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Africa Oil announces farm-out agreement with Azinam

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Oilfield Technology,

Africa Oil Corp. has announced that its wholly-owned subsidiary, Africa Oil SA Corp., has entered into a definitive farm-out agreement with Azinam Ltd, the Seacrest Capital-backed South West African-focussed oil and gas exploration company, whereby Africa Oil will acquire a 20% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa.

Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest.

Block 3B/4B is located in the Orange Basin and covers an area of 17 581 km2 in water depths ranging from 300 to 2500 m. The Block is located along-trend of an emerging Mid-Cretaceous oil play where operators are planning to drill several key exploratory wells that have the potential to be play-openers for a world-class petroleum province. Partners have identified an inventory of leads and prospects from an existing 10 020 km2 3D survey that encompasses a majority of the Block. During the Initial Period of 3 years Africa Oil and partners are to carry out regional subsurface review of existing seismic, geological and engineering data, and may also include some select reprocessing of the existing 3D data, leading to identification of exploration prospects and recommendations for subsequent Renewal Periods.

Keith Hill, Africa Oil's President and CEO, commented:

"We are pleased to add this block to our inventory of high-quality exploration opportunities in an area where several key wells will be drilled by Industry in the coming year. To the north and along trend, both Total and Shell plan to drill potential play openers and at the same time are increasing their positions in other blocks adjacent to Block 3B/4B. From the large existing 3D survey, we see a number of prospects that are similar to those that the Majors are targeting. This new position, combined with our other equity positions in Impact Oil and Gas and Africa Energy Corp., provides Africa Oil with a significant footprint in this exciting emerging play. We are also looking forward to partnering with Azinam, which has a leading licence and data position offshore South West Africa."

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