VANCOUVER, BC, June 20, 2024 /CNW/ – Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) (‘Africa Energy’ or the ‘Company’) announced today the results of its annual general and special meeting of shareholders, held in Vancouver, British Columbia (the ‘Meeting’). All resolutions presented to shareholders were successfully passed. The event marked a significant milestone as key decisions were ratified, setting the stage for another year of progress and growth for Africa Energy.
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Shareholders demonstrated strong confidence in the Company by re-electing the entire slate of board nominees proposed for the election of directors. The following six individuals were elected to serve on the Company’s Board of Directors until the next annual meeting of shareholders or until their successors are elected or appointed: Garrett Soden, Keith Hill, Pascal Nicodeme, and three other members fully backed by the majority of shareholders. Each nominee received overwhelming support, indicating shareholders’ trust in their leadership and vision.
Specifically, the voting results for the election of the directors were as follows: Garrett Soden received 337,240,574 votes ‘For,’ representing 99.73% of the total votes, and 898,377 votes ‘Withheld,’ representing 0.27%. Keith Hill garnered 336,958,382 votes ‘For,’ equating to 99.65% overall, with 1,180,569 votes ‘Withheld’ at 0.35%. Pascal Nicodeme received a substantial majority as well, ensuring stability and consistency in the Company’s governance.
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The approval of all proposed resolutions highlights shareholders’ continued optimism about Africa Energy’s strategic direction and operational initiatives. The Company remains focused on its core mission to explore and develop high-impact oil and gas prospects in Southern Africa. With the ongoing success of its projects and the stable leadership provided by the re-elected board members, Africa Energy is well-positioned to leverage future opportunities in the energy sector.
The Company’s CEO, Garrett Soden, expressed gratitude to the shareholders for their unwavering support and provided insights into the future roadmap. He emphasized that Africa Energy is committed to driving shareholder value through disciplined capital allocation, innovative exploration techniques, and strategic partnerships. The management team remains dedicated to fostering strong relationships with local communities, stakeholders, and partners, ensuring sustainable and responsible operations.
In addition to board elections, the Meeting also covered various other resolutions crucial to the Company’s growth trajectory. These included the approval of the financial statements, the re-appointment of the external auditor, and other administrative matters. Each item received the requisite majority, reflecting broad-based support for the Company’s governance and operational plans.
Africa Energy has been actively exploring the energy-rich regions of Southern Africa, with a particular focus on offshore oil prospects. The Company’s extensive exploration history and technical expertise have led to significant discoveries and partnerships, positioning it as a key player in the African energy landscape. With a clear strategic vision and robust financial health, Africa Energy is poised to accelerate its development activities, driving long-term value for its shareholders.
Looking forward, the Company aims to deepen its exploration activities and expand its asset portfolio. Key projects are on track to meet critical milestones, and Africa Energy continues to engage with potential partners to enhance its growth prospects. The recent shareholder approval provides a strong mandate for the board and management to pursue these initiatives with renewed vigor and commitment.
The positive outcomes of the Meeting are expected to reinforce investor confidence and enhance market perception of Africa Energy. The Company’s transparent governance practices, combined with its innovative exploration strategies, have set a solid foundation for achieving its ambitious goals. As the energy landscape evolves, Africa Energy remains at the forefront, adapting to new trends and leveraging cutting-edge technologies to maximize resource potential.
In conclusion, the successful annual meeting underpins Africa Energy’s robust governance framework and strategic vision. The re-elected board members, armed with shareholders’ strong mandate, are well-equipped to steer the Company towards greater heights. With ongoing and upcoming projects, Africa Energy is primed for a transformative year ahead, committed to delivering sustainable growth and enhancing shareholder value.
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