Farm-out deal on Block 2B signed with Africa Energy Corp., a Lundin Group company
Crown Energy AB (“Crown Energy”) is pleased to announce the signing of a farm-out agreement. Africa Energy Corp. (“Africa Energy” or “Farm-in partner”) farms in to Crown Energy’s participating interest in Block 2B in the Orange Basin on the west-coast of South Africa. Crown Energy will retain a 10 percent interest, with costs of drilling and, if applicable, testing of the next exploration well funded by Africa Energy. The transactions is subject to regulatory and South African Government approvals, as well as other 3rd Party Consents.In addition to the forward drilling and testing costs