|By Marketwired .||
|January 15, 2014 02:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- (TSX VENTURE:AOI)(OMX:AOI) Africa Oil Corp. ("Africa Oil" or the "Company") is pleased to announce that the Amosing-1 and Ewoi-1 exploration wells in Block 10BB, onshore Northern Kenya, have resulted in the discovery of two new large oil fields. These two wells continue the 100% success rate in the South Lokichar Basin with seven out of seven discoveries to date.
Based on results of drilling, wireline logs and samples of reservoir fluid, the Amosing-1 well has intersected potential net oil pay of 160 to 200 metres, significantly exceeding pre-drill expectations. Amosing is located 7 kilometres southwest of the previously announced Ngamia discovery along the western basin bounding fault trend commonly referred to as the "string of pearls".
On the eastern side of the basin known as the rift flank play, the Ewoi-1 well has encountered potential net pay of 20 to 80 metres and has continued to de-risk the basin flank play opened up by the Etuko-1 well in 2013 located 4 kilometres to the east.
Following completion of logging operations, the wells will be suspended for future flow testing which will confirm the net pay counts. These two rigs will mobilize to drill the Emong-1 prospect (formerly called Ngamia West), and the Twiga South-2 appraisal well, both located in Block 13T.
Africa Oil has a 50% interest in both discoveries with operator Tullow Oil plc holding the remaining 50% interest.
The Etuko-1 well testing in Block 10BB is underway and is scheduled to be completed later this month and the Ekales-1 well test should commence shortly. Drilling continues on the El Kuran discovery in the Somali region of Ethiopia and is expected to reach the new revised total depth of 3,500 metres by the end of the first quarter. New basin opening wells at Sala-1 in Block 9 in Kenya and the Shimela-1 well in the Chew Bahir Basin in South Omo Block in Ethiopia are expected to spud in February and April, respectively. The partnership has elected not to continue into the next exploration phase in Block 10A in Kenya and the previously planned test of the Paipai well has been cancelled due to concerns over economic viability.
Keith Hill, President and CEO of Africa Oil commented, "The continued success of our exploration program in northern Kenya will allow us to drive development plans forward with greater certainty. Given that we have now had a 100% success rate on exploration prospects in the basin, we expect to see more growth in resources and more discoveries as our aggressive drilling program unfolds in 2014. In addition, the several new analogous basin opening wells being drilled during this program also have the potential to bring a step change in company valuation upon success."
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. Seven new significant discoveries have been announced in the Northern Kenyan basin in which the Company holds a 50% interest along with operator Tullow Oil plc. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
Certain statements made 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. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. 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, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but 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. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North Stockholm is Pareto Securities AB.
Neither the 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.
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