VANCOUVER BC, Dec. 20,
2024 /CNW/ - Africa Energy Corp. (TSXV: AFE)
(Nasdaq First North: AEC) ("Africa Energy" or the "Company")
announces that the Company and Arostyle Investments (RF)
Proprietary Ltd. ("Arostyle") (together the "Parties") have entered
into a non-binding agreement (the "Agreement") to restructure their
joint investment in Main Street 1549 Proprietary Ltd. ("Main
Street"), which currently has a direct 10% participating interest
in Block 11B/12B offshore South
Africa. View PDF version
The Company owns 49% of the common shares and 100% of the Class
B shares of Main Street. The remaining 51% of the common shares of
Main Street are held by Arostyle. In light of the withdrawal of the
joint venture partners as announced July 29,
2024, and subject to all relevant regulatory approvals, Main
Street expects to hold a 100% participating interest in Block
11B/12B.
Under the Agreement, the Parties have agreed that subject to all
relevant regulatory approvals, the Parties will restructure Main
Street resulting in the Company holding a direct 75% participating
interest and Arostyle holding a direct 25% participating interest
in Block 11B/12B, with the relationship between the Parties
being governed by the existing Joint Operating Agreement in respect
to Block 11B/12B. The parties are to negotiate in good faith
to conclude the restructuring documents by no later than
January 31, 2025.
About Africa Energy Corp.
Africa Energy Corp. is a
Canadian oil and gas exploration company focused on South Africa. The Company is listed in
Toronto on TSX Venture Exchange
(ticker "AFE") and in Stockholm on
Nasdaq First North Growth Market (ticker "AEC").
www.africaenergycorp.com
Important information
This is information that Africa Energy is obliged to make
public pursuant to the EU Market Abuse Regulation. The information
was submitted for publication through the agency of the contact
persons set out above on December 20,
2024, at 1:00 a.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Bergs Securities AB, +46 739 49 62 50,
rutger.ahlerup@bergssecurities.se.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of management. There
is no certainty that the Parties will execute definitive agreements
and that, if executed, the terms in the definitive agreements will
be consistent with the terms of the Agreement. Further, there is no
certainty that the Parties will obtain all the required regulatory
approvals necessary to effect the transfer of the participating
interests.
The use of any of the words "will", "expected", "planned",
"intends" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on the Company's current
belief or assumptions as to the outcome and timing of certain
future events. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
including results, timing and costs of exploration and development
activity in the Company's area of operations and, uninsured risks,
regulatory changes, defects in title, availability of funds
required to participate in the exploration and development
activities, or of financing on reasonable terms, availability of
materials and equipment on satisfactory terms, outcome of
commercial negotiations with government and other regulatory
authorities, timeliness of government or other regulatory
approvals, actual performance of facilities, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual future results may differ materially.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to the Company. The
forward-looking information contained in this release is made as of
the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Africa Energy Corp.