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AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN BLOCK 3B/4B
AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN BLOCK 3B/...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN 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 Jan. 22, 2024\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n \n –\n \n Africa Oil Corp.\n \n ( \"Africa Oil\", or the \"Company\") is pleased to announce that it has received the final approval from the Government of the Republic of\n \n South Africa\n \n for the transfer of a 6.25% interest in Block\n \n \n \n 3B\n \n /\n \n 4B\n \n in the Orange Basin from Azinam Limited, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. (\"Eco\"), to the Company as announced on July\n \n \n 11, 2023. As per the terms of the Assignment and Transfer Agreement with Eco, the Company has made a payment of USD\n \n \n 2.5\n \n \n million to Eco.\n \n View PDF version\n \n \n \n Consequently, the Company now holds an operated 26.25% interest in Block\n \n \n \n 3B\n \n /\n \n 4B\n \n with Eco retaining a 20.00% interest and Ricocure (Pty) Ltd with a 53.75% interest.\n \n \n An independent review of the prospective resources and probability of geological success of the 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\n \n \n billion barrels of oil equivalent. Probability of success ranges from 11%\n \n \n to 39% over the 24 prospects identified.\n \n \n The Company and its Block\n \n \n \n 3B\n \n /\n \n 4B\n \n partners are progressing plans to conduct a drilling campaign on the Block and are in discussions with potential partners to farm out a share of their working interest in the Block. The Company and its partners are also working with an environmental consulting firm in conducting an Environmental and Social Impact Assessment process, in preparation for permitting and drilling activity on the Block.\n \n \n \n Africa Oil Chief Executive Officer, Dr\n \n Roger Tucker\n \n , commented:\n \n \"I am pleased we have received final ...