11:12 AM EDT, 07/02/2024 (MT Newswires) -- Africa Energy ( HPMCF ) was last seen down 50%, hitting fresh 52-week lows after over the holiday weekend saying Canadian Natural Resources' ( CNQ ) South African unit informed its joint-venture partners in the Block 11B/12B prospect offshore South Africa it will withdraw from its 20% interest under the joint operating agreement .

The company said that TotalEnergies is currently reviewing its options for its 45% interest in Block 11B/12B.

Africa Energy ( HPMCF ), through its investment in Main Street 1549 Pty Ltd., holds a 10% interest and does not plan to withdraw from its interest in Block 11B/12B.

"The company believes that natural gas will play a critical role in South Africa's energy transition, and the use of indigenous gas from the Block 11B/12B discoveries is currently the most material domestic supply option in South Africa," it said in a release.

Africa Energy ( HPMCF ) shares were last seen down $0.045 to $0.45 on the TSX Venture Exchange.

Price: 0.05, Change: -0.05, Percent Change: -50.00