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African Energy Resources' shares gallop 18% higher Tuesday on strong volume

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African Energy Resources (ASX: AFR) was one of the top performers on the ASX Tuesday, with the company's shares re-rated a further 18% to $0.165 on strong volume of 1.8 million.

The company's share price has now doubled since executing a joint development agreement with ACWA Power International last month.

AFR and ACWA Power have now jointly submitted an Expression of Interest for the 300MW Greenfield Tender Request recently announced by the Ministry of Minerals, Energy and Water Resources, on behalf of the Government of the Republic of Botswana.

Sese is believed to be one of only two greenfield projects in Botswana capable of delivering power by end 2016.

Investors continue to support the African Energy agreement, with ACWA Power brining a track record of completing multi-billion dollar transactions in delivering power solutions around the globe.

Highlighting the power of ACWA, it has paid-up capital of around US$1.4 billion, and is owned by eight Saudi conglomerates.


The size of Sese

Sese has enough coal for 8 x 300MW projects over 25 years from Block-C Measured, and is a low-cost fuel supply due to low strip ratio mining and minimal processing requirements.

 

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Quick facts: African Energy Resources (Guernsey) Ltd.

Price: 0.02 AUD

ASX:AFR
Market: ASX
Market Cap: $12.46 m
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