Africa Energy Q2 FY26 net loss widens to US$618,000

• Africa Energy posted a net loss of US$618,000 in Q2 2026, widening from US$367,000 a year earlier.
• Operating expenses climbed to US$640,000 from US$477,000, driven by higher salaries and benefits tied to cash performance incentives.
• Cash fell to US$2.3 million at June 30 from US$3.2 million at end-2025; working capital slipped to US$2 million from US$3 million.
• Closed a non-brokered private placement for gross proceeds of US$4.5 million, issuing 47,000,000 shares at C$ 0.135.
• Secured an ESIA submission extension for Block 11B/12B to Nov. 4, 2026; expects 75% direct interest pending approvals and restructuring.

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