VANCOUVER, BC, Nov. 1, 2024
/CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa
Oil Corp. ("Africa Oil", "AOC" or the "Company") is
pleased to announce that the Nigerian Upstream Petroleum Regulatory
Commission ("NUPRC") has renewed Petroleum Mining Lease 52
("PML 52"), containing the Agbami field, for a period of 20
years effective from November 24, 2024. View PDF version
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "The renewal of
PML 52 follows last year's renewal of the licenses for Prime's
Akpo, Egina and Preowei fields. With respective 20-year renewals
for each of these fields, our long-term production outlook from
these high quality assets is secure. We thank NUPRC for its
efficient processing of the application and issuing the
renewal."
About PML 52 and the Agbami Field
PML 52 is operated by affiliates of Chevron and covers part
(62.46%) of the producing Agbami field. This field was discovered
by well Agbami-1 in 1998. The oil is light with a gravity of 45° to
47° API. The field is developed via sub-sea wells tied back to
a dedicated Floating Production Storage and Offtake ("FPSO") vessel
through steel catenary risers. Production commenced in June 2008 and peak gross field production of
250,000 barrels of oil per day ("bopd") was attained in 2009. At
December 31, 2023, 30 producers, 5 gas injectors and 10 water
injectors had been drilled. Field average oil production rate in
2023 was about 98,000 bopd. Cumulative oil production to
December 31, 2023 was 1,089 million
barrels for the field.
Prime Oil & Gas Coöperatief U.A. ("Prime") has a 8%
ownership in PML 52. The operator is Chevron with a 32% interest.
Famfa oil is the concessionaire on the production sharing agreement
and holds a 60% interest in PML 52. Africa Oil has a 50%
shareholding in Prime and on the completion of the Prime
amalgamation transaction will have a 100% shareholding in Prime.
This is expected during first quarter 2024 and is subject to
customary closing conditions, including competition clearance from
the FCCPC, approval from Nasdaq Stockholm, completion of the
previously announced farm-down of Africa Oil's Namibian interests
that are held via Impact Oil & Gas Limited, and a
reorganization of the holding structure of BTG Pactual Holding S.à
r.l. to implement the Amalgamation.
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. 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. The
information was submitted for publication, through the agency of
the contact persons set out above, at 3:00 am EDT on
November 1, 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
the closing of the Amalgamation by the end of first quarter 2025.
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. 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. 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, 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.