Africa Oil Corp. has increased its share in Block 3B/4B in South Africa’s offshore Orange Basin, following the acquisition of a 6.25% interest from Azinam Limited, a subsidiary of Eco (Atlantic) Oil & Gas.
The $2.5-million acquisition results in Africa Oil Corp. holding a 26.25% operated interest in the block, with Azinam Limited and Ricocure Ltd. holding the remaining 53.75% and 20%, respectively. Spanning 17,580 ㎢, the block is estimated to hold approximately four billion barrels of oil oil equivalent, with over 24 prospects identified.
“Africa Oil has a significant opportunity set in the Orange Basin, probably the most sought-after new petroleum region globally,” stated Dr. Roger Tucker, CEO of Africa Oil Corp. “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.”
The partners are currently seeking potential drilling partners to advance exploration activities on the block, as well as preparing an Environmental and Social Impact Assessment.
