Africa Oil Spuds Ekales-1 Well in Kenya
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/13 -- Africa
Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company")
is pleased to announce the commencement of drilling operations on its
Ekales prospect located in Block 13T in the Lokichar Basin in Kenya.
The well was spud on July 22, 2013 and has a planned total depth of
2500 metres and is expected to approximately 2 months to drill and
evaluate. The primary objectives are the Auwerwer and Lower Lokhone
sandstones already established to be highly productive reservoirs at
the nearby Ngamia and Twiga discoveries. The prospect is a three way
fault closure against the main basin bounding fault and is located
directly between, and approximately 15 km northwest of the Ngamia
discovery and 7 km south of the Twiga discoveryalong the "string of
pearls" trend. The well is being drilled by the Weatherford #804 rig.
The Company holds a 50% working interest in this prospect along with
operator Tullow Oil Plc. Please see attached map, visit the following
Africa Oil CEO Keith Hill commented, "The Ekales prospect is probably
one of the lowest risk prospects in our inventory. The proximity and
similarity to the existing Ngamia and Twiga discoveries give us a
high degree of confidence that we will find oil and continue to build
the discovered resources necessary for commercial volume threshold.
Our pace of exploration and appraisal continues to accelerate with
the anticipated arrival of three additional rigs in Kenya and
Ethiopia in the next 60 days for a total of six rigs, four of which
will be operated by Tullow Oil." The recently announced Etuko
discovery, on the flank of the Lokichar basis has opened a new play
fairway and provided further confirmation of the world class
potential of the Lokichar Basin."
In the South Omo block in Ethiopia, mobilization of the OGEC 75 rig
to the Tultule location is underway. This prospect is located 4
kilometres from the Sabisa-1 well which was recently abandoned after
proving the existence of the essential hydrocarbon elements of
source, seal and reservoir in this frontier basin. It is being
drilled on a well-defined horst block feature which should provide
good trapping characteristi
cs. The Company holds a 30% working
interest in this prospect along with operator Tullow Oil Plc (50%)
and Marathon Oil (20%).
The Etuko well in Block 10BB, where an oil discovery was recently
announced in shallower reservoirs, has now reached a total depth 3100
metres and log and MDT evaluation have commenced. The rigs for the
Ogaden Basin (Block 7&8) El Kuran-3 prospect in Ethiopia (Africa Oil
non-operated working interest: 30%) and the Block 9 Bahasi prospect
in Kenya (Africa Oil operated working interest: 50%) are in country
and spud of El Kuran-3 is expected in August and Bahasi-1 in
September. One additional lightweight rig has been contracted for
testing and drilling operations in the Lokichar Basin and should also
be operational in September.
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 in 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. New discoveries
have been announced on all sides of Africa Oil's virtually unexplored
land position including the major Albert Graben oil discovery in
neighbouring Uganda. Similar to the Albert Graben play model, Africa
Oil's concessions have older wells, a legacy database, and host
numerous oil seeps indicating a proven petroleum system. Good quality
existing seismic show robust leads and prospects throughout Africa
Oil's project areas. The Company is listed on the TSX Venture
Exchange and on First North at NASDAQ OMX-Stockholm under the symbol
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto
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.
Africa Oil Corp.
(604) 689-4250 (FAX)
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