Africa Oil Provides Operational Update and Year-End Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 27, 2014) -
Africa Oil Corp. (TSX-VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the
"Company") is pleased to provide year-end financial results and an
update on its operations in Kenya and Ethiopia.
Seven rigs are
currently active on the Company's blocks including four rigs on
Blocks 13T and 10BB in the Tertiary Lokichar Basin in Western
Kenya, one rig on Block 9 in the Cretaceous Anza rift in Northern
Kenya, one rig in the South Omo Block in the Tertiary basin in
Southern Ethiopia and one rig in Block 8 in the Jurassic/Triassic
basin in the Somali region of Ethiopia.
In the Lokichar
Basin, two rigs are drilling exploration/appraisal wells and two
rigs are conducting testing operations. Africa Oil Kenya BV holds a
50% working interest in these blocks along with partner Tullow Oil
plc who holds the remaining interest and is operator.
The Weatherford 804
rig has completed drilling operations on the Emong prospect. The
well was located approximately four kilometres northwest of the
Ngamia-1 field discovery and was drilled to a total depth of 1,394
metres. It encountered oil and gas shows while drilling, however
the Auwerwer sandstones that are the primary reservoirs in the
Ngamia field were thin and poorly developed in Emong-1 and the well
was plugged and abandoned. It is believed that the reservoir was
poorly developed due to its proximity to the basin bounding fault
and its location within what appears to be a local isolated slumped
fault margin. The results are not expected to impact the thickness
and quality of reservoir throughout the main Ngamia field area.
This rig will now move to the Ekunyuk prospect on the eastern flank
play which is on trend with recent discoveries at Etuko and
Ewoi.
The Sakson PR-5 rig
is continuing drilling operations on the Twiga-2 updip appraisal
well and is expected to be completed in mid-April. This rig will
then move to drill a downdip appraisal of the Amosing discovery,
which appears to have high quality reservoir and may be one of the
largest discoveries in the basin to date.
Testing operations
have been completed on the Ekales-1 well using the SMP-5 rig and
have confirmed this significant discovery. Two DST's were completed
and flowed a combined rate of over 1,000 barrels of oil per day
from a combined 41 metre net pay interval. The upper zone had a
very high productivity index of 4.3 stb/d/psi. This rig will next
test the Agete discovery.
The Etuko-2 well was
drilled by the PR Marriott 46 rig as an exploration well to test
the upper Auwerwer sands overlying the previously announced Etuko
discovery. The well penetrated a potential significant oil column
identified from formation pressure data and oil shows while
drilling and in core, with good quality reservoir, but flowed only
water on drill stem test. The results are considered inconclusive
and analysis is underway to consider further options to evaluate
this reservoir. This rig will next drill the Ngamia-2 appraisal
well.
The Great Wall 190
rig is drilling ahead on schedule and budget at the Sala prospect
in the Cretaceous Anza graben. This well is operated by Africa Oil
Kenya B.V. which holds a 50% interest and operatorship with partner
Marathon Kenya Limited B.V., a subsidiary of Marathon Oil
Corporation holding the remaining 50%. The well is currently at
approximately 1500 metres depth and drilling ahead. Results of this
well are expected to be announced in the second quarter.
The Shimela prospect in the South Omo Block in Ethiopia is
expected to spud before the end of March and will target a new
basin in the Tertiary trend, the Chew Bahir Basin. Numerous
potential hydrocarbon indicators have been observed on seismic in
this basin and if this well is successful in proving up an active
petroleum system and thus "opening" the basin, numerous other
prospects identified in the basin will be de-risked. This rig will
next drill the Gardim prospect in the southern portion of the
basin. Both wells are basin bounding fault prospects similar to the
Ngamia/Amosing/Twiga discoveries in the Lokichar basin.
The El Kuran-3 well,
in the Somali region of Ethiopia, has reached a total depth of
3,528 metres and is currently undergoing logging and evaluation
prior to taking a decision on the way forward on the well. There
have been numerous oil and gas shows in the well which is a follow
up to a discovery made by Tenneco in the 1970's. There appears to
be a significant amount of oil and gas in several intervals and the
primary issues are the quality of the reservoir and potential
commerciality given the remote location.
