Energulf said in a statement that privately held Gazania 148 Investments would hold a 75% stake in Block 1711. Shaanxi Yuyang Petroleum Technology Engineering, a unit of the investment firm, will operate the block.
Namibian state-owned player Namcor will hold a 10% carried interest to production and Energulf will hold the remainder.
The petroleum agreement replaces a license for the block granted in 2006 that was set to expire.
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