VANCOUVER, Canada — Africa Oil has issued the findings of a review by RISC Advisory (UK) of a concession in the Orange Basin offshore South Africa.
RISC assesses P50 prospective resources in the company’s Block 3B/4B at about 4 Bboe, with a probability of success range from 11% to 39% over 24 identified prospects.
This is based on reprocessing of 2,200 sq km of 3D seismic data and knowledge of the regional geology of recent play-opening discoveries in the basin offshore Namibia.
Africa Oil, which operates Block 3B/4B, and its partners plan to drill two wells and are in talks to farm out a 55% gross working interest in the block.
CEO Keith Hill said, “We are the only publicly listed independent E&P company with exposure to the transformational upside of the Venus discovery and its possible westerly extension. We are also 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.
“We are keen to begin drilling our first prospect, possibly as soon as 2024, and we will start the environmental impact surveys this month.”
Block 3B/4B covers an area of 17,581 sq km; the other partners are Ricocure and Azinam South Africa, a subsidiary of Eco Atlantic Oil & Gas.
The proven reservoirs in the Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in the AOC 3B/4B Exploration Right.