Africa Oil Announces Farmouts in the Rift Basin Area and Adigala Blocks in Ethiopia
2014年3月4日 - 4:00PM
Marketwired
Africa Oil Announces Farmouts in the Rift Basin Area and Adigala
Blocks in Ethiopia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 4, 2014) -
Africa Oil Corp. (TSX-VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the
"Company") is pleased to announce that it has received Ethiopian
government approval in respect of two farmout agreements:
- Marathon Oil Corporation (NYSE:MRO) ("Marathon Oil"), through
its wholly-owned subsidiary Marathon Ethiopia Limited B.V., will
acquire a 50% interest in the Rift Basin Area;
- New Age Ethiopia Limited ("New Age") will acquire a 40%
interest in the Adigala Block.
Under the terms of the Marathon Oil farmout agreement, Marathon
Oil will acquire a 50% interest in the Rift Basin Area in Ethiopia.
Africa Oil will maintain operatorship of the block, but Marathon
Oil has the right to assume operatorship if a commercial discovery
is made. In consideration for the assignment of this interest,
Marathon Oil will pay Africa Oil an entry payment of $3 million in
respect of past costs, and has agreed to fund $15 million of Africa
Oil's working interest share of joint venture expenditures in the
Rift Basin Area. Africa Oil and Marathon Oil are pleased to
complete the final tranche of the farmout transaction originally
announced in July 2012 (press release dated July 23, 2012).
Completion of this transaction is anticipated in March 2014.
Following completion, Africa Oil and Marathon Oil will each hold a
50% working interest in the Rift Basin Area.
The Rift Basin Area covers 42,519 square kilometres and is on
trend and extending to the northeast of the highly prospective
blocks in the Tertiary rift valley including the South Omo Block,
and Kenyan Blocks 10BA, 10BB, 13T, and 12A. A 1,200 kilometre 2D
seismic survey is anticipated to be acquired during the second half
of 2014.
Under the terms of the New Age farmout agreement, New Age will
acquire an additional 40% working interest in the Adigala Block, in
Ethiopia. Following completion, Africa Oil's interest will be
reduced to 10%. In consideration of the assignment New Age will
carry Africa Oil's working interest share of a planned 1,000
kilometre 2D seismic work program in the Adigala Block. Completion
of this transaction is anticipated in March 2014.
Keith Hill, Africa Oil's President and CEO, stated, "We are very
pleased to receive government approval to complete these farmout
transactions as we continue to actively manage our highly
prospective East African acreage portfolio. We look forward to
continuing to work with Marathon Oil as a partner given their
stature and long history of success in the oil and gas business. 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 at
least 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 by the end of
2015 or early 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".
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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