Africa Energy Corp. announced that it has secured a USD 5 million credit facility from Africa Oil Corp. (Africa Oil), Deepkloof Limited and Lorito Holdings S.à.r.l. (together, the Lenders).

The USD 5 million credit facility is unsecured and matures on January 31, 2024, when the principal and accrued interest are due in full. The loan carries an annual interest rate of 10% until October 31, 2023, at which time the annual interest rate for any outstanding amount increases to 15% retrospectively. 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.