Africa Energy Corp. (“Africa Energy” or the
“Company”) announces that TotalEnergies EP South Africa B.V. and QatarEnergy International E&P LLC have
provided notice to the joint venture partners that they will withdraw from their 45% and 25% interest,
respectively, in accordance with the joint operating agreement in respect of Block 11B/12B, Offshore the
Republic of South Africa (“JOA”).
As previously announced on July 1, 2024, CNR International (South Africa) Limited also provided notification
of withdrawal of their 20% interest in Block 11B/12B. Under the JOA, the withdrawing parties assign their
interest free of charge to each of the non-withdrawing partners in proportion to the interest of nonwithdrawing partners.
The Company, through its investment in Main Street 1549 Pty Ltd., which currently holds a 10% interest in
Block 11B/12B, does not intend to withdraw. Despite the challenges and delays encountered so far, the
Company remains confident that the Block 11B/12B resources can be commercially developed. The
Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if
developed could supply a significant portion of the country’s energy needs as it seeks to transition away from
coal fired power plants.
The withdrawal of the joint venture partners from Block 11B/12B is subject to all relevant regulatory
approvals by South African authorities. Subject to all relevant regulatory approvals, Main Street 1549 Pty Ltd.
expects to hold 100% interest in Block 11B/12B. The Company will be focused on the Block 11B/12B
Production Right approval and securing offtake customers.
