Africa Oil reaches new exploration milestone with strategic farm-out partnership in Orange Basin

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[{"type":"text","content":"Africa Oil reaches new exploration milestone with strategic farm-out partnership in Orange Basin\n \n \n (NewsDirect)\n \n \n \n \n Africa Oil Corp (TSX:AOI) Investor\nRelations Manager Shahin Amini discusses the company's new\npartnership with TotalEnergies and Qatar Energy for the exploration of\nBlock 3B/4B in the Orange Basin.\n \n \n Amini told Proactive's Stephen Gunnion the collaboration\nmarks a significant endorsement of the block's exploration\npotential, leveraging the expertise and resources of these notable\nenergy companies.\n \n \n The value derived\nfrom this deal for Africa Oil is estimated at $46.8 million, including\n$10 million in staged payments. Africa Oil's stake will reduce to\n17% from 26.25%, and the deal includes a cash component subject to\nachieving specific operational and regulatory milestones, and a carry\nagreement that could cover up to two exploration wells' costs.\n \n \n Amini noted that the strategic\npartnership allows Africa Oil to explore with \"other people's\nmoney,\" aligning with their business model of early basin entry,\ncomprehensive geological assessment, and then attracting resourceful\npartners for exploration financing.\n \n \n Additionally, Africa Oil, through its investment in Impact Oil\nand Gas Limited, has exposure to another promising block in Namibia,\nhighlighting the company's significant acreage position off\nSouthern Africa's coast.\n \n \n The next steps for Block 3B/4B\ninclude working with the new partners and operator to plan for a\npotential exploration well in 2025, with further developments to be\ncoordinated with the operator.\n \n \n \n Contact\nDetails\n \n \n \n \n Proactive North America\n \n \n \n Proactive\nNorth America\n \n \n +1 604-688-8158\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2024 TheNewswire - All rights reserved.\n \n \n","length":2336,"tagName":"div"}]

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