Petroleum Africa
Find us on: 
Monday, January 22, 2024
Africa Oil Corp. has received the final approval from the Government of the Republic of South Africa for the transfer of a 6.25% interest in Block 3B/4B in the Orange Basin from Azinam Limited, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. (Eco).
As per the terms of the Assignment and Transfer Agreement with Eco, the company has made a payment of $2.5 million to Eco.
Consequently, the Africa Oil now holds an operated 26.25% interest in Block 3B/4B with Eco retaining a 20.00% interest and Ricocure (Pty) Ltd with a 53.75% interest.
An independent review of the prospective resources and probability of geological success of the exploration prospects within Block 3B/4B has reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent. The probability of success ranges from 11% to 39% over the 24 prospects identified.
The company and its Block 3B/4B partners are progressing plans to conduct a drilling campaign on the Block and are in discussions with potential partners to farm out a share of their working interest in the Block. The Company and its partners are also working with an environmental consulting firm in conducting an Environmental and Social Impact Assessment process, in preparation for permitting and drilling activity on the Block.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “I am pleased we have received final approval for the increase of our interest in Block 3B/4B. Africa Oil has a significant opportunity set in the Orange Basin, probably the most sought-after new petroleum region globally. We are excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3D seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange Basin.”
Block 3B/4B covers an area of 17,581 sq km within the Orange Basin, offshore South Africa in water depths ranging between 500 and 2,500 meters. This block lies to the southeast and on trend with number of oil discoveries including Venus and Graff. Africa Oil has approximately 14,000 km of 2D seismic and 10,800 sq km of 3D seismic over Block 3B/4B and has identified a large opportunity set of exploration prospects, with the majority of the prospects lying in approximately 1,500 meters of water.
" alt="TAG Oil Completes Fraccing Program at Egypt’s T100 Well in Western Desert">
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
