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South Africa: Africa Energy takes stake in Block 11B/12B

Cape Town-based Africa Energy Corporation has acquired an effective 4.9% in the exploration right for Total’s Block 11B/12B offshore in the southern Outeniqua Basin. Africa Energy holds 49% of the shares in a new special purpose vehicle (SPV), Main Street 1549 Proprietary Limited, which has entered into farm-out agreements with operator Total and its partner Canadian Natural Resources (CNR) to acquire 5% from each for an aggregate 10% participating interest.

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African Energy Gulf States Newsletter