As reported on 4 December 2019, Total has farmed into Equinor's 257ER (East Algoa block). According to the report total acquired a 30% stake from Equinor. The result is the Equinor operates the tract with a 60% stake, Total holds a 30% stake and OK Energy holds the remaining 10% interest.   The 9,360 sq km block includes a small portion of acreage within the Outeniqua Basin and a small portion within the Transkei Basin. Water depths across the block range between 0 m to 3,700 m.   2D seismic data acquired by PGS in 2018 is currently being processed to generate leads ahead of a potential 3D seismic survey which may take place in 2021 (the block is undrilled).  Background information  As of May 2017, OK Energy Ltd.âs (OK Energy) is understood to have been awarded exploration rights (257ER) over its previously awarded OK Energy 2 TCP (East Algoa Block). According to local sources, the initial 3-year exploration period for the licence had in fact expired as the letter awarding the exploration right was issued by the Petroleum Agency to OK Energy more than three years earlier but was only signed in early May 2017. The Petroleum Agency views the issuance of the award letter as the start date of the initial exploration phase and not the signing of the letter.  As announced on 7 September 2017, Statoil Petroleum AS a wholly owned subsidiary of Statoil ASA acquired a 90% interest in exploration right from OK Energy Ltd.
As reported on 4 December 2019, Total has farmed into Equinor's 257ER (East Algoa block). According to the report total acquired a 30% stake from Equinor. 