Oil and gas company Africa Oil Corp. has completed a farm down of its interests in Blocks 2912 and 2913B, offshore Namibia.
Through its investee company Impact Oil & Gas, Africa Oil Corp. will sell a 9.39% participating interest in Block 2912 and a 10.5% participating interest in Block 2913B to energy supermajor TotalEnergies for $99 million.
With plans for further exploration, Impact Oil & Gas will retain a 9.5% interest in each block while securing a carry loan for development costs.
Along with Impact Oil & Gas’ 9.5% interest, TotalEnergies holds a 50.5% interest in Block 2913B while oil industry corporation QatarEnergy and Namibia’s national oil company Namcor hold the remaining 30% and 10%, respectively. Block 2913 is operated by TotalEnergies with a 47.2% stake alongside Impact Oil & Gas (9.5%), QatarEnergy (28.3%) and Namcor (15%).
