South Africa: Azinam South Africa completes acquisition of 50 per cent operated interest in Block 2B oil discovery offshore South Africa
21 Apr 2021
Azinam South Africa Limited ( ASAL ), a Seacrest company, has announced the completion of its acquisition of a 50% operated interest in
Block 2B offshore South Africa.
Under the terms of the Company’s farmout agreement with
Africa Energy Corp, ASAL has acquired a 50.0% participating interest in Block 2B and become the Operator of Block 2B on behalf of the joint venture partners. Africa Energy Corp. will retain a 27.5% participating interest in the block.
Simultaneously,
Panoro Energy has become a 12.5% participating interest holder on the licence. Crown Energy indirectly holds the remaining 10% participating interest.