Africa Energy Withdraws From Puntland, Somalia Blocks

Engineers and visitors tour an exploratory well in Somalia's semi-autonomous Puntland region. Photograph: Reuters

Tuesday, June 30, 2015

VANCOUVER, BRITISH COLUMBIA -- Africa Energy Corp. (AFE) ("Africa Energy", previously Horn Petroleum Corp., or the "Company") reports that it has provided notice to the Puntland State of Somalia advising of its intention to withdraw from the January 2007 productions sharing agreements ("PSAs") in respect of the Nugaal Block and the Dharoor Block, each made among the Company, the Government of Puntland and Range Resources, effective immediately.

In its notice to the Puntland Petroleum and Minerals Agency, the Company cited the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and the regional government of Puntland, Somalia over the legitimacy of the PSAs, and potential territorial claims on the Nugaal Block, as the principal reasons for its decisions.

As discussed in the Company's March 11, 2015 news release, Africa Energy will continue to focus on its new corporate strategy of aggressively pursuing other upstream oil opportunities in Africa.

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