VANCOUVER, Canada — Africa Oil has secured approval from South Africa’s government to complete acquisition of an additional 6.25% interest in offshore Block 3B/4B in the Orange Basin from Azinam, a subsidiary of Eco (Atlantic) Oil & Gas, for $2.5 million.
This means that Africa Oil now has a 26.25% operating interest, with Eco retaining 20% and Ricocure holding 53.75%.
An independent review of the prospective resources across the block suggested up to 4 Bboe potentially in place, with a probability of drilling success ranging from 11% to 39% over the 24 prospects identified.
The partners are working on plans for a drilling campaign and are also in discussions with other parties concerning farm-downs of their working interests.
Plus, they are collaborating with an environmental consultancy on the environmental and social impact assessment process, in preparation for permitting/drilling activity.
Africa Oil CEO Roger Tucker said the identified prospects are all based on 3D seismic and are of similar age and type to discoveries made by Shell and TotalEnergies in the same basin in Namibian waters.
Block 3B/4B covers a 17,581-sq-km area in water depths ranging from 500 m to 2,500 m. It is southeast and on trend with the Venus and Graff oil discoveries, which proved the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway.