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Africa Oil Announces Completion of Farmin to Block 3B/4B in South Africa and Further Investment in Impact Oil & Gas
Africa Oil Announces Completion of Farmin to Block 3B/4B in South Africa and Further Inves...
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[{"type":"text","content":"\n\n\n\nAfrica Oil Announces Completion of Farmin to Block 3B/4B in South Africa and Further Investment in Impact Oil & Gas\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\nAfrica Oil Announces Completion of Farmin to Block 3B/4B in South Africa and Further Investment in Impact Oil & Gas\nCanada NewsWire\nVANCOUVER, Feb. 7, 2020\n\n\n\nVANCOUVER, Feb. 7, 2020 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce that the government of South Africa, has approved the acquisition of a 20% participating interest in the Block 3B/4B Exploration Right from Azinam Limited (\"Azinam\") by its wholly-owned subsidiary, Africa Oil SA Corp.. Africa Oil Corp. will assume operatorship for the joint venture partners; Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest. View PDF version\nBlock 3B/4B (the \"Block\") is located in the Orange Basin offshore South Africa and covers an area of 17,581 square kilometres in water depths ranging from 300 to 2,500 meters. 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 square kilometres 3D survey that covers most of the Block. During the Initial Period of 3 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, which may lead to identification of exploration prospects and recommendations for subsequent renewal periods of the Block.\nAfrica Oil is also pleased to announce that it will participate in a US$40 million capital raising by Impact Oil & Gas Limited (\"Impact\"), the privately-owned, African-focused exploration company on or about 14 February 2020. The Company will subscribe for app...