Page 17 - AfrOil Week 17 2021

AfrOil NEWS IN BRIEF AfrOil

These beneficial consequences result from the oil. Moreover, the shallow-water shelf serves as via drilling activities. The seller did not imple-
changed circumstances in the global economy a geological mirror to Brazil’s prolific Santos and ment the recommendations of the study due to
and energy markets. Campos Basins, and is home to several early dis- the low oil price environment during 2020 and
Dr. Patrick Allman-Ward, CEO, Dana Gas, coveries in Blocks 20, 21 and 23 – including the the emergence of financing difficulties.
commented: “Dana Gas has worked diligently Orca field, which is estimated to be the largest Both Potential Acquisitions will be acquired
to finalise this transaction. However, satisfac- pre-salt discovery in the Kwanza Basin to date. with a 100% working interest. The Company
tion of the conditions precedent in the SPA ANPG, April 23 2021 can confirm that the Potential Acquisitions are
proved problematic between the parties. Once Nostra Terra announces potential portfolio due to expire during the years 2033 and 2034
the due date for satisfaction of those conditions expansion into Tunisia respectively.
expired, and after due consideration, the Com- AIM-listed Nostra Terra, the oil and gas Zenith Energy, April 21 2021
pany resolved to exercise the right to terminate exploration and production company with
the SPA in accordance with its terms. a portfolio of development and production Azinam South Africa
“We have an excellent track record of oper- assets in Texas, has announced progress with
ating in Egypt over the past 14 years. We remain the planned strategic expansion of its portfolio completes acquisition of
fully committed to managing these assets for into Tunisia. Exclusive negotiations and prepa-
the benefit of all our stakeholders, including the rations have taken place for a large block with operated interest in Block 2B
Egyptian Government. We look forward to max- existing discoveries, offering both exploration
imising the value of both our onshore producing and appraisal activity and new entities have been Azinam South Africa Ltd (ASAL), a Seacrest
assets and focusing our attention on testing the organised in anticipation of such expansion. company, has announced the completion of its
enormous potential of our offshore Block 6 Con- Completion of the initial transaction is not acquisition of a 50% operated interest in Block
cession Area, where we are planning to drill an certain; however, Nostra Terra has exclusiv- 2B offshore South Africa.
exploration well [in] Q1-2023.” ity, has negotiated terms and is waiting final Under the terms of the Company’s farmout
Dana Gas, April 25 2021 approval. Further updates will be made in due agreement with Africa Energy Corp, ASAL
course. has acquired a 50.0% participating interest in
ANPG launches video touting Nostra Terra, April 21 2021 Block 2B and become the Operator of Block 2B
on behalf of the joint venture partners. Africa
exploration potential of Zenith Energy announces Energy Corp. will retain a 27.5% participating
interest in the block.
onshore licensing round binding offer to acquire a 12.5% participating interest holder on the
Simultaneously, Panoro Energy has become
To promote Angola’s current oil and gas licens- assets in Tunisia licence. Crown Energy indirectly holds the
ing round, which features nine highly-prospec- remaining 10% participating interest.
tive onshore blocks, the National Agency of Oil, Zenith Energy has made a binding offer to ASAL and the other licence partners plan to
Gas and Biofuels (ANPG) has published a video wholly acquire a company holding a 100% inter- drill up-dip of the A-J1 oil discovery, with the
showcasing the technical profile of the onshore est in two hydrocarbons production and devel- well targeting 349mn barrels of oil (Best Estimate
blocks currently on offer to investors. opment concessions in Tunisia, which has now Gross Prospective Resources). The Block 2B area
This initiative follows a technical presenta- been accepted. has the potential to provide the first major oil
tion that took place in Luanda on the April 12 The Offer is represented by a mix of cash pay- production offshore South Africa, and the first
and will be followed by a webinar where for- ments and assumption of debt by Zenith for a oil production in the Orange Basin. ASAL is sup-
eign investors will be able to address the agency total consideration of approximately $200,000. ported by its partner SeaPulse Ltd, a Seacrest and
directly with questions and queries. The Potential Acquisitions currently pro- Robert Friedland-backed vehicle.
The 2020/2021 licensing round – which duce approximately 80-100 bpd of condensate
will be launched on April 30 and will conclude with 5.5-6.0mn cubic feet of natural gas, which
on June 9 – features six licences in the onshore is re-injected into the formation, from the first
Kwanza Basin (KON-5, -6, -8, -9, -17 and -20) Potential Acquisition concession, and approxi-
and three licences in the onshore Lower Congo mately 25 bpd of oil from the second Potential
Basin (CON-1, -5 and -6). Acquisition concession. One well within the
The bid round has already attracted global first Potential Acquisition concession suffered
interest due to the significant upside potential tubing string damage and has been temporar-
that characterises Angola’s onshore acreage; early ily shut-in, having had a stabilised production
exploration activities which have yielded approx- range of between approximately 500-600 bpd
imately 13 commercial-sized oil discoveries. of oil prior to production being suspended. The
Onshore plays represent a geological extension low oil price environment during 2020 and the
of more established, offshore petroleum systems material investment required to restore produc-
that have accorded Angola the fourth-largest tion from this well have prevented the necessary
proven oil reserves on the continent. repair work from being implemented.
Deep- and ultra-deepwater offshore explora- A recent study carried out by seller in respect
tion has garnered significant attention from oil of the second Potential Acquisition, comprising
majors in recent years. Angola’s Kwanza Shelf is production, cost-effectiveness and feasibility
gaining traction on the back of new broadband evaluations, concluded that the current pro-
3D seismic data and a track record of multiple duction of approximately 25 bpd oil could be
exploration wells, of which a majority spudded increased to up to approximately 200 bpd of oil

Week 17 28•April•2021 www. NEWSBASE .com P17