Azinam Farms Out Stake in Block Offshore South Africa
Africa-focused Azinam has entered into an agreement to sell a 20% participating interest in Block 3B/4B Orange Basin, offshore South Africa to Canada-listed Africa Oil, it said July 3.
The acquisition is subject to customary regulatory consents, following which Africa Oil will become the operator of Block 3B/4B. Azinam will retain a 20% participating interest post completion. Licence partner Ricocure’s participating interest remains unchanged at 60%.
Block 3B/4B is in the Deep Western Mid-Orange Basin South Africa, extending about 120-250 km offshore. The block covers an area of 17,581 km2 and lies in water depths ranging from 300 to 2,500 metres.
“Block 3B/4B sits at the centre of an exciting emerging play which is being explored by a number of international oil and gas companies. 3B/4B contains play types and prospects similar to those being targeted by majors in adjacent blocks,” Azinam said.
During the initial licence period of three years Azinam, Africa Oil and Ricocure plan to carry out a regional subsurface review of existing seismic, geological and engineering data and may reprocess parts of the existing 3D data in order to high-grade the exploration prospects on the block, Azinam said.