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. <\/p>\n\n\n\n
The Company and its wholly-owned subsidiary, Africa Oil SA, have completed a transaction with Eco (Atlantic) Oil & Gas Limited and Azinam Limited, a subsidiary of Eco, whereby Azinam has transferred a 1.0% (one percent) interest in Block 3B\/4B to Africa Oil. In consideration, Africa Oil has exchanged the shares and warrants that it held in Eco for cancellation.<\/p>\n\n\n\n
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented:<\/strong> \u201cThis transaction is another step in delivering the strategy of increasing direct interest in Africa Oil\u2019s key assets, including our opportunity set in the Orange Basin, a region with high levels of industry interest and activity. We thank Eco Atlantic’s management for their collaborative approach in working with us since 2017, and we look forward to further progress towards the drilling of the first exploration well on Block 3B\/4B.\u201d<\/p>\n\n\n\n