Africa Oil (TSE:AOI) has released an update.
Africa Oil Corp. has successfully completed a strategic farm-down of its interest in the Orange Basin Block 3B/4B to TotalEnergies and QatarEnergy, retaining a 17% stake and transferring block operatorship. The deal could net Africa Oil up to $46.8 million, with payments contingent on certain operational and regulatory milestones, and includes full cost coverage for its remaining share of joint venture costs. Additionally, Africa Oil is set to expand its interest by acquiring an extra 1% from Azinam, pending government approval.
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