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PetroSA and Cairn India Group signed a farm-in agreement for crude oil and natural gas exploration on the offshore Block 1 in the Orange basin, South Africa.
Block 1 covers a large area of 19,922 sq km (7,692 sq miles) and is currently in the initial stages of exploration. It has an existing gas discovery and identified oil and gas leads and prospects. Located in the geologically-proven Orange basin along the northwestern maritime border of South Africa with Namibia, the block is on trend with the discovered Kudu and Ibhubesi gas fields.
Cairn India will hold 60% interest in the block, through its wholly-owned South African subsidiary, and will be the operator; with PetroSA holding the remaining interest.