Keith Hill,
President and CEO of Africa Oil, commented, "We are very pleased
that all wells in the Lokichar Basin continue to find hydrocarbons
indicating a very rich prolific source rock. We continue to gather
key reservoir data through drilling and testing, with particular
emphasis on understanding the distribution of the most productive
reservoirs in the basin. This understanding should be enhanced with
the addition of the 3D seismic survey which should allow us to
develop a comprehensive reservoir model which will be essential for
moving the Lokichar basin into development. We are on track to
drill six very exciting potential basin-opening wells in 2014
including wildcat wells in the Chew Bahir, West Turkana, and South
Kerio Basins, and along the eastern flank of the Anza Basin in
addition to at least three additional exploration targets in the
Lokichar Basin."
The Company is also
actively pursuing pre-development studies in the Block 10BB/13T
area including commencement of the front end engineering design
(FEED) and environmental and social impact assessment (ESIA)
studies for the pipeline, export terminal and field facilities. It
is the goal of the partnership to conclude these studies and
achieve project sanction by the end of 2015/early 2016.
Significant Events
in 2013
- Africa Oil ended the year with cash of $493.2 million and
working capital of $439.8 million. In October, the Company
completed a brokered private placement issuing an aggregate of
56,505,217 common shares at a price of 51.75 Swedish Kronas ("SEK")
per common share for net proceeds of $440 million significantly
improving the Company's liquidity and capital resource
position.
- During 2013, the Company completed seven exploration wells and
two multi-zone well tests across its blocks and exited the year
with three wells drilling and one well under test.
- During the first half of the 2013, the Company completed a
series of well tests at both Twiga South-1 and Ngamia-1 on Blocks
13T and 10BB in Kenya, respectively. These successful well tests
confirmed over 5,000 barrels of oil per day ("bopd") flow potential
per well and doubled the previous estimates of net oil pay.
Transient Pressure Analysis has been conducted on the Twiga South-1
and Ngamia-1 well tests. No pressure depletion was recorded over
the duration of the tests.
- In July 2013, the Company announced a new oil discovery at
Etuko-1. Etuko-1 is located 14 kilometres east of Twiga South-1 in
Block 10BB and was the first test of the Basin Flank Play in the
eastern part of the South Lokichar Basin. The well encountered
approximately 40 metres of net oil pay in the Auwerwer and Upper
Lokhone targets and approximately 50 metres of additional potential
net pay in the Lower Lokhone interval based on log analysis. In
February 2014, the Company announced the results of five well tests
conducted on five Lokhone pay intervals in Etuko-1. 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.
- In September 2013, the Company announced a new oil discovery at
Ekales-1 located in the Basin Bounding Fault Play between the
Ngamia-1 and Twiga South-1 discoveries. Logs indicated a potential
pay zone of 60 to 100 metres to be confirmed by flow testing.
- In November 2013, the Company announced a new oil discovery at
Agete-1 located seven kilometres north of the Twiga South-1
discovery along the Basin Bounding Fault Play in Block 13T. Logs
indicated a significant oil column with an estimated 100 metres of
net oil pay in good quality sandstone reservoirs. Well testing will
commence imminently and an appraisal well is planned in the first
half of 2014.
- In January 2014, the Company announced a new oil discovery at
Amosing-1 located seven kilometres southwest of the Ngamia-1
discovery along the Basin Bounding Fault Play in Block 10BB. Logs
indicate 160 to 200 metres of potential net oil pay in good quality
sandstone reservoirs. Well testing and an appraisal well are
planned for the first half of 2014.
- Also in January 2014, the Company announced a new oil discovery
at Ewoi-1 located four kilometres to the east of the Etuko-1
discovery in the Basin Flank Play on the eastern side of the South
Lokichar Basin in Block 10BB. Logs indicate potential net pay of 20
to 80 metres to be confirmed by well testing.
- Given the significant volumes discovered and the extensive
exploration and appraisal program planned to fully assess the
upside potential of the basin, the Tullow-Africa Oil joint venture
has agreed with the Government of Kenya to commence development
studies. In addition, the partnership is involved in a
comprehensive pre-FEED study of the 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, by the end of 2015 or early 2016.
- To facilitate these development activities in parallel with
exploration and appraisal, an "Area of Interest" (AOI) encompassing
the South Lokichar Basin discoveries and further prospects in
Blocks 10BB and 13T, was agreed with the Government of Kenya in
February 2013. This agreement allows a multiple field approach to
development of the resources while permitting the continued focus
on exploration to increase the resource base while concurrently
appraising discoveries.
