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Government Approves 2.4 BT Mmamabula West Acquisition

The Minister for Minerals Energy and Water Resources in Botswana has approved the transfer of title of the Mmamabula West prospecting licence to African Energy Resources Ltd, thereby satisfying the completion requirements of the Mmamabula West Sale Agreement.

Under the terms of the Sale Agreement, African Energy will now make a USD $1 million cash payment to Asenjo Energy. A final cash payment of USD $1.5m will be made to Asenjo Energy once a retention licence has been granted over the project in mid‐to late‐2014.

Mmamabula West contains 892Mt of Indicated Resource and 1,541 Mt of Inferred Resource at an average in‐situ raw CV of 4,800kcal/kg (20.1 MJ/kg), as previously reported by African Energy.

Through completion of the transaction, African Energy has increased its total in‐situ resources to over 6.2 billion tonnes of thermal coal in Botswana.

An Environmental Impact Assessment for an underground coal mine at Mmamabula West has commenced.

A feasibility study to assess the technical and economic viability of an underground coal mine at Mmamabula West will commence in January 2014 and will be used to support the application for a retention licence by 31st March 2014.


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