VANCOUVER, BC, Dec. 1, 2021 /CNW/ - (TSX: AOI)
(Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa
Oil" or "the Company") is pleased to note the press release by its
investee company Impact Oil & Gas Limited ("Impact") regarding
Venus-1X exploration well. View PDF version
Impact has announced the spud of the Venus-1X offshore
exploration well in Namibia Block
2913B (PEL 56). This, together with
the adjacent Block 2912, are held through Impact's wholly owned
subsidiary, Impact Oil and Gas Namibia (PTY) Ltd. Both blocks are
operated by TotalEnergies EP Namibia B.V.; a wholly owned
subsidiary of TotalEnergies.
The well is being drilled in 3,000m water depth by the Maersk Voyager
drillship.
Impact holds a 20% interest in Block 2913B, was joined by TotalEnergies as operator in
2017, bringing significant deep-water drilling expertise to the
Joint Venture, and in 2019 by Qatar Energy. TotalEnergies holds a
40% interest in Block 2913B, Qatar
Energy holds a 30% interest, NAMCOR, the Namibian state oil
company, holds a 10% interest.
Impact also holds an 18.89% working interest in the adjacent
Block 2912, where it is partnered with TotalEnergies (Operator
37.78%), Qatar Energy (28.33%) and NAMCOR (15%).
Siraj Ahmed, Chief Executive
Officer of Impact, commented: "This is an exciting moment
for Impact and our shareholders. Impact, together with our partners
in the Government of Namibia, have
been working to mature and drill the Venus prospect since 2014.
Venus-1X is a world-class, basin opening well which, if successful,
could be transformative for Namibia."
Keith Hill, Africa Oil's
President and CEO, commented: "I am very pleased that
drilling operations for Venus-1X have commenced. As a potential
basin opening well, if successful, this could be a high-impact
catalyst for our shareholders."
Block 2913B, offshore
Namibia
Petroleum Exploration Licence 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215km² in
water depths up to 3,000 metres. Impact entered the licence
as Operator in 2014, acquiring 2D, then 3D seismic data which
defined the Venus prospect.
Location Map
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 above on December
1, 2021 at 2:10 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.