Africa Energy Corporation (AEC), a Canada-based exploration company – formerly known as Horn Petroleum Corporation, will acquire a 90% working interest and operatorship in Block 2B offshore South Africa, reported.

The AEC has launched a new corporate strategy by concluding three agreements. It will acquire Afren subsidiary’s 25% interest in the Block for $1m, and a 34.5% share of Thombo Petroleum, a privately held company, worth $2m, on top of the issuance of $14.8m in Company’s new common shares.

AEC will also issue additional $20m worth of common shares and is further to decide to either pay and/or issue up to $1.5m in additional contingent cash and/or shares, both payable on milestones associated with the commercialization of the Block, reported.

Completion of each of these transactions is subject to government and other regulatory approvals, third party consents, and waiver of pre-emptive rights.