Item 8.01. Other Events

On May 15, 2021, Sky Petroleum, Inc. (the "Company") entered into memorandum of understanding ("MOU") between the Company and Himmelhoch Petroleum & Gas limited PTY, a South Africa corporation ("HPG", together with the Company, the "Parties") to establish a joint venture (the "Joint Venture"). The Joint Venture will be subject to a definitive agreement to be negotiated by the Parties.

Under the MOU, the Parties agree that the areas of interest for the Joint Venture will initially be, but not limited to, South Africa and other countries identified by the Parties. The Parties agree that Phase I of the Joint Venture is to maximise potential supply of Aviation Gasoline, Biofuels, Diesel, JET fuel, Liquified Petroleum Gas paraffin & Petrol as outlined in HPG's Wholesale License Certificate (No: W/2017/10298) issued October 13, 2017, issued by the Department of Energy, Republic of South Africa, and in conjunction with the storage terminal and pipeline authorisation by KEPU Trading Limited, a company owned by KEPU Holdings. The KEPU Storage terminal and pipeline facilities, which are located in Saldhana Bay, have a storage capacity of 60m barrels, and will be used by the Joint Venture. It is anticipated that the Joint Venture will initially be able to reasonably use 30-35% of capacity (mixed products) monthly on best efforts basis. The Parties anticipate being operational in the 4th quarter 2021. The Parties have agreed to an equal split on revenues.

The Company is also in advanced negotiations in connection with securing marketing and supply arrangements for the Joint Venture. There can be no certainty the these will conclude positively. We will update on any material progress.

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