PetroSA, Cairn farming into block

South Africa agreement: Two partners sign on deal

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News Wires

 16 August 2012 22:31 GMT

South African state-owned oil firm PetroSA and Cairn India Group have signed a farm-in deal for crude oil and natural gas exploration in Block 1 off of South Africa's west coast, the two companies said in a joint statement on Thursday.

The block, located in the Orange Basin, covers an area of 19,922 square kilometres, Reuters reported.

It is in the initial stages of exploration and has an existing gas discovery and identified oil and gas leads and prospects, the companies said.

Cairn India will hold a 60 percent stake in the block and will serve as operator, with PetroSA holding the rest, the news wire said.

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