Crown Energy to withdraw from South African joint venture
Crown Energy AB (publ) has held 10% equity of a joint venture for Block 2B offshore in South Africa for oil exploration. In summer 2022, the Company announced that the rig was mobilised and on its way to the well site and drilling commenced in October. The drilling activities did not encounter hydrocarbons in any commercial quantities and in November it was announced that the well was to be plugged and abandoned as planned. Crown Energy has therefore now according to the Joint Operating Agreement sent a withdrawal letter to the JV, meaning that the other owners will take