L11b-A

Location

• The Block 11B/12B is situated in the Outeniqua Basin, approximately 175 kilometers off the southern coast of South Africa.

Partners and Ownership

• The project involves a partnership between several major energy companies:
  • TotalEnergies (operator) with a 45% interest.
  • Qatar Petroleum with a 25% interest.
  • Canadian Natural Resources (CNR) with a 20% interest.
  • Africa Energy Corp. (previously Main Street), which has an effective interest of 4.9% and is in the process of increasing its stake to 10% subject to approvals and completion.

Geographical and Technical Details

• The block covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.
• The project includes significant discoveries such as the Brulpadda-1AX and Luiperd-1X wells, which are gas condensate discoveries. The Luiperd-1X well, in particular, has shown promising results with 73 meters of net gas condensate pay and a drill stem test (DST) that flowed 33 million cubic feet per day (MMcfpd) of natural gas and 4,320 barrels per day (bpd) of condensate.

Development and Production Plans

• A Production Right (PR) application was submitted in September 2022, with approval expected within 12-18 months. Negotiations for gas offtake terms are ongoing in parallel with the PR application process.
• The Final Investment Decision (FID) is expected shortly after the PR approval, with first production anticipated 24-36 months after FID.
• The project plans include an Early Production System (EPS) utilizing existing nearby infrastructure to fast-track development.

Resource Potential

• The discoveries indicate significant resources, with estimates suggesting over 1 billion barrels of oil equivalent (Bboe).
• The Paddavissie prospects show reservoir connectivity better than expected, with potential for higher absolute open flow (AOF) rates than the restricted DST flow rates.

Market and Economic Context

• The project is expected to benefit from the expanding domestic gas market in South Africa. Full field development is anticipated as the domestic gas market grows.

Exploration and Additional Prospects

• The block has multiple additional prospects and leads identified, including the Kloofpadda play trend covering approximately 400 square kilometers. There are also three drill-ready prospects within the Paddavissie area.