Africa Oil has raised its direct interest in Block 3B/4B in the Orange Basin offshore South Africa to 18%, following a transaction with Eco (Atlantic) Oil & Gas.
The block is southeast of and on trend with various discoveries including Venus, and it is operated by TotalEnergies. It covers a 17,581-sq-km area in water depths ranging from 300-2,500 m.
Eco subsidiary Azinam has transferred a 1% stake in the block to Africa Oil, which in return has exchanged the shares and warrants it held in Eco for cancellation.
Existing data coverage comprises about 14,000 km of 2D seismic and 10,800 sq km of 3D seismic, with most of the identified prospects in about 1,500 m of water.
Last August, Africa Oil closed a farm-down agreement for Block 3B/4B with TotalEnergies and QatarEnergy, retaining a direct 17% interest.
In mid-September, South Africa’s Department of Mineral Resources and Energy issued an environmental authorization for exploration activities. The legislative notification and appeals process is currently out with the relevant regulatory agencies.
