#Country Updates #News #South Africa #Upstream Exploration & Production

SOUTH AFRICA: Africa Energy Increases Stake in Block 11B/12B

SOUTH AFRICA: Africa Energy Increases Stake in Block 11B/12B

Africa Energy  has announced the signing of definitive agreements to increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10%.

“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.” Garrett Soden, the Company’s President and CEO, commented.

Africa Energy currently holds 49% of the shares in Main Street 1549 (Proprietary) Limited, which has a 10% participating interest in Block 11B/12B. 

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Source: OilnewsKenya

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