On 11 September 2018, Azinam Limited (Azinam) announced that it had acquired a 40% interest in the Orange Sub-basin Block 3B/4B and a 51% in the near shore portion of the block (Nearshore Block 3B/4B) from Ricocure (Pty) Ltd (Ricocure). Ricocure had until the aforementioned deal, held both the main Block 3B/4B and Nearshore Block 3B/4B under one Technical Cooperation Permit and had applied for an exploration right covering both portions.   As part of Azinamâs farm in, the licence appears to have been split into two licences one covering Block 3B/4B and one covering the Nearshore Block 3B/4B. Both are operated by Azinam, but with differing interests:     Block      3B/4B covers roughly 17,500 sq km within the Orange Sub-basin, water      depths across this block range between 250 m and 2,500 m. It is located      roughly 180 km off the west coast. To date six stratigraphic wells have      been drilled within the area, all of which were drilled by the Ocean      Drilling Project in the late 1990s. Azinam operates the block with a 40%      interest, Ricocure holds the remaining 60% stake.   Nearshore      Block 3B/4B covers roughly 1,000 km within the Orange Sub-basin, water      depths across this block range between 250 m and 350 m. It is located      roughly 100 km off the west coast some 30 km south of the 540 Bcf Ibhubesi      gas field. The area is undrilled. Azinam operates the block with a 51%      interest, Ricocure holds the remaining 49% stake.Â  Â    Background Information  The Block 3B/4B contract was granted to Global Offshore Oil on 1 February 2002. BHP Billiton (BHP) farmed in on 10 May 2002. Whilst operator BHP acquired 10,000 sq km of 3D seismic data (2012) and interpreted it. In July 2016 BHP is understood to have relinquished the acreage ahead of entering a phase that would have triggered a commitment well.   BHP identified three plays and multiple leads in water depths ranging from 300 m to 2,500 m within the licence.   Plays identified to date include:    Albian      combination stratigraphic structural traps with updip/lateral sand      pinchouts on the flanks of outer high.   Late      Albian/Early Cenomanian slop fans with stratigraphic trapping potential   Cenomanian/Early      Turonian combination structural stratigraphic traps with updip/lateral      sand pinchouts, some leads with amplitude conformance.Â Â  Â    On 1 August 2016, Impact Africa Ltd a wholly owned subsidiary of Impact Oil & Gas Ltd, PetroSA and Ricocure (Pty) Ltd are all understood to have applied for a Technical Cooperation Permit covering BHPâs Block 3B/4B which was relinquished on 31 July 2016. On 6 February 2017, Ricocure a subsidiary of the Sungu Sungu Group was awarded the TCP.
Azinam has made its debut entry into country after agreed to acquire 40% op. WI in Block 3B/4B and a 51% in Nearshore Block 3B/4B from Riococure (-> 60% and ->49% respectively).