PRIVATE equity backed player Azinam is set to drill a keenly watched well near an oil discovery offshore South Africa after finally closing a farm-in deal and gaining a mining tycoon as a partner. New operator Azinam South Africa will target an estimated 349 million barrels of oil - on a best estimate gross prospective resources basis - at the Gazania-1 well on Block 2B in the Orange basin. The company, backed by Sea-crest Capital, has closed a deal agreed in February last year to take a 50% operated stake in the tract, which houses the A-Jl oil discovery, made in 1988 by Seokor. The farm-in deal will see previous operator Africa Energy retain 27.5%, with Oslo-listed Panoro Energy on 12.5% and Crown Energy indirectly controlling 10% through Simbo.
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