SOUTH AFRICA: Africa Energy Obtains an Extension to the EIA Report in Block 11B/12B

Africa Energy announces that the joint venture partners in respect of Block 11B/12B, Offshore the Republic of South Africa, have obtained an extension to the deadline for the submission of the Environmental Impact Assessment Report (EIAR) to May 19, 2025. 

In light of the withdrawal of the joint venture partners as announced July 29, 2024, the Company is currently assessing the best way forward in respect to the Environmental Application process. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives environmental authorization in respect to the EIAR.

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. 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.