Africa Energy announces that the Company, through its investment in Main Street 1549 Pty Ltd, has formally become the operator of Block 11B/12B offshore South Africa. Main Street is currently in the process of obtaining all the important information from the previous operator, including drilling, reservoir, and development engineering data.

Main Street is in the process of completing the Environmental and Social Impact Report (ESIR) and expects to submit the ESIR in the first quarter of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives environmental authorization in respect of the ESIR.

In July 29 2024, the Company announced that TotalEnergies provided a notification that it was resigning as operator of Block 11B/12B. In addition, TotalEnergies, QatarEnergy and Canadian Natural Resources provided notice to the joint venture partners that they were withdrawing from their 45%, 25% and 20% interest in Block 11B/12b, respectively, in accordance with the JOA. 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 non-withdrawing partners.