- All operations in Block 10BB and Block 13T in Northern Kenya
were temporarily suspended for approximately 12 days beginning on
October 28, 2013 as a precautionary measure following
demonstrations by members of local communities. Operations resumed
after successful discussions relating to the operating environment
with central and regional government and local community leaders.
These discussions led to the signing of a Memorandum of
Understanding which clearly lays out a plan for the Government of
Kenya, county government, local communities in Northern Kenya and
the Tullow-Africa Oil joint venture to work together inclusively
over the long-term and to ensure operations can continue without
disruption in the future.
- In the first quarter of 2013, the Tullow-Africa Oil joint
venture tested a Cretaceous play in the Anza Basin with the
Paipai-1 commitment well in Block 10A (Kenya), encountering light
hydrocarbon shows. Due to concerns over economic viability, the
Company and its partners have relinquished Block 10A. As a result,
the Company recorded a $22.9 million impairment of intangible
exploration assets in the fourth quarter of 2013.
- In December 2013, the Company reported that the Bahasi-1 well
on Block 9 in Kenya, had only encountered minor shows of gas. The
rig then moved to drill Sala-1 on the northeastern flank of the
basin to test a large prospect in the Cretaceous Anza rift, which
is up-dip of two wells that had significant hydrocarbon shows. The
Sala-1 well is currently drilling and is expected to complete in
the second quarter of 2014.
- In July 2013, the Company reported that the Sabisa-1 well on
the South Omo Block in Ethiopia, the most northerly well drilled on
the Tertiary rift trend to date, had confirmed a viable hydrocarbon
system with oil and heavy gas shows. In December 2013, the Company
announced that the potential hydrocarbon bearing sands in Sabisa-1
were not present at the Tultule-1 well location. 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. Preparations are underway to drill two exploration
wells in the Chew Bahir Basin, located to the east of the South Omo
Block, in 2014. The first of these wells, Shimela-1, will spud
imminently.
- The Company and its partners continued to actively acquire,
process and interpret an extensive 2D seismic program totaling
approximately 3,044 kilometres during 2013 over Blocks 10BA, 10BB,
12A, 13T in Kenya and the South Omo Block in Ethiopia with two
onshore and one offshore 2D seismic crews operating through the
year. A third onshore 2D seismic crew operating in the South Omo
Block was released in May 2013 after completing 1,174 kilometres of
2D seismic. During 2014, the Company is planning to acquire 1,270
kilometres 2D seismic over the North Lokichar and Kerio Basins
covering Blocks 10BB, 10BA and 13T. In addition, the Company and
its partner in Blocks 10BB and 13T have commenced the acquisition a
550 square kilometre 3D seismic survey over the discoveries and
prospects along the western basin bounding fault in the South
Lokichar Basin.
- In September 2013, the Company announced details of an updated
independent assessment of the Company's contingent and prospective
resources on its Kenyan and Ethiopian exploration properties. The
effective date of this assessment was 31 July 2013 and it was
carried out in accordance with the standards established by the
Canadian Securities Administrators in National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities. The assessment
confirmed that the discovered South Lokichar Basin in Northern
Kenya contains gross contingent resources of 368 million barrels of
oil in the first three of seven discoveries in the basin, an
increase of 557% over the assessment conducted in mid 2012. In
addition, gross risked prospective resources of 1,213 million
barrels of oil are estimated for the South Lokichar Basin. Net
Contingent Resources for the Company are estimated at 231 million
barrels of oil. Net Unrisked Prospective Resources for the Company
are estimated at 9,647 million barrels of oil (excluding Puntland)
and Net Risked Prospective Resources at 1,294 million barrels of
oil (excluding Puntland). Please refer to the Company's press
release dated September 3, 2013 for details of the prospective and
contingent resources by prospect and lead, including the geologic
chance of success. Plans are underway to update this independent
resource assessment to include well results since July 2013 for
release in the second quarter of 2014. The Company has a
significant exploration and appraisal program set out for 2014
which will see over 20 wells completed. The program is focused on
drilling out the remaining prospect inventory in the South Lokichar
Basin, appraising existing and future discoveries with the aid of
the new 3D Seismic survey, drilling six new basin opening wells and
progressing the South Lokichar Basin development studies towards
project sanction. This significant program in 2014 is fully
funded.
