Azinam will retain a 20% participating interest in the block and the licence partner Ricocure’s 60% interest remains unchanged
Image: A regional subsurface review of existing seismic, geological and engineering data is planned to be carried. Photo: Courtesy of AziNam Ltd.
The Seacrest Capital-backed oil & gas exploration company Azinam has signed a partnership agreement with Africa Oil, for the sale of interest in Block 3B/4B Orange Basin, offshore South Africa.
Under the agreement, Africa Oil will acquire a 20% participating interest in Block 3B/4B Orange Basin.
Azinam said that the transaction is subject to customary regulatory consents, and Africa Oil would become the operator of Block 3B4B following the completion.
In addition, Azinam will retain a 20% participating interest in the block and the licence partner Ricocure’s 60% interest remains unchanged.
Details of Block 3B/4B, Orange Basin
Covering an area of 17,581km2, the Block 3B/4B is located in water depths ranging from 300m to 2,500m.
Azinam managing director Daniel McKeown said: “Azinam is delighted to welcome Africa Oil Corp. to the Block 3B/4B partnership. This extensive block lies at the centre of an exciting emerging exploration play which is being actively pursued by the international oil & gas industry.
“Partnering with Africa Oil on the Block 3B/4B brings extra resources, complementary experience and technical expertise to the Block’s Initial Period exploration programme. Following the Brulpadda discovery earlier this year, momentum is building in the South Africa and Namibia exploration scenes, with several key wells to be drilled by industry in the coming year.”
The company said that the block is located at the centre of an emerging play which is being explored by many international Oil & Gas companies.
Azinam, Africa Oil and Ricocure plan to carry out a regional subsurface review of existing seismic, geological and engineering data during the initial license period of 3 years.
Besides, they may embark on reprocessing parts of the existing 3D data to high-grade the exploration prospects on the Block.
McKeown added: “Azinam has the largest licence position offshore South West Africa (South Africa and Namibia) with an extensive seismic database, giving it a strong regional understanding.
“Azinam’s two-year objective is exploit current low drilling costs to unlock the prospectivity of these high-potential regions of the Orange, Walvis and Lüderitz basins by participating in a number of high-impact exploration wells.
“Through partnering with like-minded companies, keen to inject pace into exploration programmes, we can create value for host countries, stakeholders and shareholders.”