Azinam enters the South African oil exploration market with shares in two offshore blocks

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(Agence Ecofin) - Exploratory firm Azinam has announced that 11 September has acquired stakes in two offshore licenses in South Africa, particularly in the Orange basin.

This operation marks the entry of the company of Namibian origin in South Africa. The said operation concerns a participation of 40% in block 3B / 4B and another participation of 51% in block 3B / 4B. The South African explorer Ricocure, who held exclusive rights to explore these blocks, now retains 60% and 49% respectively blocks. All of this is subject to government approval

South Africa and compliance with the standards in force.

The two new blocks cover a total area of ​​18 530 km2. Prior to Ricocure, the 3B / 4B block exploration rights were held by BHP Billiton, which acquired in 2012 3D seismic surveys of 10 000 km² that Azinam is planning to reprocess.

Azinam says that after the acquisition, it will have one of the largest portfolios off the coast of southern Africa, totaling 80 530 km2.

Olivier de Souza

This article appeared first on https://www.agenceecofin.com/exploration/1109-59871-azinam-entre-sur-le-marche-sud-africain-de-l-exploration-petroliere-en-s-offrant-des-parts-dans-deux-blocs-offshore