{"id":13788,"date":"2023-07-11T06:14:42","date_gmt":"2023-07-11T06:14:42","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13788"},"modified":"2023-07-11T06:14:42","modified_gmt":"2023-07-11T06:14:42","slug":"south-africa-africa-oil-increases-interest-in-block-3b-4b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-increases-interest-in-block-3b-4b\/","title":{"rendered":"SOUTH AFRICA: Africa Oil Increases Interest in Block 3B\/4B"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Africa Oil has announced that it has entered an agreement to increase its operated working interest in Block\u00a03B\/4B, located in the Orange Basin offshore\u00a0South Africa\u00a0and on trend with the Venus, Graff, La Rona and Jonker oil discoveries, for an additional 6.25% interest.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An independent review of the prospective resources and probability of geological success of an inventory of exploration prospects within Block&nbsp;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company has signed a legally binding Letter of Intent with Azinam Limited, a wholly owned subsidiary of Eco (Atlantic) Oil &amp; Gas Ltd., to acquire the 6.25% interest for a total cash consideration of\u00a0USD 10.5 million, to be paid in tranches on the following milestones:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USD 2.5 million&nbsp;within 30 days after the signing of the LOI;<\/li>\n\n\n\n<li>USD 2.5 million&nbsp;upon the government&#8217;s approval for the transfer of the 6.25% to Africa Oil;<\/li>\n\n\n\n<li>USD 4.0 million&nbsp;upon the completion of a farm-out deal to a third party; and<\/li>\n\n\n\n<li>USD 1.5 million&nbsp;upon spudding of the first exploration well on the block.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Africa Oil is a major shareholder in Eco with a 15.02% shareholding. The Company&#8217;s Directors other than Mr.&nbsp;Keith Hill, who is also a Director of Eco have reviewed and approved the terms of the LOI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company will hold an operated WI of 26.25% subject to and, on the receipt of the government&#8217;s approval for the transfer, with Azinam holding a 20.00% WI and Ricocure (Proprietary) Limited holding the remaining 53.75% interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company and its Block&nbsp;3B\/4B&nbsp;partners are progressing plans to conduct a two-well campaign on the block and are in discussions with various potential partners to farm out up to a 55% gross working interest in the Block. The Company and its partners have also selected a leading South African environmental consulting firm to conduct a comprehensive Environmental and Social Impact Assessment process in preparation for permitting and drilling activity on the block.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa Oil has announced that it has entered an agreement to increase its operated working interest in Block\u00a03B\/4B, located in the Orange Basin offshore\u00a0South Africa\u00a0and on trend with the Venus, &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-increases-interest-in-block-3b-4b\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[70,11114,9998,11280,9513,2371],"class_list":["post-13788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil","tag-azinam-limited","tag-block-3b-4b","tag-eco-atlantic-oil-gas-ltd","tag-orange-basin","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Ao","jetpack-related-posts":[{"id":13416,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-announces-new-cpr-for-prospective-resources-in-block-3b-4b-orange-basin\/","url_meta":{"origin":13788,"position":0},"title":"SOUTH AFRICA: Africa Oil Announces New CPR for Prospective Resources in Block 3B\/4B, Orange Basin","author":"","date":"March 9, 2023","format":false,"excerpt":"Highlights RISC has reviewed the prospective resources and probability of geological success of an inventory of exploration prospects within Block\u00a03B\/4B\u00a0and have reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent (boe). Probability of success ranges from 11% to 39% over the 24 prospects identified.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14245,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-totalenergies-qatarenergy-acquire-participating-interest-in-block-3b-4b-assumes-operatorship\/","url_meta":{"origin":13788,"position":1},"title":"SOUTH AFRICA: TotalEnergies , QatarEnergy Acquire Participating Interest in Block 3B\/4B Assumes Operatorship","author":"","date":"March 6, 2024","format":false,"excerpt":"TotalEnergies has signed, together with its partner QatarEnergy, an agreement to acquire participating interests in Block 3B\/4B, offshore South Africa, from Africa Oil South Africa, Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure. Following completion of the transaction, TotalEnergies will hold a 33% participating interest\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","url_meta":{"origin":13788,"position":2},"title":"SOUTH AFRICA: Eco Atlantic Acquires Additional Interest in Block 3B\/4B","author":"","date":"June 27, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has signed a farm-out agreement pursuant to which its wholly-owned subsidiary, Azinam Limited,\u00a0will acquire an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure (Proprietary) Limited, subject to the satisfaction of customary conditions\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14618,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-announces-increase-in-its-interest-in-the-core-orange-basin-block-3b-4b\/","url_meta":{"origin":13788,"position":3},"title":"SOUTH AFRICA: Africa Oil Announces Increase in its Interest in the Core Orange Basin Block 3B\/4B","author":"","date":"January 13, 2025","format":false,"excerpt":"Africa Oil announces an increase in the group\u2019s direct interest in Block 3B\/4B, offshore South Africa, to 18.0%. This block lies to the southeast and on trend with a number of Orange Basin oil discoveries including Venus, and is operated by TotalEnergies.\u00a0\u00a0 The Company and its wholly-owned subsidiary, Africa Oil\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13466,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-awards-eia-contract-ahead-of-proposed-offshore-exploration-in-block-3b-4b-orange-basin\/","url_meta":{"origin":13788,"position":4},"title":"SOUTH AFRICA: Eco Atlantic Awards EIA Contract Ahead of Proposed Offshore Exploration in Block 3B\/4B\u00a0Orange Basin","author":"","date":"March 22, 2023","format":false,"excerpt":"Eco (Atlantic) Oil & Gas and its partners are applying\u00a0for Environmental Authorisation to undertake exploration activities in Block 3B\/4B in the\u00a0Orange Basin\u00a0off the\u00a0Northern Cape\/South-West Coast\u00a0of\u00a0South Africa\u00a0.\u00a0 The Joint Venture (JV) Partners have contracted\u00a0Environmental Impact Management Services (Pty) Ltd\u00a0(EIMS) of\u00a0South Africa\u00a0to apply for a permit to drill one well and one\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13004,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b\/","url_meta":{"origin":13788,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval &#038; Closing of the Acquisition of Additional Interest in Block 3B\/4B","author":"","date":"December 19, 2022","format":false,"excerpt":"Eco Atlantic \u00a0announces an update,\u00a0further to its announcement of\u00a027 June 2022, in relation to the acquisition by\u00a0its wholly owned subsidiary\u00a0Azinam Limited\u00a0(\"Azinam\")\u00a0of\u00a0an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure Limited .\u00a0\u00a0 Eco has confirmed that it has\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13788"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13788\/revisions"}],"predecessor-version":[{"id":13790,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13788\/revisions\/13790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13789"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}