Africa Energy (AEC) Q3 2025 earnings summary

Executive summary

• Focused on exploration and development of Block 11B/12B offshore South Africa, with restructuring to increase direct interest to 75% pending regulatory approval.

• Completed major financing transactions, including a private placement and shares-for-debt, improving liquidity and eliminating promissory note debt.

• No oil and gas revenue generated to date; company remains in exploration stage.

Financial highlights

• Net loss for Q3 2025 was $0.4 million, a significant improvement from $27.8 million loss in Q3 2024, mainly due to absence of non-cash revaluation losses.

• Net loss for the nine months ended September 30, 2025 was $1.7 million, compared to $99.8 million in the same period in 2024.

• Cash and cash equivalents increased to $3.8 million at September 30, 2025, from $2.3 million at December 31, 2024.

• Working capital improved to $3.7 million at September 30, 2025, from a deficiency of $8.2 million at year-end 2024.

• No non-cash loss on revaluation of financial asset in 2025; $97.4 million non-cash loss recorded in the first nine months of 2024.

Outlook and guidance

• Prioritizing environmental authorization and production right for Block 11B/12B.

• Early engagement with stakeholders to secure gas offtake customers.

• Confident in commercial development potential of Brulpadda and Luiperd discoveries.

• Next earnings report scheduled for March 25, 2026.