Page 9 - AfrOil Week 11 2022

AfrOil INVESTMENT AfrOil

Azule Energy will have a stake in the Angola LNG plant (Photo: Chevron)
“The creation of Azule Energy is a further step Blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-
in advancing our strategic approach to acceler- IMI and 15, and also in the Angola LNG joint
ate growth through focused lean and financially venture.
independent companies,” Eni’s CEO Claudio Meanwhile, BP is operator of Blocks 18 and
Descalzi said in a statement on Friday, March 11. 31 offshore Angola and has non-operating
“Combining two world-class businesses into one stakes in Blocks 15, 17, 20 and 29. The UK-based
stronger team, Azule Energy will leverage syner- major also has non-operated interests in NGC
gies and high-quality assets, boosting activities and Angola LNG.
in Angola, and will have one of the largest port- Azule Energy is slated to become Angola’s
folios of production, development and explora- largest producer, with stakes in 16 licence areas
tion opportunities in sub-Saharan Africa.” and the Angola LNG joint venture. It will also
Eni is currently operator of Blocks 15/06 take over Eni’s stake in Solenova, a solar energy
Cabinda North, Cabinda Centro, 1/14 and 28 company that is jointly held with Angolan state
and will soon become operator of New Gas oil company Sonangol.
Consortium (NGC), an upstream natural gas Subject to customary governmental and
partnership in Angola. other approvals, Azule Energy is expected to be
Additionally, it has non-operating stakes in launched in the second half of 2022. ™

Eco Atlantic says acquisition

of Azinam is nearly complete

SOUTH AFRICA/NAMIBIA UK-BASED Eco (Atlantic) Oil & Gas is close to
wrapping up the acquisition of Azinam Group,
an affiliate of Bermuda-registered Seacrest Cap-
ital Group that holds a number of assets offshore
Namibia and South Africa.
In a statement dated March 11, Eco Atlantic
reported that it had fulfilled all of the conditions
necessary to complete its transaction with Azi-
nam. The only outstanding requirement, it said,
is securing receipt of final approval for the deal
from the TSX Venture Exchange.
Eco Atlantic did not say when it expected the
exchange to green-light the deal, in which it will
acquire 100% of shares in Azinam, including
the latter’s company entire portfolio of assets.
Instead, it said it would inform the market when Eco Atlantic’s new African assets (Image: Azinam)
it had more information on this front.
It also explained that, after this initial trans- that will allow Azinam to acquire additional
action was completed, Eco Atlantic intended to common shares in the company in the event that
issue 40,170,474 new shares of common stock, the company makes commercially viable and
thereby allowing Azinam to take a stake of producible discoveries of hydrocarbon reserves
16.5% in the expanded version of the company. at Block 2B and/or Block 3B/4B offshore South
Additionally, Eco Atlantic will issue warrants Africa.

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