{"id":14488,"date":"2024-08-29T21:05:31","date_gmt":"2024-08-29T21:05:31","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14488"},"modified":"2024-08-29T21:05:31","modified_gmt":"2024-08-29T21:05:31","slug":"south-africa-eco-atlantic-completes-farm-down-in-block-3b-4b-to-totalenergies-qatarenergy","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-farm-down-in-block-3b-4b-to-totalenergies-qatarenergy\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Completes Farm Down in Block 3B\/4B to TotalEnergies &amp; QatarEnergy"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Eco (Atlantic) Oil &amp; Gas<strong> <\/strong>has announced completion of a farm down of a 13.75% Participating Interest in Block 3B\/4B\u00a0offshore the\u00a0Republic of South Africa\u00a0and Transfer of Operatorship of the Block after receipt of the\u00a0requisite regulatory approvals (Section 11) from the government of\u00a0South Africa.\u00a0Eco now holds a 6.25% interest in Block 3B\/4B.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further to the Company&#8217;s announcement on\u00a06 March 2024\u00a0detailing the Farmout Agreement ,\u00a0Azinam Limited,\u00a0Eco&#8217;s wholly owned subsidiary, has farmed down a 13.75% Participating Interest in Block 3B\/4B, offshore the\u00a0Republic of South Africa\u00a0as part of an aggregate 57% farm down transaction along with its Joint Venture Partners\u00a0Africa Oil SA Corp.\u00a0and\u00a0Ricocure (Proprietary) Limited to\u00a0TotalEnergies EP South Africa S.A.S., who will become Operator and\u00a0QatarEnergy International E&amp;P LLC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pursuant to the terms of the FOA,&nbsp;following Completion Eco is now due to&nbsp;receive&nbsp;US$8.3million&nbsp;in total as part of the 3B\/4B Transaction, including Completion linked milestone payments of&nbsp;US$4m&nbsp;from Africa Oil and&nbsp;US$1.56m&nbsp;from Ricocure, as referred to in the Company&#8217;s announcement of&nbsp;6 March 2024.&nbsp;Further payments, amounting to&nbsp;$11.5m&nbsp;will be payable to Eco from TotalEnergies, QatarEnergy and Africa Oil on spudding of the first exploration well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Following Completion, TotalEnergies&nbsp;is&nbsp;now the Operator of the Block, holding a&nbsp;33% Participating Interest;&nbsp;QatarEnergy International E&amp;P LLC, holds a 24% Participating Interest;&nbsp;Africa Oil SA Corp,&nbsp;a wholly owned subsidiary of&nbsp;Africa Oil Corp. retains a 17%&nbsp;Participating Interest;&nbsp;Azinam&nbsp;Limited, a wholly owned subsidiary of&nbsp;Eco Atlantic, retains a Participating Interest of 6.25%; and Ricocure&nbsp;(Proprietary) Limited, retains a 19.75%&nbsp;Participating Interest.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gil Holzman, Co-founder and Chief Executive Officer of\u00a0Eco Atlantic, commented:\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;I am grateful to the Eco team and our advisors for their support in completing this transaction. We look forward to continuing our strong working relationship with all the JV partners, the South African Government, and the new Operator TotalEnergies. Block 3B\/4B sits in a prolific hydrocarbon jurisdiction and we are excited to continue preparations for first drilling on the block under the leadership of TotalEnergies.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;Completion of the transaction further strengthens Eco&#8217;s balance sheet and enables us to focus and continue progressing our wider work programmes and farm out processes in Eco&#8217;s asset portfolio in&nbsp;Guyana&nbsp;and&nbsp;Namibia, with no shareholder&nbsp;dilution.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eco (Atlantic) Oil &amp; Gas has announced completion of a farm down of a 13.75% Participating Interest in Block 3B\/4B\u00a0offshore the\u00a0Republic of South Africa\u00a0and Transfer of Operatorship of the Block &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-farm-down-in-block-3b-4b-to-totalenergies-qatarenergy\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13467,"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":[70,8285,9998,8287,9823,10146,9339],"class_list":["post-14488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil","tag-azinam","tag-block-3b-4b","tag-eco-atlantic","tag-qatarenergy","tag-ricocure","tag-totalenergies","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3LG","jetpack-related-posts":[{"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":14488,"position":0},"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":14488,"position":1},"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":14180,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-for-6-25-farm-out-of-block-3b-4b-to-africa-oil\/","url_meta":{"origin":14488,"position":2},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval for 6.25% Farm Out of Block 3B\/4B to Africa Oil","author":"","date":"January 23, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced that\u00a0its wholly owned subsidiary,\u00a0Azinam Limited,\u00a0has received final government approval for the farm out of its 6.25% Participating Interest in Block 3B\/4B to Africa Oil Corp. announced on\u00a011 July 2023. The\u00a0South Africa Department of Mineral Resources and Energy\u00a0(DMRE) and\u00a0the\u00a0Petroleum Agency South Africa (PASA) have\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\/01\/Africa_Oil_Corp__Africa_Oil_Announces_Farmin_to_Azinam_Block_3B_.jpg?fit=400%2C300&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":14488,"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":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":14488,"position":4},"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":[]},{"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":14488,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14488","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=14488"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14488\/revisions"}],"predecessor-version":[{"id":14489,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14488\/revisions\/14489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13467"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}