2013 Financial and Operating Highlights
Consolidated Statement of Net Income (Loss) and Comprehensive
Income (Loss) (Thousands of United States Dollars)
For the years ended |
December 31, |
December 31, |
|
2013 |
2012 |
|
Operating expenses |
|
|
|
Salaries and benefits |
$
5,040 |
$
3,665 |
|
Stock-based compensation |
12,746 |
4,943 |
|
Travel |
1,588 |
1,469 |
|
Office and general |
1,160 |
1,012 |
|
Donation |
1,151 |
2,313 |
|
Depreciation |
55 |
48 |
|
Professional fees |
786 |
4,187 |
|
Stock exchange and filing fees |
969 |
916 |
|
Impairment of intangible exploration assets |
22,874 |
3,127 |
|
46,369 |
21,680 |
Finance income |
(4,141) |
(1,727) |
Finance expense |
9,210 |
164 |
Net loss and comprehensive loss |
51,438 |
20,117 |
Net income and comprehensive income attributable to
non-controlling interest |
(1,222) |
(2,676) |
Net loss and comprehensive loss attributable to common
shareholders |
52,660 |
22,793 |
Net loss attributable to common shareholders per
share |
|
|
|
Basic |
$
0.20 |
$
0.10 |
|
Diluted |
$ 0.20 |
$ 0.10 |
Weighted average number of shares outstanding for the
purpose of calculating earnings per share |
|
|
|
Basic |
263,081,763 |
220,664,278 |
|
Diluted |
263,081,763 |
220,664,278 |
Operating expenses
increased $24.7 million for the year ended December 31, 2013
compared to the prior year. The Company recorded a $22.9 million
impairment of intangible exploration assets relating to Block 10A
in Kenya in 2013, while in 2012, the Company recorded a $3.1
million impairment of intangible exploration assets relating to
Blocks 7 and 11 in Mali. The increase of $7.8 million in stock
-based compensation is attributable to an increase in the number of
options granted in 2013 compared to 2012. The $3.4 million decrease
in professional fees was mainly the result of 420,000 common shares
issued in 2012 as a settlement of claimed professional fees
relating to previously completed farmout transactions. The $1.4
million increase in salary and benefits is the result of increased
operational activity and increased headcount in 2013. The Company
made $1.2 million donation in 2013 and a $2.3 million donation in
2012, both to the Lundin Foundation.
Financial income and
expense is made up of the following items:
For the years ended |
December 31, |
December 31, |
|
2013 |
2012 |
|
Loss on marketable securities |
- |
(124) |
Fair value adjustment - warrants |
3,115 |
832 |
Interest and other income |
1,026 |
326 |
Bank charges |
(24) |
(40) |
Foreign exchange gain (loss) |
(9,186) |
569 |
|
Finance income |
4,141 |
1,727 |
Finance expense |
(9,210) |
(164) |
The loss on
revaluation of marketable securities is the result of a decrease in
the value of 10 million shares held in Encanto Potash Corp which
were acquired as part of the acquisition of Lion. These shares were
sold during the first quarter of 2012.
At December 31,
2013, nil warrants were outstanding in AOC and 9.5 million warrants
were outstanding in Horn. AOC holds 2.2 million of the warrants
outstanding in Horn. The Company recorded a $3.1 million gain on
the revaluation of warrants for the year ended December 31, 2013
due to a reduction in the number of Horn warrants outstanding, a
reduction of the remaining life of the Horn warrants that remain
outstanding, and a reduction in the volatility of the Horn's share
price. The Company will record fair market value adjustments on the
Horn warrants until they are exercised or they expire (all expire
in June 2014).
Interest income
increased in 2013 due to a significant increase in cash late in the
fourth quarter of 2012 and in the fourth quarter of 2013 as a
result of cash received from the non-brokered private placement in
December 2012 and the brokered private placement in October of
2013, respectively.
