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AFRICA OIL ANNOUNCES AN INCREASE IN ITS OPERATED INTEREST IN BLOCK 3B/4B
AFRICA OIL ANNOUNCES AN INCREASE IN ITS OPERATED INTEREST IN BLOCK 3B/4B Canada NewsWir...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES AN INCREASE IN ITS OPERATED INTEREST IN BLOCK 3B/4B\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 11, 2023\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) –\n \n Africa Oil Corp.\n \n (\"Africa Oil\", \"AOC\" or the \"Company\") is pleased to announce that it has entered an agreement to increase its operated working interest (\"WI\") in Block\n \n 3B\n \n /\n \n 4B\n \n , located in the Orange Basin offshore\n \n South Africa\n \n and on trend with the Venus, Graff, La Rona and Jonker oil discoveries, for an additional 6.25% interest.\n \n View PDF version\n \n \n \n An independent review of the prospective resources and probability of geological success of an inventory of exploration prospects within Block\n \n 3B\n \n /\n \n 4B\n \n , has reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent. Probability of success ranges from 11% to 39% over the 24 prospects identified.\n \n \n The Company has signed a legally binding Letter of Intent (\"LOI\") with Azinam Limited (\"Azinam\"), a wholly owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. (\"Eco\"), to acquire the 6.25% interest for a total cash consideration of\n \n USD 10.5 million\n \n , to be paid in tranches on the following milestones:\n \n \n \n \n USD 2.5 million\n \n within 30 days after the signing of the LOI;\n \n \n \n USD 2.5 million\n \n upon the government's approval for the transfer of the 6.25% to Africa Oil;\n \n \n \n USD 4.0 million\n \n upon the completion of a farm-out deal to a third party; and\n \n \n \n USD 1.5 million\n \n upon spudding of the first exploration well on the block.\n \n \n \n Africa Oil is a major shareholder in Eco with a 15.02% shareholding. The Company's Directors other than Mr.\n \n Keith Hill\n \n , who is also a Director of Eco have reviewed and approved the terms of the LOI.\n \n \n The Company will hold an operated WI of 26.25% subject to and, on the receipt of the government's approval ...