VANCOUVER, BC, Dec. 7, 2020 /CNW/ - (AOI–TSX,
AOI–Nasdaq-Stockholm) – Africa Oil Corp. ("AOI", "Africa Oil"
or "the Company") is pleased to announce that the Company and its
Joint Venture partners have received extensions to their 10BB/13T
blocks exploration licences in Kenya to the end of 2021. This follows the
approval of the work programme and budget for next year by the
Ministry of Mines and Petroleum. View PDF version
The licence extensions will allow the Joint Venture partners to
re-assess Project Oil Kenya and design an economic project at low
oil prices whilst preserving the phased development concept. In
parallel, over the coming months, the Joint Venture partners will
work closely with the Government of Kenya on land and water agreements, gaining
approval of the Environmental and Social Impact Assessments and
finalising the commercial framework for the project. The successful
completion of this work will enable the submission of Field
Development Plans to the Government of Kenya.
Keith Hill, Africa Oil's
President and CEO, commented, "I would like to express my
appreciation for the collaboration that we have witnessed over the
last several months, both with the Government of Kenya and the new leadership team at Tullow,
which has allowed us to design a roadmap to move the project
towards a technical and commercially viable Field Development
Plan."
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in Africa and Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol
"AOI".
This information is information that Africa Oil Corp. is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out below on December
7, 2020 at 1:30 a.m. ET.
Forward Looking Information
Certain statements 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.
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. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
SOURCE Africa Oil Corp.