VANCOUVER, Canada – Africa Energy has signed agreements increasing its effective interest in block 11B/12B offshore South Africa from 4.9% to 10%.
Block operator Total is currently preparing to spud the Luiperd-1X well on the concession.
Currently Africa Energy holds 49% of the shares in Main Street 1549 (Proprietary), which has a 10% share of the block.
Africa Energy is now negotiating to secure the indirect financial interest held by Impact Oil & Gas, then obtain an option from Arostyle Investments (RF) – which holds 51% of the shares in Main Street – to acquire the full participating interest following completion of Luiperd-1X.
Subject to consents and approvals, Africa Energy would directly hold the participating interest, while Impact and Arostyle would both become shareholders in the company.
Other partners in the block are Qatar Petroleum and CNR International.