VANCOUVER,
BC, Feb. 8, 2024 /CNW/ - (TSX: AOI)
(Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa
Oil", "AOC" or the "Company") notes the statements made by
TotalEnergies, the operator of Block 2913B offshore Namibia, in their 2023 Results Presentation,
delivered yesterday, regarding the ongoing exploration and
appraisal activities on Block 2913B. Africa Oil has an interest in this
block through its 31.1% shareholding in Impact Oil & Gas
Limited ("Impact"). View PDF version
Mangetti-1X exploration well has intersected
hydrocarbon-bearing intervals in the Mangetti fan prospect, a
separate system to the Venus oil discovery. Mangetti-1X also
achieved its secondary objective of successfully intersecting and
appraising the northern area of the Venus accumulation. Mangetti
has the potential to add additional recoverable resources on Block
2913B, and the joint venture partners
are working to determine the next step in the evaluation
process.
The acquisition of 3D seismic in the southern
area of Block 2913B, is progressing
with the aim of evaluating additional drilling targets.
The Company also notes the press release by
TotalEnergies, operator of PML 2 that covers the Akpo field,
offshore Nigeria, announcing the
start-up of production from Akpo
West.
Located 135 kilometers off the coast,
Akpo West is tied back to the
existing Akpo Floating Production Storage and Offloading ("FPSO")
facility, which started-up in 2009 and produced 124,000 barrels of
oil equivalent per day in 2023. By mid-2024, Akpo West will add 14,000 barrels of condensate
production per day, to be followed by up to 4 million cubic meters
of gas per day by 2028. Africa Oil has an interest in PML 2 through
its 50% ownership in Prime Oil & Gas Coöperatief U.A, which has
a 16% interest in PML 2.
Africa Oil President and CEO, Roger Tucker commented: "The positive
results of the Mangetti-1X well present us with a new fairway
opportunity, potentially adding a new recoverable resource base on
Block 2913B. Our involvement in Block
2913B continues to be exciting, with
further work underway to understand the potential of Mangetti,
alongside the Venus-2A appraisal well, currently drilling.
Africa Oil is encouraged to have the operator's
confirmation of the start-up of production on Akpo West. Utilizing the existing Akpo FPSO,
Akpo West presents us with
advantaged and high netback production in a low operating cost and
with a low emission project."
Block 2913B (PEL 56) and the Venus Discovery
Petroleum Exploration License 56, Block
2913B, is located offshore southern
Namibia and covers approximately
8,215 km² in water depths between 2,450m and 3,250m.
Impact currently holds a 20.0% interest in this block.
TotalEnergies, the operator, holds a 40.0% interest, QatarEnergy
holds a 30.0% interest, NAMCOR, the Namibian state oil company,
holds a 10.0% interest. On the closing of the strategic farmout
agreement between Impact and TotalEnergies, announced on
January 10th, 2023,
Impact will hold a 9.5% carried interest in this block.
Please use this link to access the press release for more
information:
https://africaoilcorp.com/site/assets/files/1861/africa_oil_corp_africa_oil_announces_strategic_farmout_c2_a0of_impac.pdf
Block 2913B
contains the world class Venus light oil and associated gas field
that was discovered by the Venus-1X well drilled in 2022, which
encountered high-quality light oil-bearing sandstone reservoir of
Lower Cretaceous age. This well was re-entered, side-tracked and
tested in in third quarter 2023, achieving positive test results.
These results are being interpreted and incorporated into the
development studies for the field.
Further appraisal of the Venus structure was
undertaken with the drilling and testing of the Venus-1A appraisal
well. A fourth appraisal well on the Venus structure, Venus-2A, is
currently drilling.
In addition to the on-going drilling operations a
3D seismic acquisition program over the southern part of Block
2913B is currently under way. This
program will cover an area where further follow-on prospectivity
bas been identified from existing 2D seismic data sets.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas
company with producing and development assets in deepwater
Nigeria and an
exploration/appraisal portfolio in west and south of Africa, as well as Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Additional
Information
This information is information that Africa Oil
is obliged to make public pursuant to the EU Market Abuse
Regulation and the Swedish Financial Instruments Trading Act. The
information was submitted for publication, through the agency of
the contact persons set out above, at 2:00
a.m. ET on February 8,
2024.
Forward-Looking
Information
Certain statements and information contained
herein constitute "forward-looking information" (within the meaning
of applicable Canadian securities legislation), Including
statements related to evaluation of Mangetti, appraisal of Venus,
possible future drilling of other exploration targets offshore
Namibia, including the acquisition
of 3D seismic on Block 2913B,
potential development of the Venus field, and Akpo West production. Such statements and
information (together, "forward-looking statements") relate to
future events or the Company's future performance, business
prospects or opportunities.
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, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining production, schedules
and costs of exploratory drilling activity including those offshore
Namibia, uninsured risks,
regulatory and fiscal changes, availability of materials and
equipment, unanticipated environmental impacts on operations,
duration of the drilling program, availability of third party
service providers and defects in title. 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
macro-economic conditions and their impact on operations, changes
in oil prices, reservoir and production facility performance,
hedging counterparty contractual performance, results of
exploration and development activities, cost overruns, uninsured
risks, regulatory and fiscal changes including uncertainties around
applicable corporate income tax in Nigeria, defects in title, claims and legal
proceedings, availability of materials and equipment, availability
of skilled personnel, timeliness of government or other regulatory
approvals, actual performance of facilities, joint venture partner
underperformance, availability of financing on reasonable terms,
availability of third party service providers, equipment and
processes relative to specifications and expectations and
unanticipated environmental, health and safety impacts on
operations. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
SOURCE Africa Oil Corp.