Africa Oil Announces Two Additional Oil Discoveries in Kenya
15 Janvier 2014 - 8:00AM
Marketwired
Africa Oil Announces Two Additional Oil Discoveries in Kenya
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 15, 2014) -
(TSX-VENTURE:AOI)(OMX:AOI) Africa Oil Corp. ("Africa Oil" or the
"Company") is pleased to announce that the Amosing-1 and Ewoi-1
exploration wells in Block 10BB, onshore Northern Kenya, have
resulted in the discovery of two new large oil fields. These two
wells continue the 100% success rate in the South Lokichar Basin
with seven out of seven discoveries to date.
Based on results of drilling, wireline logs and samples of
reservoir fluid, the Amosing-1 well has intersected potential net
oil pay of 160 to 200 metres, significantly exceeding pre-drill
expectations. Amosing is located 7 kilometres southwest of the
previously announced Ngamia discovery along the western basin
bounding fault trend commonly referred to as the "string of
pearls".
On the eastern side of the basin known as the rift flank play,
the Ewoi-1 well has encountered potential net pay of 20 to 80
metres and has continued to de-risk the basin flank play opened up
by the Etuko-1 well in 2013 located 4 kilometres to the east.
Following completion of logging operations, the wells will be
suspended for future flow testing which will confirm the net pay
counts. These two rigs will mobilize to drill the Emong-1 prospect
(formerly called Ngamia West), and the Twiga South-2 appraisal
well, both located in Block 13T.
Africa Oil has a 50% interest in both discoveries with operator
Tullow Oil plc holding the remaining 50% interest.
The Etuko-1 well testing in Block 10BB is underway and is
scheduled to be completed later this month and the Ekales-1 well
test should commence shortly. Drilling continues on the El Kuran
discovery in the Somali region of Ethiopia and is expected to reach
the new revised total depth of 3,500 metres by the end of the first
quarter. New basin opening wells at Sala-1 in Block 9 in Kenya and
the Shimela-1 well in the Chew Bahir Basin in South Omo Block in
Ethiopia are expected to spud in February and April, respectively.
The partnership has elected not to continue into the next
exploration phase in Block 10A in Kenya and the previously planned
test of the Paipai well has been cancelled due to concerns over
economic viability.
Keith Hill, President and CEO of Africa Oil commented, "The
continued success of our exploration program in northern Kenya will
allow us to drive development plans forward with greater certainty.
Given that we have now had a 100% success rate on exploration
prospects in the basin, we expect to see more growth in resources
and more discoveries as our aggressive drilling program unfolds in
2014. In addition, the several new analogous basin opening wells
being drilled during this program also have the potential to bring
a step change in company valuation upon success."
About Africa Oil
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.
Seven 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".
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.
ON BEHALF OF THE
BOARD
Keith C. Hill,
President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North
Stockholm 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.
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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