07:10 AM EST, 12/20/2024 (MT Newswires) -- Africa Energy ( HPMCF ) on Friday entered into a non-binding agreement with Arostyle Investments to restructure their joint investment in Main Street 1549 Proprietary, which currently has a direct 10% participating interest in Block 11B / 12B offshore South Africa.

The company said in light of the withdrawal of the joint venture partners as announced July 29, and subject to all relevant regulatory approvals, Main Street expects to hold a 100% participating interest in Block 11B / 12B.

Africa Energy ( HPMCF ) and Arostyle have agreed to restructure Main Street resulting in AFE holding a direct 75% participating interest and Arostyle holding a direct 25% participating interest in the Block, the company said in a statement. The relationship between the AFE and Arostyle will be governed by the existing joint operating agreement in respect to Block 11B / 12B.

The company and Arostyle are to negotiate in good faith to conclude the restructuring documents by no later than Jan. 31.

Shares of the company closed flat at $0.025, a near 52-week low of $0.020, on Thursday on the TSX Venture Exchange.