Africa Oil aims to increase interest in Namibia’s Orange basin

Africa Oil Corp. signed an agreement with three Impact Oil & Gast Ltd. shareholders to purchase an additional 7% interest in the company. If exercised, the option agreement would increase Africa Oil’s shareholding to 39.5%.

Through the shareholding, Africa Oil “has exposure to…Namibia’s Orange basin, including the Venus oil discovery, and a highly prospective exploration and appraisal program on Blocks 2913B and 2912,” said Dr. Roger Tucker, Africa Oil’s chief executive officer.

TotalEnergies is operator of both blocks.

Block 2913B lies in water depths of 2,500-3,250 m, adjacent to the South Africa maritime boundary. The license lies within the Orange River basin, shared between both Namibia and South Africa. Block 2913B covers about 8,215 sq km.

Block 2912 is an ultra-deep-water block spanning about 7,933 sq km immediately west of Block 2913B, also within Orange basin.

Impact holds a further license in the Orange basin (the Orange Deep TCP), located to the south, along the South African deep-water margin.