Azinam, the Seacrest Capital-backed South West African-focussed oil & gas exploration company, has received governmental approval and completed the previously announced transaction to acquire an operating interest in Block 3B/4B in the Orange Basin, offshore South Africa.
Azinam acquires from Ricocure the operatorship and a 40% participating interest in Block 3B/4B Exploration Right, with Ricocure retaining a 60% participating interest.
Block 3B/4B is located in the Deep Western Mid-Orange Basin South Africa, extending from circa 120 to 250 kms offshore. The block covers an area of 17,581 sq kms and lies in water depths ranging from 300 to 2,500 meters.
Historical drilling on the shelf and modern 3D seismic surveys of the Orange Basin indicate the potential for both regionally significant shallow-water oil and gas projects and world-class deepwater discoveries.
Daniel McKeown, Managing Director of Azinam, commented:
‘Azinam is delighted to complete this transaction with Ricocure, marking our official country entry into South Africa. The combination of Ricocure’s local experience and expertise with Azinam’s operating capabilities and regional understanding creates a powerful partnership to drive forward the Block 3B/4B Exploration Right.
The 3B/4B farmin is a part of Azinam’s multi-well strategy offshore South West Africa. Azinam has a unique licence footprint and the largest seismic database in the region, giving it a material strategic advantage in an increasingly competitive environment. These advantages have helped Azinam to generate an inventory containing over 100 prospect and leads, from which it plans to drill a number of high graded exploration wells over the next 24 months. Each prospect has the potential to be a world-class discovery and play opener.
To continue to build our acreage footprint in an area now dominated by Majors and Independents is proof of Azinam’s offering as a competent operator and focused explorer, keen to move forward at pace.
We would like to thank the South African Agency for Promotion of Petroleum Exploration and Exploitation (SOC) Limited (“PASA”), the Department of Mineral Resources of the Republic of South Africa, our new partners Ricocure and our respective legal advisors in successfully concluding this transaction.’