On Completion of the Acquisition, Eco Atlantic will, through Azinam, hold a 26.25% Participating Interest in Block 3B/4B, with strategic alliance partners, Africa Oil Corp., the Operator of the ...

Block 3B/4B spans 17,581km² in the Orange Basin with water depths ranging from 300m to 2,500m and is positioned southeast and on trend with several oil discoveries, including the Venus discovery.

The remaining interests in Block 3B/4B will be comprised of 33% held by TotalEnergies, 24% held by QatarEnergy, 19.75% held by Ricocure, and 6.25% held by Eco.

Under the deal, Azinam has transferred a 1.0% interest in Block 3B/4B to Africa Oil. In consideration, Africa Oil has exchanged the shares and warrants that it held in Eco for cancellation.