Block 3B/4B, 3314 & 3315 South Africa
In July 2019, the Company through its wholly-owned subsidiary, Africa Oil SA Corp., entered into a definitive farmout agreement with Azinam Limited to acquire a 20% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa.
The farmout was fully completed in February 2020 with Africa Oil SA Corp. becoming the Operator for the block. The Block was awarded on March 27, 2019, for an Initial Period having a term of three years. An application to extend the Block 3B/4B license and to move into the first extension period of 2 years was approved on October 27, 2022.
Africa Oil currently holds a 26.25% interest in Block 3B/4B. In March 2024, the company signed a farm down agreement with TotalEnergies and QatarEnergy for this block. Upon completion, Africa Oil’s interest will reduce to 17%, with TotalEnergies becoming the operator holding 33%. The block lies on trend with the major Venus oil discovery in Namibia’s Orange Basin. Africa Oil has identified a large portfolio of exploration prospects on this block.
Block 3B/4B
Block 3B/4B covers an area of 17,581 km2 within the Orange Basin offshore of the Republic of South Africa.
Operated Interest*
* On completion of the farm down deal this value will change to 17 %
Orange Basin Deep
Africa Oil has an indirect interest in this block through a 31.1% shareholding in its investee company Impact Oil & Gas Limited (“Impact”) with a 22% working interest.
Impact was awarded the Orange Basin Deep TCP in December 2016 with Total joining as Operating partner in September 2017.
The license lies 220km west of Cape Town in water depths between 2,800 to 4,200 meters.
Effective Interest
Block 3B/4B – Technical Report
Prospective Resources report of independent qualified evaluator for Block 3B/4B, South Africa
