Africa Oil acquisition of 20% interest in Block 3B/4B, offshore South Africa

On July 3, 2019, Africa Oil Corp. ("Africa Oil") announced that its wholly-owned subsidiary, Africa Oil SA Corp., entered into a definitive farmout agreement with Azinam Limited ("Azinam"), whereby Africa Oil would acquire a 20% participating interest and operatorship in the exploration right for Block 3B/4B, offshore South Africa.

Block 3B/4B, located in the Deep Orange Basin between 120-250 km offshore western South Africa, covers an area of 17,581 square km in water depths ranging from 300 to 2,500 m. The Block is located along-trend of an emerging Mid-Cretaceous oil play where operators are planning to drill several key exploratory wells that have the potential to be play-openers for a world-class petroleum province.

Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd will retain the remaining 60% participating interest.

During the initial period of 3 years, Africa Oil and partners will carry out regional subsurface review of existing seismic, geological and engineering data, and which may also include some select reprocessing of the existing 3D data, leading to identification of exploration prospects and recommendations for subsequent renewal periods.

Further information can be found on Canada Newswire's website.

Africa Oil is a Canadian oil and gas company with assets in Kenya and has signed an agreement to acquire an interest in a producing asset in deep water Nigeria.

Azinam is a south west African-focused oil & gas exploration company, formerly backed by Seacrest Capital. As of March 11, 2022, Azinam Group Limited operates as a subsidiary of Eco (Atlantic) Oil & Gas Ltd.