Africa Oil Provides Operational Update
09 Décembre 2013 - 8:00AM
Marketwired
Africa Oil Provides Operational Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) -
(TSX-VENTURE:AOI)(OMX:AOI) Africa Oil Corp. ("Africa Oil" or the
"Company") would like to provide the following operational update
on its activities in Kenya and Ethiopia.
Drilling operations continue with strong community support in
the South Lokichar basin in Northern Kenya which is the site of
five consecutive significant oil discoveries by Africa Oil in
conjunction with its 50% partner and Operator, Tullow Oil Plc. The
Amosing well has spud and is drilling ahead on schedule. It is
located 7 kilometers southeast of the Ngamia discovery which had
over 200 meters of net pay and is a similar basin bounding fault
trap in which has been referred to as the "string of pearls" trend.
The well is expected to be completed by the end of January. The rig
which recently completed the Agete discovery with at least 100
meters of net oil pay, is being mobilized to the Ewoi prospect and
is expected to spud by the end of the year. Ewoi is a large faulted
structure updip from the recent Etuko discovery on the Rift Flank
portion of the basin. The two lightweight rigs in the basin are
currently being rigged up for testing on the Etuko and Ekales
discoveries and test results for both are expected early in the
first quarter of 2014. The 3D seismic survey over the western flank
of the basin is also expected to commence before the end of the
year and civils construction on several exploration and appraisal
locations has been accelerated to keep pace with the aggressive
planned drilling schedule.
In Kenya Block 9, the Africa Oil operated Bahasi well has been
drilled to a depth of 2900 meters, encountering metamorphic
basement at 2850 meters. A thick section of Tertiary and Cretaceous
interbedded sands and shales were encountered with only minor shows
of gas throughout the section and the well is being plugged and
abandoned. The rig will now move to the Sala location on the
northeast flank of the basin to test a large prospect in a separate
sub-basin updip from the Bogal well drilled in 2010 which appeared
to find a significant gas accumulation and also near the Ndovu well
drilled in 1988 which had good shows of oil and gas. This well is
expected to be completed by the end of the first quarter of
2014.
In the South Omo block in Ethiopia, the Tutule-1 well has
reached a total depth of 2101 meters. The well encountered a
section similar to the nearby Sabisa-1 well in the upper portion of
the well but the sands which appeared to be oil saturated in the
Sabisa well were not present on the Tutule horst block feature with
multiple volcanic units and shales in this section. There were gas
shows in the section which point to a potential hydrocarbon source
and the results of these two wells will be analyzed to determine
the future exploration program direction in the North Turkana
Basin. The OGEC rig will be moved to the Chew Bahir basin to drill
the Shimela prospect in the eastern portion of the South Omo permit
where new seismic has delineated a number of new prospects and
potential source basins. Due to the lengthy move and extensive
civil works, this well is not expected to spud until the end of the
first quarter of 2014.
In Block 8 in Ethiopia, drilling continues on the El Kuran-3
well with the current depth being 1978 meters. The well has
encountered a 1200 meter section of Jurassic Hamenlei carbonates,
with some interbedded sands and anhydrite, with wet gas and oil
shows throughout the interval, similar to the results of the El
Kuran-1 well drilled by Tenneco in 1972. These reservoirs appear to
be fairly low porosity and permeability and, as expected, will
likely require acid or fracture stimulation to produce at
commercial levels. Oil and gas-condensate was recovered from one of
sample chambers and is being sent for analysis. At the base of the
well, a flow of gas was encountered and the well has been suspended
in order to mobilize test equipment to evaluate this zone. A
decision has also been taken to deepen the well below the planned
target depth to evaluate the deeper Gumboro zone which has
significant gas condensate potential. With the recent announcement
of a Chinese company entering the basin and potentially providing
export infrastructure, the economics of the basin could be vastly
improved.
Africa Oil CEO Keith Hill stated, "While we are disappointed
that the Bahasi and Tutule wells did not find commercial
hydrocarbons, we look forward to aggressively pursuing other
exploration opportunities in other sub-basins within these two
large blocks and in the other 9 new basins yet to be drilled. The
exploration, appraisal and development studies in the proven South
Lokichar Basin continue to be our main focus, but we are still
confident we will unlock other productive basins on this trend.
This fully funded increased level of activity, with a minimum of
six rigs working full time for the foreseeable future, should
continue to deliver high potential upside value for shareholders in
2014 and beyond."
Africa Oil Corp. is a Canadian oil and gas company with
assets in Kenya and Ethiopia as well as Puntland (Somalia) through
its 45% equity interest in Horn Petroleum Corporation. Africa Oil's
East African holdings are within a world-class exploration play
fairway with a total gross land package in this prolific region in
excess of 250,000 square kilometers. The East African Rift Basin
system is one of the last of the great rift basins to be explored.
Five new significant discoveries have been announced in the
Northern Kenyan basin in which the Company holds a 50% interest
along with operator Tullow Oil plc. The Company is listed on the
TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm
under the symbol "AOI".
ON BEHALF OF THE
BOARD
"Keith C.
Hill"
President and
CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is
Pareto Securities AB.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
Certain statements made 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. Forward-looking statements include, but
are not limited to, statements with respect to estimates of
reserves and or resources, future production levels, future capital
expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development
activities, ultimate recovery of reserves or resources and dates by
which certain areas will be explored, developed or reach expected
operating capacity, that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management.
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, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in
those forward-looking statements are reasonable, but 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 oil
prices, results of exploration and development activities,
uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
Africa Oil Corp.Sophia ShaneCorporate Development(604)
689-7842(604)
689-4250africaoilcorp@namdo.comwww.africaoilcorp.com
Africa Oil Corp. (TSXV:AOI)
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