AFRICA Energy Corp says that its investment in Main Street 1549 Pty Ltd. (“Main Street”), has formally become the operator of Block 11B/12B offshore South Africa.
Block 11B/12B, located in the Outeniqua Basin about 175km off the southern coast of South Africa, covers an area of 18 734 km² with water depths ranging from 200m in the north to 1 800m in the south.
The Lower Cretaceous Post-rift Paddavissie Fairway contains the Luiperd and Brulpadda discoveries, and is located in the southwest corner of the block.
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 authorisation in respect of the ESIR.
Main Street currently holds a 10% interest in Block 11B/12B.
In light of the withdrawal of the joint venture partners, which included TotalEnergies announced July 29, 2024, and subject to all relevant regulatory approvals by South African authorities.
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.
All this means, Main Street is expected to hold a 100% interest in Block 11B/12B.
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 and in Stockholm on Nasdaq First North Growth Market.
It was incorporated on April 27, 2010 under the name Denovo Capital Corp. and changed its name to Africa Energy Corp. on March 11, 2015.
