Offshore staff
VANCOUVER, Canada — Africa Oil has agreed to acquire an additional interest in exploration Block 3B/4B in the Orange Basin offshore South Africa.
The company has signed a letter of intent with Azinam, a subsidiary of Eco (Atlantic) Oil & Gas, for the 6.25% interest under a deal valued at $10.5 million. Africa Oil also has a 15.02% shareholding in Eco.
Assuming government approval for the transfer, Africa Oil will own a 26.25% operated interest in Block 3B/4B, with Azinam holding 20% and Ricocure (Proprietary) the remaining 53.75%.
Plans are progressing for a two-well campaign on the block along with discussions with potential partners to farm-out up to 55% of the concession. In addition, a South African environmental consultancy is managing the environmental and social impact assessment process in preparation for permitting and drilling activity.
Block 3B/4B covers 17,581 sq km and is southeast and on trend with the Venus and Graff oil discoveries in Namibian waters. An independent review by RISC Advisory (UK) assesses the block’s prospective resources at about 4 Bbbl, spread among 24 identified prospects.
07.11.2023
