VANCOUVER, BC, Dec. 7, 2020 /CNW/ - (TSX:
AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI",
"Africa Oil" or "the Company") is pleased to announce drill stem
test results for the Luiperd-1X well, the second major discovery on
Block 11B/12B offshore South
Africa. The Company holds an indirect interest in the
project as a result of its equity interests in Africa Energy Corp.
(19.9%) and Impact Oil & Gas Limited (31.1%). View PDF
version
Jan Maier, Africa Energy's VP
Exploration, commented, "The Luiperd discovery proves that the
Outeniqua Basin offshore South
Africa is a world-class hydrocarbon province that remains
highly under-explored. Luiperd-1X intersected 85 meters gross sands
of which 73 meters is net good quality pay in the main target
interval and thicker than prognosed. The well reached total depth
of approximately 3,400 meters on October 12,
2020, at which point the drill stem testing program was
initiated. We are very pleased with the positive test results that
show high condensate yield and excellent reservoir connectivity.
These results confirm the joint venture's decision to proceed with
development studies and to engage with authorities about
commercialization."
The Luiperd-1X well was opened to flow on November 1, 2020. After several tests at
different choke settings, the well reached a maximum constrained
flowrate through a 58/64" choke of 33 million cubic feet per day of
natural gas ("MMcfpd") and 4,320 barrels of condensate per day
("bcpd"), an aggregate of approximately 9,820 barrels of oil
equivalent per day ("boepd"). The choke configuration could not be
increased due to surface equipment limitations. The absolute open
flow ("AOF") potential of the well is expected to
be significantly higher than the restricted test rates.
Block 11B/12B is located in the Outeniqua Basin 175
kilometers off the southern coast of South Africa. The block covers an area of
approximately 19,000 square kilometers with water depths ranging
from 200 to 1,800 meters. The Paddavissie Fairway in the southwest
corner of the block now includes both the Brulpadda and Luiperd
discoveries, confirming the prolific petroleum system. The original
five submarine fan prospects in the fairway all have direct
hydrocarbon indicators as recorded on both 2D and 3D seismic data
and intersected in the wells, significantly de-risking future
exploration.
Africa Energy holds 49% of the shares in Main Street 1549
Proprietary Limited, which has a 10% participating interest in
Block 11B/12B. Total E&P South Africa B.V. is operator
and has a 45% participating interest in Block 11B/12B.
Africa Oil has a direct 19.9% shareholding in Africa Energy,
resulting in an aggregate indirect 31.2% shareholding when combined
with the Company's 31.1% shareholding in Impact Oil and Gas
Limited, which is also a significant shareholder in Africa
Energy.
Keith Hill, Africa Oil's
President and CEO, commented, "We are delighted to see these very
strong and positive drill stem test results that reiterate the
quality of the Block 11B/12B discoveries. The high condensate rate
achieved, even though restricted by surface testing equipment
limitations, is excellent news and will greatly enhance the
economics of the development. We believe Luiperd and Brulpadda can
potentially support a significant commercial development, and I
congratulate the Block 11B/12B JV partners
for a very successful Luiperd-1X drilling and testing program."
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 1:00 a.m. ET.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including the AOF of the
Luiperd-1X well and the future success of drilling and commercial
development on Block 11B/12B. 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.