest in Block 2B, this is a milestone for Crown Energy. Not only does it show that the asset base of Crown Energy is proved to be attractive on the oil- and gas market, but in addition it shows that the business model is working, with a player like Africa Energy and the Lundin Group joining us as a partner. We will now be able to accelerate our business seeking to secure one or more transactions during 2016 through our existing and potentially expanded asset base.” says Andreas Forssell, Crown Energy CEO.
Crown Energy AB (publ) discloses above information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication on December 17, 2015, 08:00 AM.
Please contact Andreas Forssell, CEO, Crown Energy AB
+46 8 400 207 20
+46 760 15 15 95
ABOUT CROWN ENERGY
Crown Energy is an international oil and gas company engaged in exploration in Africa and Middle East. Growth is created by developing assets in early stages and then maximising value by introducing appropriate industry partners in the development and production stages. For more information please visit www.crownenergy.se.