Africa Energy has signed agreements to increase its stake in Block 11B/12B in the Outeniqua basin offshore South Africa. The Canadian oil and gas company seeks to increase its stake from 4.9 percent to 10 percent in the block.
Garrett Soden, President and CEO of Africa Energy, told the media, “Block 11B/12B offshore South Africa contains one of the most exciting oil and gas exploration plays in the world today. In anticipation of the Luiperd-1X well results expected later this year, we have agreed with Impact and Arostyle to simplify and consolidate Main Street’s 10% interest in Block 11B/12B under Africa Energy.”
The Canadian oil and gas company has established an investment agreement with Impact and Impact Oil & Gas SA Blocks 11B-12B, media reports said. This new transaction with Impact will allow Africa Energy to subscribe for new shares and gain control of the former’s Blocks 11B-12B, a local media reported. In addition, Africa Energy and Arostyle have signed an implementation agreement.
Impact and Arostyle will become important shareholders of Africa Oil with the completion of the new agreements.