Fossil Energy – Africa Oil
Africa Oil has received the final approval from the Government of the Republic of South Africa for the transfer of a 6.25% interest in Block 3B/4B in the Orange Basin from Azinam, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas, to Africa Oil.
As per the terms of the Assignment and Transfer Agreement with Eco, Africa Oil has made a payment of USD 2.5 million to Eco.
An independent review of the prospective resources and probability of geological success of the exploration prospects within Block 3B/4B has reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent. Probability of success ranges from 11% to 39% over the 24 prospects identified.
Africa Oil and its Block 3B/4B 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.
Panoro CEO John Hamilton said the program, if successful, could lead to a substantial increase in production from the Ceiba Field and Okume Complex compared with last year’s average level of 25,000 bbl/d.
Work also has started to assess prospectivity at the Panoro-operated Block EG-01.
