Petroleum Africa
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Tuesday, October 25, 2016
Africa Energy closed three transactions resulting in it acquiring a 90% participating interest and operatorship in Block 2B offshore South Africa. The company paid $1 million to Afren, currently in administration, and certain of its subsidiaries to acquire a 25% participating interest in Block 2B.
It also paid $2 million and issued 14.8 million new common shares to acquire all of the shares of Thombo Petroleum, a privately held company operating and holding a 34.5% participating interest in the block. Africa Energy may be required to issue up to an additional 20 million common shares in the company and, at the option of the company, either pay and/or issue up to $1.5 million in additional contingent cash and/or shares of Africa Energy, if certain milestones associated with the commercialization of Block 2B are achieved.
The company completed a farm-in agreement with a subsidiary of Crown Energy to acquire a 30.5% participating interest in Block 2B. The company will reimburse Crown for up to $0.3 million of net back costs and will fund costs for Crown’s remaining 10% participating interest associated with the drilling and testing of the next well in Block 2B.
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