Africa Energy Announces Block 11B/12B Operations Update

Executive Summary

• Africa Energy Corp. has secured an extension to submit a revised ESIA for Block 11B/12B to May 4, 2026.
• The extension follows a Western Cape High Court decision that set aside a separate offshore environmental authorization, prompting the Company to review potential amendments to its own ESIA.
• Upon completion of the Main Street restructuring, Africa Energy expects to increase its direct interest in Block 11B/12B from 10% (via Main Street) to 75%, subject to regulatory approvals and grant of a production right.

Key Details

• Extension deadline for new ESIA submission: May 4, 2026.
• High Court decision impacts timing of environmental authorization; appeal pending before the Supreme Court of Appeal.
• Production right remains a prerequisite for obtaining the block’s production license.
• Main Street currently holds a 10% participating interest in Block 11B/12B.
• Post‑restructuring, Africa Energy aims to hold a 75% direct interest, contingent on:
• Withdrawal and assignment of other joint‑venture partners’ interests to Main Street.
• Completion of the previously announced Main Street restructuring (May 29, 2025).
• Grant of the production right for Block 11B/12B.
• Company is engaging legal counsel and advisors to assess required ESIA amendments.
• No guarantee on timing of environmental authorization after revised ESIA submission.

Notable Quotes

(No direct quotes were provided in the release.)