Africa Oil Announces Final Approval for an Increase of its Interest in the Orange Basin Block 3B/4B
VANCOUVER, BC, Jan. 22, 2024 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. ( “Africa Oil”, or the “Company”) is pleased to announce that it has received the final approval from the Government of the Republic of South Africa for the transfer of a 6.25% interest in Block 3B/4B in the Orange Basin from Azinam Limited, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. (“Eco”), to the Company as announced on July 11, 2023. As per the terms of the Assignment and Transfer Agreement with Eco, the Company has made a payment of USD 2.5 million to Eco. Consequently, the