Africa Oil Corp. has finalized a farm-down agreement for its interests in offshore Blocks 2912 and 2913B, located off the coast of Namibia.
Through its investee company, Impact Oil & Gas, Africa Oil Corp. will sell a 9.39% participating interest in Block 2912 and a 10.5% participating interest in Block 2913B to TotalEnergies for $99 million.
Despite the sale, Impact Oil & Gas will retain a 9.5% interest in each block and secure a carry loan to cover future development costs.
In Block 2913B, TotalEnergies holds a 50.5% interest, while QatarEnergy and Namibia’s national oil company Namcor hold 30% and 10%, respectively.
TotalEnergies operates Block 2913 with a 47.2% stake, supported by Impact Oil & Gas (9.5%), QatarEnergy (28.3%), and Namcor (15%).
