mantaphoto/iStock via Getty Images
- Africa Oil (TSX:AOI:CA) 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 the company.
- The company has made a payment of $2.5 million to Eco.
- Consequently, Africa Oil (AOI:CA) now holds an operated 26.25% interest in Block 3B/4B with Eco retaining a 20.00% interest and Ricocure (Pty) Ltd with a 53.75% interest.
- 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.
- Source: Press Release
#Africa #Oil #final #approval #increase #stake #Orange #Basin #Block #3b4b #TSXAOICA
