VANCOUVER, BC, Feb. 24, 2022 /CNW/ - (TSX: AOI)
(Nasdaq-Stockholm: AOI) (Africa Oil Corp. ("AOI", "Africa Oil" or
"the Company") is pleased to note the press release by
TotalEnergies, the operator of Block 2913B, offshore Namibia. Africa Oil has an indirect interest
in this block through a 30.9% shareholding in its investee company
Impact Oil & Gas Limited ("Impact") with a 20% working interest
in the block. View PDF Version
"TotalEnergies has made a significant discovery of light oil
with associated gas on the Venus prospect, located in block
2913B in the Orange Basin, offshore
southern Namibia.
The Venus 1-X well encountered approximately 84 meters of net
oil pay in a good quality Lower Cretaceous reservoir.
"This discovery offshore Namibia and the very promising initial results
prove the potential of this play in the Orange Basin, on which
TotalEnergies owns an important position both in Namibia and South
Africa" said Kevin
McLachlan, Senior Vice President Exploration at
TotalEnergies. "A comprehensive coring and logging program has
been completed. This will enable the preparation of appraisal
operations designed to assess the commerciality of this
discovery."
Block 2913B covers approximately
8,215 km² in deep offshore Namibia. TotalEnergies is the operator with a
40% working interest, alongside QatarEnergy (30%), Impact Oil and
Gas (20%) and NAMCOR (10%)."
Keith Hill, Africa Oil's
President and CEO, commented: "The preliminary results
suggests that the Venus discovery has exceeded the pre-drill
expectations and, along with the recently announced Graff
discovery, has opened a new petroleum province in the Orange Basin
with huge upside potential. As well as the immediate
significance of Venus for our shareholders, both Venus and Graff
discoveries also bode well for our exploration efforts on Block
3B/4B,
which we operate with a 20% working interest and Impact's Orange
Basin Deep Block, both located on trend in the Orange Basin,
South Africa. These holdings give
us a material interest through direct participation and indirectly
through our investee companies in this exciting new play. We can
now look forward to the appraisal work on the Venus discovery and
the drilling of the Gazania-1 exploration well on Block
2B that is expected to spud by the
end of this year."
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. In 2017 Impact was subsequently joined
by TotalEnergies, who bring significant deep-water drilling
expertise to the Joint Venture, and in 2019 by QatarEnergy.
Africa Oil Announces Major Light Oil Discovery Offshore
Nambia
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 February
24, 2022 at 3:30 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.