Large finds in South Africa’s Orange Basin

South Africa

CAPE TOWN, March 10, 2023 – Africa Oil Corporation has identified significant oil and gas resources at Block 3B/4B in the Orange Basin in South Africa, the Canadian independent announced on Wednesday.

RISC Advisory completed a 3D seismic analysis of 2,2000 square kilometres of the offshore block, which showed potential resources of around 4 billion boe.

The company and its partners are planning a two-well campaign on the block and are considering farming out 55% gross working interest in the block.

Africa Oil operates the concession with a 20% participating interest. South African player Ricocure holds a 53.75% share and Azinam South Africa holds the remaining 26.25% share.

Three discoveries have been made on the same Orange Basin in Namibia.

In March 2023, a Shell-led consortium hit pay on the Jonker-1X well on the PEL-39 concession.

In February 2022, the same group hit oil at the Graff-1x well in the same licence area.

Later that month, a separate consortium led by TotalEnergies made a significant light oil discovery at the Venus-1x well in the PEL-56 concession.