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Africa Energy raises Total's interest in South African block

Africa Energy raises Total's interest in South African block

Africa Energy has signed definitive agreements to raise its effective stake in Offshore South Africa's Total-operated Block 11B/12B from 4.9 per cent to 10 per cent.

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Impact and Arostyle will become major shareholders in Africa Energy as part of the process.

“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 per cent interest in Block 11B/12B under Africa Energy," the Company’s President and CEO stated.

Africa Energy currently owns 49 per cent of the shares of Block 11B/12B in Main Street 1549, which owns a 10 per cent stake.

Total E&P South Africa BV is the operator with a 45% stake in Block 11B/12B while Qatar Petroleum and CNR International have 25% and 20% stakeholders, respectively.

The Luiperd-1X well is to be drilled using the Deepsea Stavanger platform, which was mobilized in early July from Norway.

Until the end of August the drilling activities are scheduled to commence. The rig is now in South Africa, in Cape Town.

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