Africa Oil Corp.
Africa Oil Corp. is a Canadian oil and gas exploration company with producing and development assets in deep-water offshore Nigeria. The Company is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “AOI”.
The Company also has a portfolio of exploration assets in Guyana, Namibia, Nigeria, South Africa and in the Senegal Guinea Bissau Joint Development Zone (“AGC”). The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies including Prime Oil & Gas Coöperatief U.A.(“Prime”), Africa Energy Corp., Eco (Atlantic) Oil & Gas Ltd. and Impact Oil and Gas Ltd.
Africa Oil Corp. invested CAD $14m in Eco Atlantic in November 2017, it formed a Strategic Alliance Agreement with Eco Atlantic to seek new mutual exploration opportunities. It invested a further $5 million in April 2019.
- Funds have been used to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes.
- Oliver Quinn, Chief Commerical Officer, is Africa Oil’s respresentative on the Board of Eco Atlantic appointed in January 2024.
NAMCOR
NAMCOR is an integrated oil and gas company, wholly owned by the Government of Namibia. The Company is a legally enacted entity under the Namibian Companies Act of 1973. Under the Petroleum Act, NAMCOR engages in reconnaissance, exploration and production operations either on its own or in partnership with other organisations in the oil and gas industry.
Interest
- 10% carried interest up to production in all four Petroleum Exploration Licenses in Namibia
Ricocure
Ricocure (Pty) Limited is a private company incorporated in the Republic of South Africa, since 2012. Ricocure was awarded the Exploration Rights for Block 3B/4B and inshore Block 3B4B off the west coast of South Africa. Through a series of transactions, Ricocure has farmed down its working interest and transferred operatorship in Block 3B/4B to Africa Oil Corp. and Azinam South Africa (a subsidiary of Eco Atlantic).
Interest
- 53.75% Working Interest in Block 3B/4B, Offshore South Africa
TotalEnergies
Eco has a partnership with Total EP Guyana BV, a wholly owned subsidiary of TotalEnergies SE a French multinational integrated oil and gas company founded in 1924 and one of the seven “supermajor” oil companies.
Interest
- 25% Working Interest in the Orinduik Block, Offshore Guyana
QatarEnergy
QatarEnergy, formerly Qatar Petroleum, is a state-owned petroleum company of Qatar. As announced 27 August 2019 – Total and Qatar further strengthened their international partnership by signing agreements under which Qatar will farm into Total-held exploration acreage in Namibia, Guyana and Kenya.
TotalEnergies and QatarEnergy created a joint venture called “TOQAP”. QatarEnergy will have 40% of the company holding TotalEnergies’ existing 25% interests in the Orinduik block, adjacent to the Stabroek Block in the prolific offshore Guyana Basin. TotalEnergies retained the remaining 60% of this company.
Interest
- 25% Working Interest in the Orinduik Block, Offshore Guyana
Panoro Energy
Panoro Energy ASA is an independent E&P company listed on the main board of the Oslo Stock Exchange with ticker PEN. The Company holds high quality exploration and production assets in Africa with oil production from fields in Equatorial Guinea, Gabon and Tunisia.
Panoro 2B Limited, a subsidiary of Panoro Energy ASA holds a 12.5% Working Interest in Block 2B Offshore South Africa, where Eco is the Operator and drilled an exploration well in 2022.
Interest
- 12.5% Working Interest in the Block 2B, Offshore South Africa