Africa Oil to partner with Azinam on Block 3B/4B offshore South AfricaCreated: Thursday, 04 July 2019 06:49Africa Oil Corp stated that its wholly-owned subsidiary, Africa Oil SA Corp, has entered into a definitive farm-out agreement with Azinam Limited, the Seacrest Capital-backed South West African-focussed oil and gas exploration companyAfrica Oil, the Canadian oil and gas company with assets in Kenya, will acquire a 20 per cent interest and operating interest in the exploration right for Block 3B/4B, offshore South Africa. Azinam will retain a 20 per cent participating interest and Ricocure (Pty) Ltd retains a 60 per cent participating interest. From the large existing 3D survey, we see a number of prospects that are similar to those that the majors are targeting,” he remarked. “This new position, combined with our other equity positions in Impact Oil and Gas and Africa Energy Corp., provides Africa Oil with a significant footprint in this exciting emerging play. We are also looking forward to partnering with Azinam, which has a leading licence and data position offshore South West Africa,” he concluded.

Source: The North Africa Journal July 04, 2019 06:56 UTC