07:08 AM EST, 01/13/2025 (MT Newswires) -- Africa Oil ( AOIFF ) on Monday said it increased its direct interest in Block 3B/4B offshore South Africa to 18%.

The block, operated by TotalEnergies, lies to the southeast and on trend with a number of Orange Basin oil discoveries.

The company and its subsidiary Africa Oil SA have completed a transaction with Eco (Atlantic) Oil & Gas and its subsidiary Azinam, under which Azinam has transferred a 1% interest in Block 3B/4B to Africa Oil ( AOIFF ).

As deal consideration, Africa Oil ( AOIFF ) has exchanged the shares and warrants that it held in Eco for cancellation. Africa Oil ( AOIFF ) now no longer owns any securities of Eco.

Africa Oil ( AOIFF ) now holds a direct 18% interest in Block 3B/4B. Other partners in the block are TotalEnergies with a 33% operated interest, QatarEnergy with a 24% interest, Ricocure with a 19.75% stake, and Eco with a 5.25% stake.

Separately, Africa Oil ( AOIFF ) said it has repurchased 380,000 of its common shares from Jan. 6 to 10 under a share buyback program.

The company repurchased 160,000 common shares on the TSX and alternative Canadian trading systems and 220,000 common shares on Nasdaq Stockholm.

All common shares repurchased by Africa Oil ( AOIFF ) under the share buyback program will be canceled. Between Dec. 6 and Jan. 10, Africa Oil ( AOIFF ) has repurchased about 3.1 million common shares under the share repurchase program. The company may repurchase up to 18.4 million common shares under the program until Dec. 5, or until the program is completed or terminated.