By:Newswire

The "Agreement" is to restructure their joint investment in Main Street 1549 Proprietary Ltd. ("Main Street"), which currently has a direct 10% participating interest in Block 11B/12B offshore South Africa. 

The Company owns 49% of the common shares and 100% of the Class B shares of Main Street. The remaining 51% of the common shares of Main Street are held by Arostyle. In light of the withdrawal of the joint venture partners as announced July 29, 2024, and subject to all relevant regulatory approvals, Main Street expects to hold a 100% participating interest in Block 11B/12B.

Under the Agreement, the Parties have agreed that subject to all relevant regulatory approvals, the Parties will restructure Main Street resulting in the Company holding a direct 75% participating interest and Arostyle holding a direct 25% participating interest in Block 11B/12B, with the relationship between the Parties being governed by the existing Joint Operating Agreement in respect to Block 11B/12B. The parties are to negotiate in good faith to conclude the restructuring documents by no later than January 31, 2025.