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Africa Energy Corp. 
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TSX VENTURE COMPANIES

AFRICA ENERGY CORP. ("AFE")
BULLETIN TYPE: Property-Asset or Share Acquisition Agreement
BULLETIN DATE: April 6, 2016
TSX Venture Tier 2 Company

TSX Venture Exchange Inc. (the "Exchange") has accepted for filing the following agreements pursuant to which Africa Energy Corp. ("Africa") will acquire a 90% interest in Block 2B, Republic of South Africa:

* a sale and purchase agreement among Afren Mauritius Limited, Afren Plc (in administration), Afren Nigeria Holdings Limited (in administration), the Administrators of Afren Nigeria Holdings Limited and Afren Plc, Africa Energy SA Corp. and Africa Energy Holdings (Bermuda) I Ltd. dated December 16, 2015 under which Africa Energy SA Corp. will acquire all of the issued and outstanding shares of Main Street 840 (Proprietary) Limited which holds a 25% participating interest Block 2B for cash consideration of US$1 million;

* a share purchase agreement among Africa, Africa Energy SA Corp., Thombo Petroleum Ltd., and the shareholders of Thombo dated December 16, 2015 under which Africa Energy SA Corp. will acquire all of the issued and outstanding shares of Thombo Petroleum Ltd. which holds a 34.5% participating interest Block 2B for cash consideration of US$2.0 million plus the issuance of 14.8 million new common shares of Africa. Africa has also agreed to issue up to an additional 20 million common shares of Africa and, at the option of Africa, to either pay and/or issue up to US$1.5 million in additional contingent cash and/or shares of Africa, both payable on milestones associated with the commercialization of Block 2B (Africa will be required to pay the transaction fee required pursuant to Exchange Policy 1.3 prior to issuing any of the additional contingent consideration shares); and

* a farmout agreement between Simbo Petroleum No. 2. Ltd. ("Simbo") and Africa Energy SA Corp. dated December 16, 2015 under which Africa Energy SA Corp. will acquire a 30.5% participating interest Block 2B in consideration for which Africa will reimburse Simbo for a maximum US$0.3 million of net back costs and will fund costs for Simbo's remaining 10% participating interest associated with the drilling and testing of the next well in Block 2B.

Insider / Pro Group Participation: Nil.

For further information please refer to Africa's news release dated December 16, 2015 which is available under Africa's profile on SEDAR.
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