VANCOUVER, BC, Feb. 20,
2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm:
AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the
"Company") is pleased to announce that it has signed two production
sharing contracts ("PSCs") with the Republic of Equatorial Guinea for offshore Blocks EG-18
and EG-31. These PSCs are subject to ratification by the country's
government. Africa Oil will hold eighty per cent (80%) operated
interests in each block with the balance to be held by GEPetrol,
the national oil company of Equatorial
Guinea. GEPetrol has the option of acquiring an additional
fifteen percent (15%) participating interest in each block. Both
blocks are covered by 3D seismic data and the total minimum work
commitment for both blocks in the initial exploration periods is a
combined total of USD 7 million, with
no drilling commitment. View PDF version
In Block EG-31 the Company has identified several gas-prone
prospects in shallow water depths of less than 80 meters and close
to existing infrastructure, including the offshore Alba gas field
and the onshore Punta Europa Liquefied Natural Gas ("LNG")
Terminal. Potential future discoveries could present low-cost,
low-risk gas development opportunities targeting international LNG
markets.
In Block EG-18 the Company has identified a potentially large
and highly prospective basin floor fan prospect of Cretaceous age,
that is similar to those within the Company's exploration portfolio
in Namibia and South Africa.
Africa Oil President and CEO Keith
Hill commented: "I am pleased to announce our entry into
Equatorial Guinea with two
highly-prospective offshore blocks. While we continue our primary
focus on cash flowing production assets in order to underpin
sustainable shareholder distributions, we still look to add
exploration blocks with attractive fiscal terms in advantaged areas
where discoveries can be quickly appraised and brought on stream.
Block 31 offers the potential for low-risk gas prospects that are
in a proven petroleum province with infrastructure and ullage for
significant additional volumes of gas. In Block 18 we see a large
turbidite fan that is reminiscent of some of our large discoveries
in Namibia and South Africa. These blocks offer high-impact
value upside for our shareholders at relatively low cost, and we
look forward to continued collaboration with the government of
Equatorial Guinea to explore and
develop its natural resources".
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deep water Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in various countries in West and South
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. The
information was submitted for publication, through the agency
of the contact persons set out above, at 02:00 a.m. ET on February
20, 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 to the ratification of
the PSCs, the results, schedules and costs of exploratory drilling
activity, the potential and scope for using third-party operated
infrastructure for future developments, 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.
![AFRICA OIL ANNOUNCES ENTRY INTO EQUATORIAL GUINEA FOR LOW COST, INFRASTRUCTURE-LED EXPLORATION OPPORTUNITIES (CNW Group/Africa Oil Corp.) AFRICA OIL ANNOUNCES ENTRY INTO EQUATORIAL GUINEA FOR LOW COST, INFRASTRUCTURE-LED EXPLORATION OPPORTUNITIES (CNW Group/Africa Oil Corp.)](https://mma.prnewswire.com/media/2005469/Africa_Oil_Corp__AFRICA_OIL_ANNOUNCES_ENTRY_INTO_EQUATORIAL_GUIN.pdf?p=pdfthumbnail)
SOURCE Africa Oil Corp.