Africa Oil Announces Two Additional Oil Discoveries in Kenya
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.
Africa Oil Corp.
(604) 689-4250 (FAX)
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