­ Africa Energy Corp. announced that it has amended its existing credit facility, increasing the amount available from USD 5.0 million to USD 8.3 million and extending the maturity date to March 31, 2025 with Africa Oil Corp. ("Africa Oil"), Deepkloof Limited, Lorito Doraline S.à.r.l., Lorito Floreal S.à.r.l., Lorito Arole S.à.r.l. and Lorito Orizons S.à.r.l. (together, the "Lenders").

The USD 8.3 million credit facility is unsecured and matures on March 31, 2025, when the principal and accrued interest are due in full. The loan carries an annual interest rate of 15% from inception of the original facility. Subject to TSX Venture Exchange approval, in the event that the Company cannot reasonably fulfill its obligations under this credit facility at maturity, each of the Lenders have the ability to convert the Company's obligations due to them into common shares of Africa Energy Corp.

at the then prevailing market price. The proceeds of the loan facility are expected to be used for the Company's funding obligations to advance the development of Block 11B/12B offshore South Africa, as well as for general corporate purposes.