Africa Oil Provides Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 12, 2014) -
Africa Oil Corp. (TSX-VENTURE:AOI)(NASDAQ:AOI)(OMX:AOI) ("Africa
Oil" or the "Company") is pleased to provide the following update
on its activities in Kenya and Ethiopia. Africa Oil's work program
for 2014 will include at least 20 exploration and appraisal wells,
extended well tests on the South Lokichar basin discoveries, and
will include exploration wells targeting four new basins.
Excellent progress continues with the exploration and appraisal
program in the South Lokichar basin in Northern Kenya which is the
site of seven consecutive significant oil discoveries by Africa Oil
in conjunction with its 50% partner and Operator, Tullow Oil plc
("Tullow"). Currently three drilling rigs and a test rig are
operating in the South Lokichar basin.
Well testing at Etuko-1 from five identified Lokhone pay
intervals confirmed the previously announced discovery. Light 36
degree API waxy crude oil was successfully flowed from three zones
at a combined average rate of over 550 barrels of oil equivalent
per day. Additional potential pay zones with good oil shows were
identified in good quality Auwerwer sandstones over a 200 metre
interval shallow in the Etuko-1 well but were not able to be
evaluated due to a large hole size. The rig was skidded over and
will now drill a 650 metre well to evaluate and potentially test
this upper reservoir section.
The rig that recently completed drilling the Amosing discovery
has mobilized to the Emong prospect and spud the well on 5 February
2014. Emong-1 is located 6 kilometres to the west of Ngamia-1 and
is targeting high quality Auwerwer sandstones. The prospect is
fault offset and updip from the large Ngamia oil discovery which
has over 200 metres of net oil pay. The gross best estimate of
prospective resources for Emong are 242 million barrels of oil
based on a third-party independent resource assessment. The well
has a planned total depth of 1,500 metres and is expected to take
40 days to drill.
The rig that recently completed drilling the Ewoi discovery has
mobilized to drill the first of three planned back-to-back
appraisal wells at the large Twiga South oil discovery. Twiga
South-2 which will spud mid-February 2014, is located 2 kilometres
to the west of the Twiga South-1 discovery well and is updip on the
structure. The well is designed to assess the areal extent of the
high quality Auwerwer net pay encountered in the discovery well and
also the prospective resources associated with up to 150 metres of
shallower water bearing high quality Auwerwer net sands encountered
at Twiga South-1 that are within mapped closure at this location.
The Twiga South gross best estimate of unrisked prospective
resources for the discovery are 132 million barrels of oil based on
a third-party independent resource assessment. The well has a
planned total depth of 2,000 metres and is expected to take 45 days
to drill. An extended well test of the Twiga South field is being
planned for towards the end of the year.
A light well testing and completions rig has been mobilized and
has commenced testing operations on the Ekales oil discovery.
Testing operations on Ekales-1 are expected to be complete by end
March 2014.
A large 3D seismic survey over the western flank of the South
Lokichar basin has commenced and civils construction on several
exploration and appraisal locations is being progressed to keep
pace with the aggressive drilling program.
Given the significant contingent resources associated with
discoveries to date and the extensive exploration, appraisal and
seismic program planned to fully assess the upside of the South
Lokichar basin, the Company and its partner and Operator, Tullow,
has agreed with the Government of Kenya to commence development
studies. In addition, the partnership is involved in a
comprehensive pre-FEED study for an export pipeline. The current
ambition of the Government of Kenya and the joint venture
partnership is to reach project sanction for development, including
an export pipeline, in the period 2015/2016. If further exploration
success opens additional basins there will be scope for the
development to be expanded.
The Sala-1 well in Kenya Block 9 will spud mid-February 2014 and
Africa Oil will operate this well on behalf of its 50% joint
venture partner Marathon Oil Corporation. The prospect is a large
three way dip closed structure against the rift bounding fault in
the Cretaceous Anza rift in a similar structural setting to the
Tertiary Ngamia discovery in Block 10BB. Sala is updip from the
Bogal-1 well drilled in 2010 which appeared to find a significant
gas accumulation and also near the Ndovu-1 well drilled in 1988
which had significant shows of oil and gas. The unrisked
prospective resources for Sala are approximately 400 million
barrels of recoverable oil based on a third-party independent
resource assessment. The well has a planned total depth of 3,450
metres and is expected to complete by end April 2014. Additionally,
preparations are being made for drilling in the South Kerio and
West Turkana basins later in the year exposing the Company to
multiple potential basin opening wells in Kenya.
In the South Omo Block in Ethiopia the rig is currently moving
to the previously undrilled Chew Bahir basin, to drill the Shimela
prospect in the eastern portion of the block where new seismic has
delineated a number of exciting new prospects, some of which have
encouraging seismic amplitude anomalies that map with closure. The
well is expected to spud at the end of the first quarter of 2014
with the aim of derisking some further 15 prospects and leads
across the basin. The Company has a 30% interest in the block which
is operated by Tullow with a 50% interest and Marathon Oil holding
the remaining 20% interest.
In Block 8 in Ethiopia, drilling continues on the El Kuran-3
well with the current depth being 2,850 metres. The well
encountered a 1,200 metre section of Jurassic Hamanlei carbonates,
with wet gas and oil shows throughout the interval, similar to the
El Kuran-1 well drilled in 1972. The reservoirs are low porosity
and permeability and will require acid or fracture stimulation to
produce at commercial levels. A decision was taken to deepen the
well to the below the planned target depth to evaluate the deeper
Gumboro zone which has significant gas condensate potential. The
revised total depth of the well is 3,500 metres and is expected to
be complete in April. The Company has a 30% interest in the block
which is operated by NewAge.
Keith Hill, President and CEO of Africa Oil commented, "We have
a very exciting exploration and appraisal program set out for 2014
which will see us complete over 20 wells. Currently we have seven
rigs running and after releasing one in mid-year will have six rigs
running full time through the remainder of the year. Our program
has three objectives, to appraise the existing key discoveries, to
drill out the remaining prospects in the South Lokichar basin and
to open at least one of the four new basins being tested along
trend. Additionally, we are pushing hard to move the development
studies along with the aim of sanctioning a pipeline development
for the South Lokichar basin in the period 2015/2016. This fully
funded program should continue to deliver high potential upside
value for shareholders through this year and beyond."
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 230,000 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".
Cautionary Statements regarding Well Test Results and
Prospective Resources
The well test results reported in this press release are not
necessarily indicative of long-term performance or of ultimate
recovery.
This press release contains estimates of the gross best estimate
of prospective oil resources associated with several drilling
prospects. Please refer to the Company's press release dated
September 3, 2013 for details of the Company's prospective
resources by prospect and lead, including the geologic chance of
success, based on an independent assessment of the Company's
prospective and contingent resources in Kenya and Ethiopia,
effective July 31, 2013. There is no certainty that any portion of
the resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any
portion of the resources.
Drill stem tests are commonly based on flow periods of 1 to 3
days and build up periods of 1 to 3 days. Transient pressure
analysis is performed routinely.
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
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