VANCOUVER, BC, Sept. 28,
2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) –
Africa Oil Corp. ("Africa Oil", "AOC" or the "Company")
notes the press release by its investee company, Impact Oil and Gas
Limited ("Impact") and is pleased to announce positive drill stem
test ("DST") results for the Venus-1X well, the major light oil
discovery on Block 2913B. The Company
also provides further update on exploration and appraisal
activities on Block 2913B and 2912,
both located in the Orange Basin, offshore Namibia. View PDF Version
Highlights
- The Deepsea Mira rig re-entered and side-tracked the Venus-1X
discovery well (announced in February
2022) and flowed oil from the test with positive
results.
- The operator and its partners are now interpreting the results
of the flow test and incorporating them into the development
studies, which are expected to be confirmed with the flow test of
Venus-1A in Q4'23.
- The Venus-1A appraisal well results were positive having been
successfully drilled, cored and logged by the Tungsten Explorer,
approximately 13km north of the Venus-1X discovery well.
- The Deepsea Mira rig will re-enter Venus-1A imminently to
undertake a DST program.
- Tungsten Explorer will mobilize to drill the Mangetti-1X
exploration well on a prospect located in the northern part of
Block 2913B.
Africa Oil President and CEO Dr. Roger Tucker commented: "The successful
Venus-1X DST program is a major milestone in the Venus campaign
and, if confirmed by Venus-1A DST results, supports the commercial
development of this world-class light oil discovery. It is
important to highlight that the opportunity here is not just about
one discovery, and we expect that further work will be done to
mature large-scale targets already identified on Block 2193B, including those to the south of Venus. We
have an exciting work program ahead of us and together with our
other interests in the Orange Basin, we have a very exciting and
attractive opportunity set."
Block 2913B
The Venus discovery is a world class light oil and associated
gas field, located in the Orange Basin, off the coast of southern
Namibia. The Venus-1X well was
drilled in 2022 and encountered high-quality light oil-bearing
sandstone reservoir of Lower Cretaceous age. Following this
discovery, preparations were made to side-track and perform a DST
of the oil bearing reservoirs using the Deepsea Mira rig. The DST
program began in early September and has now been concluded, with
positive DST results.
The Venus-1A appraisal well, located approximately 13km
northwest of the Venus-1X discovery well, was successfully drilled
to a total depth of 6,146m, cored and
logged using the Tungsten Explorer drillship. The Deepsea Mira rig
will re-enter Venus-1A imminently to undertake a DST program.
The Tungsten Explorer drillship that was recently operating on
Block 2912 will mobilize shortly to drill the Mangetti-1X well on
Block 2913B, targeting a prospect
located to the north of the Venus structure with the drilling
expected to commence in October
2023.
Block 2912
The Nara-1X well is located approximately 30km northwest of the
Venus-1X well and was drilled to a total depth of 6,181m using the Tungsten Explorer drillship. A
full wireline logging program was completed, and a core taken.
However, the Nara-1X well was not flow tested as it was deemed
non-commercial. The Joint Venture is continuing to evaluate the
results of Nara-1X.
Africa Oil holds a 31.0% shareholding in Impact and has an
effective interest of 6.2% in Block 2913B and an effective interest of 5.9% in Block
2912.
Impact (through its wholly owned subsidiary, Impact Oil and Gas
Namibia (Pty) Ltd) holds a 20% working interest in Block
2913B (PEL 56). PEL 56 is operated by
TotalEnergies EP Namibia B.V ("TotalEnergies") which holds, a 40%
working interest, and QatarEnergy and NAMOR respectively hold a 30%
and 10% working interest in PEL 56.
Impact, through the same subsidiary, also holds an 18.89%
working interest in Block 2912 (PEL 91), where it is partnered with
TotalEnergies (Operator, with 37.78%), QatarEnergy (28.33%) and
NAMCOR (15%).
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria and an exploration/appraisal portfolio
in west and south of Africa, as
well as Guyana. The Company is
listed on the Toronto Stock Exchange and on Nasdaq Stockholm under
the symbol "AOI".
Additional Information
This information is information that Africa Oil is obliged to
make public pursuant to the EU Market Abuse Regulation and the
Swedish Financial Instruments Trading Act. The information was
submitted for publication, through the agency of the contact person
set out above, at 02:00 ET on
September 28, 2023.
Forward-Looking
Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining production, schedules
and costs of exploratory drilling and appraisal activity including
those offshore Namibia, commercial
field development of the Venus oil discovery offshore Namibia, uninsured risks, regulatory and
fiscal changes, availability of materials and equipment,
unanticipated environmental impacts on operations, duration of the
drilling program, availability of third party service providers and
defects in title. No assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. The Company does not intend, and does
not assume any obligation, to update these forward-looking
statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating
to, among other things, changes in macro-economic conditions and
their impact on operations, changes in oil prices, reservoir and
production facility performance, hedging counterparty contractual
performance, results of exploration and development activities,
cost overruns, uninsured risks, regulatory and fiscal changes,
defects in title, claims and legal proceedings, availability of
materials and equipment, availability of skilled personnel,
timeliness of government or other regulatory approvals, actual
performance of facilities, joint venture partner underperformance,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental,
health and safety impacts on operations. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
SOURCE Africa Oil Corp.