Oil exploration company Azinam South Africa has acquired a 50% operating interest in Block 2B, offshore South Africa.
As the operator of the block, Azinam – together with its partners African Energy Corp, Panoro Energy and Crown Energy – will drill a well targeting 349 million barrels of oil (mmbbl), near the A-J1 oil discovery.
“With A-J1 having flowed oil to surface and with the benefit of a significant database of well and modern seismic information, Azinam believes that Block 2B has the potential to provide South Africa with its first major offshore oil production,” states Daniel McKeown, Managing Director of Azinam South Africa Limited.
Africa Energy Corp will have a 27.5% participating interest in the block, Panoro Energy retains 12.5% of the license, while Crown Energy indirectly holds the remaining 10% participating interest.
“With the benefit of new 3D seismic, we can see that A-J1 drilled the down-dip section of a potentially much larger oil accumulation in a number of reservoirs,” adds Paul Murray, Director of Azinam Group.
Source: Africa Oil and Power
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