Africa Oil farms in to Azinam Block 3B/4B in South Africa
VANCOUVER -- Africa Oil has announced that its wholly-owned subsidiary, Africa Oil SA Corp., has entered into a definitive farmout agreement with Azinam Limited (Azinam), the Seacrest Capital-backed South West African-focused oil & gas exploration company, whereby Africa Oil will acquire a 20% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa. Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd. retains a 60% participating interest.
Block 3B/4B is located in the Orange basin and covers an area of 17,581 km2 in water depths ranging from 300 to 2,500 m. 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. Partners have identified an inventory of leads and prospects from an existing 10,020 km2 3D survey that encompasses a majority of the block. During the Initial Period of three years Africa Oil and 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, leading to identification of exploration prospects and recommendations for subsequent Renewal Periods.
