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

Location Map (CNW Group/Africa Oil Corp.)

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.

VENUS-1X EXPLORATION WELL SPUDS IN OFFSHORE NAMIBIA BLOCK 2913B (CNW Group/Africa Oil Corp.)

SOURCE Africa Oil Corp.

Copyright 2021 Canada NewsWire

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