Seacrest Capital-backed explorer Azinam has struck a deal to farm out part of its interest in Block 3B/4B in South Africa’s offshore Orange basin to Africa Oil.
Africa Oil will take a 20% operating stake in the block, leaving Azinam with a 20% stake.
Ricocure’s 60% participating interest will remain unchanged.
Block 3B/4B covers roughly 17,581 square kilometres, with water depths ranging from 300 to 2500 metres.