During October of
2013, the Company entered into an economic hedge in an effort to
mitigate exposure to fluctuations in the US dollar versus the
Swedish Krona exchange rate between the date the private placement
was announced and the date the private placement closed, in which
the Company issued shares for Swedish Krona. As a result, the
Company incurred foreign exchange losses on the foreign currency
instrument of $7.4 million in the fourth quarter of 2013. The
remaining foreign exchange gains and losses are primarily related
to changes in the value of the Canadian dollar in comparison to the
US dollar. Historically, the Company has recorded foreign exchange
gains when the Canadian dollar has strengthened versus the US
dollar, and has recorded losses when the Canadian dollar has
weakened versus the US dollar.
Consolidated Balance
Sheets (Thousands United States Dollars)
|
December 31, |
December 31, |
|
2013 |
2012 |
|
ASSETS |
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$
493,209 |
$
272,175 |
|
Marketable securities |
- |
- |
|
Accounts receivable |
3,195 |
2,848 |
|
Prepaid expenses |
1,379 |
1,124 |
|
497,783 |
276,147 |
Long-term assets |
|
|
|
Restricted cash |
1,250 |
1,119 |
|
Property and equipment |
103 |
82 |
|
Intangible exploration assets |
488,688 |
282,109 |
|
490,041 |
283,310 |
|
Total assets |
$ 987,824 |
$ 559,457 |
|
LIABILITIES AND EQUITY |
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$
57,976 |
$
36,188 |
|
Current portion of warrants |
1 |
2,288 |
|
57,977 |
38,476 |
Long-term liabilities |
|
|
|
Warrants |
- |
828 |
|
- |
828 |
|
Total liabilities |
57,977 |
39,304 |
|
Equity attributable to common shareholders |
|
|
|
Share capital |
1,007,414 |
558,555 |
|
Contributed surplus |
24,396 |
12,123 |
|
Deficit |
(150,736) |
(98,076) |
|
881,074 |
472,602 |
|
Non-controlling interest |
48,773 |
47,551 |
Total equity |
929,847 |
520,153 |
Total liabilities and equity |
$ 987,824 |
$ 559,457 |
The increase in
total assets from 2012 to 2013 is due to the brokered private
placement in October 2013 which raised $440 million net of issuance
costs and related foreign exchange.
Consolidated
Statement of Cash Flows (Thousands United States Dollars)
|
December 31, |
December 31, |
|
2013 |
2012 |
Cash flows provided by (used in): |
|
|
Operations: |
|
|
|
Net loss and comprehensive loss for the year |
$
(51,438) |
$
(20,117) |
|
Items not affecting cash: |
|
|
|
|
Stock-based compensation |
12,746 |
4,943 |
|
|
Share-based expense |
- |
3,763 |
|
|
Depreciation |
55 |
48 |
|
|
Loss on marketable securities |
- |
124 |
|
|
Impairment of intangible exploration assets |
22,874 |
3,127 |
|
|
Fair value adjustment - warrants |
(3,115) |
(832) |
|
|
Foreign exchange loss related to financing |
7,396 |
- |
|
|
Unrealized foreign exchange loss |
25 |
1,055 |
|
|
Changes in non-cash operating working capital |
(756) |
(657) |
|
(12,213) |
(8,546) |
Investing: |
|
|
|
|
Property and equipment expenditures |
(76) |
(91) |
|
|
Intangible exploration expenditures |
(229,453) |
(133,823) |
|
|
Farmout proceeds |
- |
34,259 |
|
|
Proceeds from sale of marketable securities |
- |
2,442 |
|
|
Changes in non-cash investing working capital |
21,942 |
12,373 |
|
(207,587) |
(84,840) |
Financing: |
|
|
|
|
Common shares issued |
448,386 |
255,169 |
|
|
Foreign exchange loss related to financing |
(7,396) |
- |
|
|
Deposit of cash for bank guarantee |
(1,250) |
(375) |
|
|
Release of bank guarantee |
1,119 |
2,175 |
|
440,859 |
256,969 |
Effect of exchange rate changes on cash and cash
equivalents denominated in foreign currency |
(25) |
(966) |
Increase in cash and cash equivalents |
221,034 |
162,617 |
Cash and cash equivalents, beginning of year |
272,175 |
$ 109,558 |
Cash and cash equivalents, end of year |
493,209 |
$ 272,175 |
|
Supplementary information: |
|
|
|
|
Interest paid |
Nil |
Nil |
|
|
Income taxes paid |
Nil |
Nil |
The increase in cash
for the year ended December 31, 2013 is mainly the result of the
brokered private placement in October 2013 which raised $440
million in cash net of issuance costs and related foreign exchange,
offset partially by intangible exploration expenditures and
cash-based operating expenditures.
