The Government of South Africa has approved Africa Oil’s acquisition of a 20% participating interest and operatorship of Block 3B / 4B from Azinam. Credit: Steph Lee.

The Government of South Africa has approved Africa Oil’s acquisition of a 20% participating interest and operatorship of Block 3B / 4B from Azinam.

Situated in the Orange basin in offshore South Africa, Block 3B / 4B covers an area of 17,581km2. It has a maximum water depth of 2,500m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Africa Oil will assume operatorship for the joint venture (JV) partners Azinam and Ricocure. They will respectively own a 20% and 60% participating interest in the block.

Operators are intending to drill several exploratory wells in the mid-Cretaceous oil play, the location of Block 3B / 4B.

Africa Oil president and CEO Keith Hill said: “Together with our equity interests in Impact Oil and Gas and Africa Energy Corp., Africa Oil has a significant footprint in several emerging plays extending from South Africa to Namibia, where both Total and Shell plan to drill potential play-openers in 2020 and at the same time are increasing their positions in other blocks adjacent to Block 3B/4B.

“From existing 3D seismic surveys, we have identified a number of similar prospects to those that the majors are targeting.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Africa Oil also said that it will participate in a $40m capital raising by Impact Oil and Gas. Impact intends to use these proceeds to fund its interest in high-impact 2020 drilling programmes.

These programmes include drilling the Venus-1 exploration well on block 2913B in offshore Namibia. They also include the drilling of Luiperd-1 well on block 11B/12B in offshore South Africa.

In February 2018, Africa Oil signed agreements to acquire a 25.2% equity interest in Impact Oil and Gas.