AEC

VANCOUVER, BC, March 25, 2026 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces financial and operating results for the year ended December 31, 2025. View PDF Version Robert Nicolella, Africa Energy's CEO, commented, "We are feeling cautiously optimistic about the recent announcements made by key ministers in government regarding the importance of natural gas as a key transition fuel in the energy transition and the decision to proceed with determination of appeals against environmental authorizations. We believe this demonstrates the government's commitment to attract investment to the industry and advance the development of its domestic resources to ensure energy security, which has been emphasized by recent conflict in the middle east." On March 5, 2026, the Honorable Minister of Mineral and Petroleum Resources, Mr. Gwede Mantashe, highlighted the role natural gas must play in closing the energy deficit in South Africa and that natural gas will be the most effective transition fuel. Further Mr. Gwede Mantashe identified Africa Energy Corp.'s discovered resources in Block 11B/12B1, offshore South Africa, as a resource which the government of South Africa is seeking to accelerate development of. On March 11, 2026, the newly appointed Honorable Minister of Forestry, Fisheries and the Environment, Mr. Willie Aucamp, announced that his department is proceeding with determination of appeals lodged against environmental authorizations granted for offshore oil and gas projects. Following the previous decision of the Western Cape High Court in South Africa to set aside an environmental authorization for the offshore exploration operations in Block 5/6/7 (held by unrelated parties), the former Minister of Forestry, Fisheries and the Environment made a decision to defer appeals lodged with his department following the granting of environmental authorizations pending the outcome of court proceedings in respect of the Block 5/6/7 judgement. The Company took the prudent step of pausing its Environmental Authorization ("EA") application for Block 11B/12B, offshore South Africa, following the previous decision by the Western Cape High Court. This allowed the Company to fully assess the implications of the new legal and regulatory landscape and ensure its EA applicatio...