Consolidated
Statement of Equity (Thousands United States Dollars)
|
December 31, |
December 31, |
|
2013 |
2012 |
|
Share capital: |
|
|
|
Balance, beginning of year |
$
558,555 |
$
306,510 |
|
Private placement, net |
447,355 |
226,446 |
|
Exercise of warrants |
- |
14,340 |
|
Shares issued in lieu of professional fees |
- |
3,763 |
|
Exercise of options |
1,504 |
7,496 |
|
Balance, end of year |
1,007,414 |
558,555 |
Contributed surplus: |
|
|
|
Balance, beginning of year |
$
12,123 |
$
8,425 |
|
Exercise of Horn warrants |
- |
1,148 |
|
Stock based compensation |
12,746 |
4,943 |
|
Exercise of options |
(473) |
(2,393) |
|
Balance, end of year |
24,396 |
12,123 |
Deficit: |
|
|
|
Balance, beginning of year |
$
(98,076) |
$
(75,283) |
|
Dilution loss through equity |
- |
- |
|
Net loss and comprehensive loss attributable to common
shareholders |
(52,660) |
(22,793) |
|
Balance, end of year |
(150,736) |
(98,076) |
|
Total equity attributable to common shareholders |
$ 881,074 |
472,602 |
Non-controlling interest: |
|
|
|
Balance, beginning of year |
$
47,551 |
$
36,296 |
|
Non-controlling interest on issuance of Horn shares |
- |
8,579 |
|
Net income and comprehensive income attributable to non-controlling
interest |
1,222 |
2,676 |
|
Balance, end of year |
48,773 |
47,551 |
|
Total equity |
$ 929,847 |
$ 520,153 |
The Company's
consolidated financial statements, notes to the financial
statements, management's discussion and analysis for the year ended
December 31, 2013 and the 2013 Annual Information Form have been
filed on SEDAR (www.sedar.com) and are available on the Company's
website (www.africaoilcorp.com).
Outlook
The Company has
increased the pace of exploration significantly during 2013. Seven
rigs are currently operating. Completion of the brokered private
placement in October 2013 has increased the Company's liquidity and
capital resource position which is expected to fund the Company's
portion of exploration, appraisal and development activities until
mid 2015.
The near term focus
of exploration is to continue drilling and testing wells in the
South Lokichar Basin in Northern Kenya improving on recent cost
efficiencies realized while continuing to grow the Company's
contingent resource base, and to drill potential basin-opening
wells in the Turkana, Chew Bahir, Kerio, and Anza basins within
Kenya and Ethiopia.
The results to date
onshore Kenya are an important step towards understanding the
potential and commerciality of the South Lokichar Basin. Resources
discovered to date are of a scale that the Tullow-Africa Oil joint
venture has initiated discussions with the Government of Kenya and
other relevant stakeholders regarding development options including
an export pipeline. It is understood that discussions are ongoing
between the Governments of Kenya, Uganda and Sudan regarding a
regional crude oil pipeline export system to Lamu in Kenya and the
Government of Kenya has indicated that it will issue an Expression
of Interest within the next few months seeking parties willing to
fund, build and operate the pipeline system.
In 2014, the Company expects to drill six new basin opening
wells, drill all key prospects in the South Lokichar Basin, fully
appraise the Ngamia and Twiga discoveries, and have a defined
understanding of development.
Cautionary
Statements regarding Well Test Results
Drill stem tests are
commonly based on flow periods of 1 to 5 days and build up periods
of 1 to 3 days. Pressure transient analysis has not been carried
out on all well tests and the results should therefore be
considered as preliminary. Well test results are not necessarily
indicative of long-term performance or of ultimate recovery.
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.
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 215,000 square
kilometres. 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".
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.
Africa Oil Corp.Sophia ShaneCorporate Development(604)
689-7842(604)
689-4250africaoilcorp@namdo.comwww.africaoilcorp.com
Africa Oil Corp. (TSXV:AOI)
過去 株価チャート
から 5 2024 まで 6 2024
Africa Oil Corp. (TSXV:AOI)
過去 株価チャート
から 6 2023 まで 6 2024