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Africa Oil Announces the Entry of Shell Oil into Two Existing Blocks and the Signing of a New Block in South Africa
Africa Oil Announces the Entry of Shell Oil into Two Existing Blocks and the Signing of a...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n Africa Oil Announces the Entry of Shell Oil into Two Existing Blocks and the Signing of a New Block in South Africa\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 VANCOUVER, BC, Nov. 4, 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 4, 2020\n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n –\n \n Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce that Impact Oil & Gas Limited (\"Impact\") has entered into two agreements for exploration areas offshore\n \n South Africa\n \n . The Company has a 31.10% shareholding in Impact, a privately owned exploration company with a strategic focus on large scale, mid to deep water plays of sufficient materiality to be of interest to major companies. Impact has an asset base across the offshore margins of Southern and\n \n West Africa\n \n .\n \n View PDF Version\n \n \n \n \n \n Farm-out of Transkei & Algoa Blocks\n \n \n \n \n Impact has entered into an agreement with BG International Limited, a wholly owned subsidiary of\n \n Royal Dutch Shell\n \n plc (\"Shell\") for the farm-out of a 50% working interest and operatorship in the Transkei & Algoa exploration right, offshore\n \n South Africa\n \n (Exploration Right reference 12/3/252).\n \n \n Under the terms of the farm-out agreement, Shell will acquire a 50% working interest in the Transkei & Algoa blocks and operatorship. Shell has also been granted the option to acquire an additional 5% working interest should the joint venture elect to move into the Third Renewal Period, which is expected to be approximately 2024.\n \n \n \n Siraj Ahmed\n \n , CEO of Impact Oil & Gas, commented:\n \n \"We are delighted to have secured a farm-out partner of Shell's calibre, highlighting the significant value potential of our exceptional South African exploration portfolio. Shell joins the Transkei & Algoa licence at a very exciting time for exploration drilling in\n \n South Africa\n \n . They bring substantial exploration expertise, with particular understanding of the poten...