VANCOUVER, BC, Feb. 22,
2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) –
Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased
to note the press release by its investee company, Impact Oil &
Gas Limited ("Impact"), regarding the imminent commencement of a
multi-well appraisal and exploration drilling program in
Namibia, following the Venus light
oil discovery in Block 2913B (PEL
56). Africa Oil holds a 30.9% shareholding in Impact. View PDF
Version
Highlights
- Multi-well programme in Namibia due to commence before the end of
February, targeting up to four wells (including the re-entry of the
Venus-1X discovery well, in Block 2913B), to appraise the Venus discovery and to
investigate a potential westerly extension of Venus, the Nara
prospect (formerly referred to as West Venus) on Block 2912.
-
- Venus-1A, on Block 2913B, will be
the first well to be drilled, using the Tungsten Explorer
drillship, and is the first appraisal well on the Venus discovery.
This will be followed by a drill stem test using the Deepsea
Mira.
- Upon completion of the Venus-1A drill stem test, the Venus-1X
exploration well, also on Block 2913B, will be re-entered and side-tracked using
the Deepsea Mira to conduct a second drill stem test.
- Nara-1X, an exploration well on Block 2912, will then be
drilled and potentially flow tested by the Tungsten Explorer.
- If Nara-1X proves successful, the Nara-1A appraisal well could
then be drilled in Block 2912 and flow tested.
- Impact holds a 20% working interest in Block 2913B (PEL 56) and an 18.89% working interest in
the adjacent Block 2912 (PEL 91).
Africa Oil President and CEO Keith
Hill commented: "the Venus discovery, which according to
Wood Mackenzie was the world's largest oil discovery in 2022, has
opened up the Orange Basin as a world-class petroleum province. I
am delighted that we are at the forefront of this exciting play
through our shareholding in Impact, and a 20% operated interest in
Block 3B/4B that lies on trend with the Venus structure.
We are the only publicly listed independent oil and gas company
with an interest in Venus, and our material Orange Basin acreage
presents a very attractive opportunity for investors looking for an
exposure to its potentially transformational upside."
Appraisal of Venus discovery in
Block 2913B (PEL 56)
The Venus discovery is a world class light oil and associated
gas field, located in the Orange Basin, approximately 290
kilometres off the coast of southern Namibia, and in water depth of approximately
3,000 metres. The well was drilled to a total depth of 6,296
metres, by the Maersk Voyager drillship, and encountered a
high-quality light oil-bearing sandstone reservoir of Lower
Cretaceous age.
Drilling of Venus-1A, the first appraisal well on the Venus
discovery, will be located approximately 13 kilometres to the north
of the Venus-1X discovery well and drilled using the Tungsten
Explorer drillship. The Deepsea Mira will then be used to conduct a
drill stem test at this location.
The Deepsea Mira will then re-enter the Venus-1X well and
conduct a flow test. The objective of this programme is to further
evaluate the Venus reservoir and deliver dynamic data.
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") who holds, a 40%
working interest, and QatarEnergy and NAMCOR respectively hold a
30% and 10% working interest in PEL 56.
Exploration and potential
Appraisal of Block 2912 (PEL 91)
Block 2912 may contain a highly material westerly extension of
the Venus field. Operations by TotalEnergies during 2023, on behalf
of the Joint Venture, are designed to explore and, if successful
test, this potential extension of the Venus accumulation into Block
2912 and provide an understanding of the structure and reservoir
quality.
TotalEnergies will commence drilling operations in Block 2912
during mid-2023. Exploration well Nara-1X will be drilled and flow
tested by the Tungsten Explorer and, if successful, an appraisal
well, Nara-1A, could then be drilled and flow tested.
Impact (through its wholly owned subsidiary, Impact Oil and Gas
Namibia (Pty) Ltd) also holds an 18.89% working interest in the
adjacent Block 2912 (PEL 91), where it is also partnered with
TotalEnergies (Operator, with 37.78%), QatarEnergy (28.33%) and
NAMCOR (15%).
Map Showing Africa Oil's Deep Water Orange Basin Interests
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
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 and the
Swedish Financial Instruments Trading Act. The information was
submitted for publication, through the agency of the contact
persons set out above, at 02:50 a.m.
ET on February 22, 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 a possible
development of the Venus discovery, Venus appraisal upside,
farm-out of Block 3B/4B, upside potential in the Orange Basin, the
results, schedules and costs of development and exploratory
drilling activity, 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 THE IMMINENT COMMENCEMENT OF A MULTI-WELL DRILLING PROGRAM, OFFSHORE NAMIBIA (CNW Group/Africa Oil Corp.) AFRICA OIL ANNOUNCES THE IMMINENT COMMENCEMENT OF A MULTI-WELL DRILLING PROGRAM, OFFSHORE NAMIBIA (CNW Group/Africa Oil Corp.)](https://mma.prnewswire.com/media/2007167/Africa_Oil_Corp__AFRICA_OIL_ANNOUNCES_THE_IMMINENT_COMMENCEMENT.pdf?p=pdfthumbnail)
SOURCE Africa Oil Corp.