08:46 AM EDT, 05/29/2025 (MT Newswires) -- Africa Energy ( HPMCF ) earlier on Thursday said it, along with two parties, Arostyle Investments and Main Street, had executed definitive binding agreements for the purpose of restructuring Africa Energy's ( HPMCF ) and Arostyle's investment in Main Street.

A statement noted this follows the signing of non-binding agreements that were previously announced Dec. 20, 2024.

Under the agreements, the parties will restructure their interests in Main Street and the participating interests in Block 11B/12B, offshore South Africa. Restructuring will result in Africa Energy ( HPMCF ) owning 100% of the ordinary shares and 100% of the Class B shares of Main Street. All loan claims between the parties will be settled in full.

Also, the 90% participating interest in Block 11B/12B which are to be assigned by the withdrawing parties, will be assigned 65% to Main Street and 25% to Arostyle, resulting in Africa Energy ( HPMCF ) (through Main Street) holding a 75% participating interest in Block 11B/12B with Arostyle holding the remaining 25%.

Satisfaction of the conditions of the agreements is subject to a long stop date of Sept. 30, 2026.

Shares of the company closed unchanged at $0.035 on Wednesday on the TSX Venture Exchange.