Africa Oil Corp (TSE:AOI) has released an update.
Africa Oil Corp has entered into a farm down agreement to reduce its stake in the promising Orange Basin Block 3B/4B offshore South Africa to 17%, while TotalEnergies will take over as operator. The deal could net Africa Oil up to $46.8 million, including staged payments and a full carry of JV costs for drilling up to two wells, contingent on meeting key milestones and government approvals. This strategic move is seen as a vote of confidence in the block’s potential, aligning with successful nearby discoveries and leveraging the expertise of new partners TotalEnergies and QatarEnergy.
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