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Azinam completes Block 3B/4B transaction in South Africa

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Oilfield Technology,

Azinam Ltd, the Seacrest Capital-backed, South West African-focused, oil and 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 has acquired the operatorship and a 40% participating interest in Block 3B/4B Exploration Right from Ricocure Ltd, 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 250km offshore. The block covers an area of 17 581km2 and lies in water depths ranging from 300 to 2500m.

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.

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