Africa Energy, a Canadian oil and gas exploration company focused on South Africa, has hired Dr. Phindile Masangane as Head of Strategy and Business Development. In addition, Dr. Masangane will join the Company's Board of Directors, effective immediately.
Robert Nicolella, Africa Energy's Chief Executive Officer, commented, 'We are pleased to have Phindile join our leadership group. She brings a significant amount of experience in the energy sector to our team. She will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company.'
Dr. Masangane has over 15 years of executive management experience in the energy sector. Dr. Masangane's impressive resume includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, where she engaged with different stakeholders including government and non-governmental organizations advocating for the sustainable development of South Africa's indigenous oil and gas resources in support of energy security and economic development. In addition, Dr. Masangane was a partner of KPMG LLP and most recently part of the leadership team at Sasol South Africa (Pty) Ltd. Dr. Masangane has a PhD in Chemistry from Imperial College, an MBA from University of the Witwatersrand and a Bachelor of Science (Chemistry & Mathematics) from University of Eswatini.
The Board of Directors has approved the grant of 10,000,000 incentive stock options. The options will be granted on May 1, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years.
Source: Africa Energy
