Africa Energy has closed two farm-out transactions concerning block 2B offshore South Africa.
(Courtesy Africa Energy Corp.)
Offshore staff
VANCOUVER, Canada – Africa Energy has closed two farm-out transactions concerning block 2B offshore South Africa.
It has transferred operatorship and a 50% interest to Azinam and a 12.5% interest to Panoro Energy, in consideration for a carry through the Gazania-1 exploration well, due to spud by the end of this year.
Africa Energy now has a 27.5% share in the block, which includes Soekor’s 1988 shallow-water A-J1 oil discovery. Gazania-1 will target a low-risk rift basin oil play up-dip from the discovery.
Block 2B covers 3,062 sq km (1,182 sq mi) in the Orange basin off South Africa’s west coast, 300 km (186 mi) north of Cape Town and in with water depths ranging from 50 to 200 m (164 to 656 ft).
