Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

African Energy Resources Director Increases Holding

African Energy Resources (ASX: AFR) non-executive director Phil Clark has increased his interest in the company as it progresses the Sese Thermal Coal Project.

Clark has taken up a further 115,000 shares in African Energy through his super fund, increasing his indirect holding to 265,000 shares.

Total consideration of $21,900 was paid for the shares.

Earlier this month African Energy secured a memorandum of understanding with a potential offtaker for the electrical output from the company's proposed 300 megawatt coal fired power station at the Sese Thermal Coal Project in Botswana.

The agreement, while non-binding, provides an opportunity for the credit‐rated national electrical utility, which importantly is a member of the Southern African Power Pool, to make a full assessment of the Sese Power Project.

This assessment could lead to binding agreements to jointly develop and finance the project.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.