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Africa Oil announces final approval for increase of interest in Orange Basin  

Tuesday, January 23 2024

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.

Related posts:

  1. Caspian Sunrise firms up drilling contract
  2. Hercules semi-sub hired to work in Namibia
  3. TotalEnergies starts drilling vital well at golden block in Namibia
  4. Deepsea Mira starts 300-day drilling campaign off Namibia

Filed Under: Africa Oil, Drilling, International projects, South Africa Tagged With: Africa Oil, drilling, interest, Orange Basin, South Africa

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