Canadian oil company Africa Oil has received the South African government's approval to buy into the offshore block 3B/4B.
Africa Oil will acquire a 20% stake in the Block 3B/4B Exploration Right from Azinam. It will also assume operatorship for the joint venture partners.
Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest.
Block 3B/4B (the “Block”) is located in the Orange Basin offshore South Africa and covers an area of 17,581 square kilometers in water depths ranging from 300 to 2,500 meters.
"The Block is located along‐trend of an emerging Mid‐Cretaceous oil play where operators are planning to drill several key exploratory wells that have the potential to be play‐openers for a world‐class petroleum province," Africa Oil said.
Partners have identified an inventory of leads and prospects from an existing 10,020 square kilometers 3D survey that covers most of the Block.
During the Initial Period of 3 years, Africa Oil and its partners are to carry out regional subsurface review of existing seismic, geological and engineering data, and may also include some select reprocessing of the existing 3D data, which may lead to the identification of exploration prospects and recommendations for subsequent renewal periods of the Block.
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