]]> The Government of South Africa has approved Africa Oils acquisition of a 20% participating interest and operatorship of Block 3B \/ 4B from Azinam. Credit: Steph Lee. <\/p>\n
The Government of South Africa has approved Africa Oils acquisition of a 20% participating interest and operatorship of Block 3B \/ 4B from Azinam.<\/p>\n
Situated in the Orange basin in offshore South Africa, Block 3B \/ 4B covers an area of 17,581km2. It has a maximum water depth of 2,500m.<\/p>\n
Africa Oil will assume operatorship for the joint venture (JV) partners Azinam and Ricocure. They will respectively own a 20% and 60% participating interest in the block.<\/p>\n
Operators are intending to drill several exploratory wells in the mid-Cretaceous oil play, the location of Block 3B \/ 4B.<\/p>\n
Africa Oil president and CEO Keith Hill said: Together with our equity interests in Impact Oil and Gas and Africa Energy Corp., Africa Oil has a significant footprint in several emerging plays extending from South Africa to Namibia, where both Total and Shell plan to drill potential play-openers in 2020 and at the same time are increasing their positions in other blocks adjacent to Block 3B\/4B.<\/p>\n
From existing 3D seismic surveys, we have identified a number of similar prospects to those that the majors are targeting.<\/p>\n
Africa Oil also said that it will participate in a $40m capital raising by Impact Oil and Gas. Impact intends to use these proceeds to fund its interest in high-impact 2020 drilling programmes. <\/p>\n
These programmes include drilling the Venus-1 exploration well on block 2913B in offshore Namibia. They also include the drilling of Luiperd-1 well on block 11B\/12B in offshore South Africa.<\/p>\n
In February 2018, Africa Oil signed agreements to acquire a 25.2% equity interest in Impact Oil and Gas.<\/p>\n
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Africa Oil receives approval to acquire interest in South Africa's block - Offshore Technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" ]]> The Government of South Africa has approved Africa Oils acquisition of a 20% participating interest and operatorship of Block 3B \/ 4B from Azinam. Credit: Steph Lee. Continue reading