African Energy (Australia) was established in July 2005 to acquire mineral exploration and development projects in Southern Africa with an emphasis on uranium, coal and coal bed methane (CBM).

The Company has undertaken a systematic evaluation of Southern Africa’s uranium potential, which since the end of the uranium boom in the late 1970’s has been subject to only minimal exploration activity. The Company currently has projects in Zambia, Botswana and Malawi, and has established a representative office and technical support base in Cape Town, South Africa, and a logistics support base in Lusaka, Zambia.

On 28th July 2005, Australian Development Capital Limited entered into an agreement with African Energy (Australia) to acquire all of the issued capital of African Energy (Australia). On 28th September 2005, Australian Development Capital Ltd was renamed Energy Ventures Limited. The share sale agreement between Energy Ventures Limited and African Energy (Australia) was completed on 25th November 2005. African Energy was incorporated on 29 September 2006 and on 13 November 2006 acquired a 100% interest in African Energy (Australia) from Energy Ventures (listed on ASX) for the consideration of the issue of 34,900,000 Shares at 30p each.

Following the registration of wholly owned subsidiaries of African Energy in Zambia, Botswana, and Malawi in 2005, five Prospecting Licences (or equivalents) have been granted, totalling approximately 20,500 square kilometres. A further six Special Grant licences have been applied for in Zimbabwe. On 25th October 2005, Energy Ventures Limited entered into an Exploration Agreement with Albidon Limited (AIM; ALD, ASX; ALB) covering project areas in Zambia totalling approximately 19,500 square kilometres.

The Company now holds a large portfolio of uranium and other projects, ranging from the relatively advanced project at Njame North in Zambia where an inferred mineral resource of 5.5 Mt @ 400ppm U3O8 has been delineated, to mineral prospects at the early stage of exploration. The initial funding for these projects has been provided by Energy Ventures Limited.

About African Energy Resources Prospects, Future Strategy and Objectives