We are long Africa Energy. It is one of our large position. The investment thesis is very well summarized here:
Our investment thesis is based on AEC investment in Block 11B/12B in South Africa, that is operated by Total. Their other large block 2B is often neglected from the analysis. Wellingence Energy Analytics just publisher their report: The 2021 outlook for offshore exploration in Sub-Saharan Africa
In the report they list AEC´s block 2B among the top exploration wells to watch in 2021 list below.
The AEC share is down due to wait on the negotiations with the South Africa Government. This should be resolved soon, as the SA pushes for breaking the dependence on coal for energy production. We are increasing our position.