Azinam retains a 20% participating interest and Ricocure (Pty) Ltd. retains a 60% participating interest.
Block 3B/4B is in the Orange basin and covers an area of 17,581 sq km (6,788 sq mi) in water depths ranging from 300 to 2,500 m (984 to 8,202 ft).
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.
The partners have identified an inventory of leads and prospects from an existing 10,020-sq km (3,869-sq mi) 3D survey that covers most of the block.
During the initial three 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.
In addition, Africa Oil said it will participate in a $40 million capital raising by Impact Oil & Gas Ltd.
Impact expects to use the proceeds to fund its interest in potentially high-impact 2020 drilling campaigns. These include drilling the Venus-1 exploration well on block 2913B offshore Namibia, and the Luiperd-1 well on block 11B/12B offshore South Africa.
Venus-1, which is partially carried by the operator, Total, is expected to spud during the first half of 2020. Luiperd-1 well is the second exploration well on block 11B/12B following the Brulpadda discovery in 2019 and is also expected to spud during the first half of 2020.