$20,000,000
South Africa Algoa and Gamtoos
NewAge and Tower Rousources are both seeking a partner to fund 3D seismic with the option of funding a well.
NewAge owns 50% and operates the Algoa-Gamtoos licence containing three prospective basins, Algoa, Gamtoos and Outeniqua deepwater rift oil play, along trend from the recent Brulpadda discovery of Total.
Details
Asset Name
: Algoa and Gamtoos
Ref
: AF-ZAF-AG
Continent
: Africa
Country
: South Africa
Location
: Offshore
Project Phase
: Exploration
Latitude
: -34.1036
Longitude
: 25.8490
License Start
: 2009
License Expiry
: 2023
Operator
: NewAge
Other partners
: Tower Resources
Farmout company
: NewAge
Mandated Agent
: Envoi Ltd
Work Programmes
: Seismic, Drilling
Back Costs
: > $10m
Equity Offered
: 40 - 60%
Deal Status
: Open
FarmoutAngel Valuation
: $50,000,000 - $100,000,000
FarmoutAngel confidence
: High
Consideration Sought
: $20,000,000