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AFRICA OIL ANNOUNCES INCREASE IN ITS INTEREST IN THE CORE ORANGE BASIN BLOCK 3B/4B
AFRICA OIL ANNOUNCES INCREASE IN ITS INTEREST IN THE CORE ORANGE BASIN BLOCK 3B/4B Cana...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n\n\n\n AFRICA OIL ANNOUNCES INCREASE IN ITS INTEREST IN THE CORE 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. 13, 2025\n \n\n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (\"Africa Oil\", or the \"Company\") announces an increase in the group's direct interest in Block\n \n 3B\n \n /\n \n 4B\n \n , offshore\n \n South Africa\n \n , to 18.0%. This block lies to the southeast and on trend with a number of Orange Basin oil discoveries including Venus, and is operated by TotalEnergies.\n \n View PDF version\n \n\n\n The Company and its wholly-owned subsidiary, Africa Oil SA Corp. (\"AOSAC\"), have completed a transaction with Eco (Atlantic) Oil & Gas Limited (\"Eco\") and Azinam Limited (\"Azinam\"), a subsidiary of Eco, whereby Azinam has transferred a 1.0% (one percent) interest in Block\n \n 3B\n \n /\n \n 4B\n \n to Africa Oil (the \"Transaction\"). In consideration, Africa Oil has exchanged the shares and warrants that it held in Eco for cancellation.\n \n\n\n Africa Oil Chief Executive Officer, Dr\n \n Roger Tucker\n \n , commented:\n \n \"This transaction is another step in delivering the strategy of increasing direct interest in Africa Oil's key assets, including our opportunity set in the Orange Basin, a region with high levels of industry interest and activity. We thank Eco Atlantic's management for their collaborative approach in working with us since 2017, and we look forward to further progress towards the drilling of the first exploration well on Block\n \n 3B\n \n /\n \n 4B\n \n .\"\n \n\n\n\n About Block\n \n 3B\n \n /\n \n 4B\n \n\n\n\n\n Block\n \n 3B\n \n /\n \n 4B\n \n covers an area of 17,581 km\n \n 2\n \n within the Orange Basin offshore\n \n South Africa\n \n in water depths ranging between\n \n 300m\n \n and\n \n 2,500m\n \n . This block lies to the southeast and on trend with a number of oil discoveries including Venus. There is approximately 14,000 km of 2D seismic and 10,800 km\n \n 2\n \n of 3D seismic over Block\...