VANCOUVER, BC, Oct. 4, 2022
/CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First
North: AEC) ("Africa Energy" or the "Company"), an oil and gas
exploration company, is pleased to announce the arrival of the
Island Innovator semi-submersible drilling rig on Block
2B and the commencement of operations
on the Gazania‐1 exploration well offshore South Africa. View PDF version.
Jan Maier, Africa Energy's VP
Exploration, commented: "We are excited to commence operations with
the arrival of the rig on Block 2B.
The block has significant resource potential in shallow water and
contains the A-J1 discovery that flowed light sweet crude oil to
surface. Gazania-1 is a relatively low-risk exploration well that
will target two large oil prospects seven kilometers up-dip from
A-J1."
Block 2B is located offshore
South Africa in the Orange Basin
where both TotalEnergies and Shell recently announced significant
oil and gas discoveries offshore Namibia. The block covers 3,062 square
kilometers approximately 25 kilometers off the west coast of
South Africa near the border with
Namibia in water depths ranging
from 50 to 200 meters. Soekor discovered and tested oil on Block
2B in 1988 with the A-J1 borehole,
which intersected thick reservoir sandstones between 2,985 meters
and 3,350 meters. The well flowed 191 barrels of oil per day of
36-degree API oil from a 10-meter sandstone interval at
approximately 3,250 meters. Significant prospectivity has been
identified over the entire A-J graben area using 686 square
kilometers of 3D seismic data acquired in 2013.
The Gazania-1 exploration well is being drilled in approximately
150 meters of water by the Island Innovator semi-submersible rig to
a total depth of approximately 2,800 meters subsea. The well will
target two large prospects in a syn-rift basin, similar to the
major oil accumulations discovered by Africa Energy's technical
team in Uganda and Kenya. In the event of success at Gazania-1,
the joint venture partners have the option to directionally drill a
sidetrack to target a third prospect. Both the Gazania-1 well and
the potential sidetrack will be logged and then plugged with no
equipment remaining on the sea floor.
Africa Energy has a 27.5% participating interest in Block
2B offshore South Africa. The block is operated by a
subsidiary of Eco (Atlantic) Oil & Gas Ltd., which holds a 50%
participating interest. A subsidiary of Panoro Energy ASA holds a
12.5% participating interest, and Crown Energy AB indirectly holds
the remaining 10%.
About Africa Energy
Corp.
Africa Energy Corp. is a Canadian oil and gas exploration
company focused on South Africa.
The Company is listed in Toronto
on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy is part of the Lundin Group of
Companies.
Important information
This is information that Africa Energy is obliged to make
public pursuant to the EU Market Abuse Regulation. The information
was submitted for publication through the agency of the contact
persons set out above on October 4,
2022, at 2:00 a.m. ET.
The Company's certified advisor on Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 739 49 62 50,
rutger.ahlerup@aktieinvest.se.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of
management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
These forward-looking statements involve risks and uncertainties
relating to, among other things, changes in oil prices, results of
exploration and development activities, including results, timing
and costs of exploration and development activity in the Company's
area of operations and, uninsured risks, regulatory changes,
defects in title, availability of funds required to participate in
the exploration activities, or of financing on reasonable terms,
availability of materials and equipment on satisfactory terms,
outcome of commercial negotiations with government and other
regulatory authorities, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of third party service providers, equipment and
processes relative to specifications and expectations and
unanticipated environmental impacts on operations. Actual future
results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Africa Energy Corp.