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Last C$1.98 CAD
Change Today -0.02 / -1.00%
Volume 126.7K
AOI On Other Exchanges
As of 4:00 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

africa oil corp (AOI) Snapshot

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08/21/14 - C$6.96
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africa oil corp (AOI) Details

Africa Oil Corp., an oil and gas exploration and development company, owns oil and gas interests in Kenya, Ethiopia, and Puntland. It holds interests primarily in the East African Rift Basin covering an area of approximately 215,000 square kilometers of total gross land package. The company was formerly known as Canmex Minerals Corporation and changed its name to Africa Oil Corp. in August 2007. Africa Oil Corp. was incorporated in 1983 and is headquartered in Vancouver, Canada.

Founded in 1983

africa oil corp (AOI) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $271.6K
Chief Financial Officer
Total Annual Compensation: $271.6K
Vice President of Business Development
Total Annual Compensation: $125.0K
Vice President of Exploration
Total Annual Compensation: $271.6K
Vice President of External Relations
Total Annual Compensation: $242.7K
Compensation as of Fiscal Year 2014.

africa oil corp (AOI) Key Developments

Africa Oil Corp. Provides Update on its Operations in Kenya

Africa Oil Corp. has provided update on its operations in Kenya. During the second quarter of 2015, activities were focused on the appraisal of the South Lokichar basin to test the extent of previous discoveries and gain important reservoir data for the field development plans. A number of Extended Well Tests (EWTs) have been completed at the Amosing field, and preparations are advanced for the Ngamia field EWTs which are due to commence in August. The Amosing-1 and Amosing-2 wells were completed in five separate zones and initial rig-less flow testing during clean-up flowed at a cumulative maximum rate of 5,600 and 6,000 bopd respectively. These results exceeded expectations, and demonstrated high quality reservoir sands which flowed 31 to 38 degree API dry oil under natural conditions. During the test the wells produced at a cumulative average constrained rate of 4,300 bopd under natural flow conditions. Pressure data from the two wells supports significant connected oil volumes and confirms lateral reservoir continuity, which is positive for the future development. A cumulative volume of 30,000 barrels of oil has been produced into storage. Water injection tests are under way to further validate the viability of water flood reservoir management and the oil recovery assumptions. Preparations are now well advanced for the Ngamia field EWTs which are due to commence in August. In preparation for the Ngamia EWTs, multi zone completions have been installed in the Ngamia-8, Ngamia-3 and Ngamia-6 wells and clean-up flow testing has been completed. The Ngamia EWT flow test will be followed by water injection testing. Elsewhere in the South Lokichar basin, Ngamia-9, an appraisal well for this field, was completed in July 2015 and encountered between 90 metres and 110 metres of net oil pay in the Lokone and Auwerwer horizons. All of the appraisal work to date is strongly underpinning the Company’s Gross Contingent Resources estimated range (2C and 3C) of between 616 and 1290 mmbo. This estimate was completed by independent third party resource evaluators in 2014 and is expected to be updated in the fourth quarter of this year. The results have also identified additional prospective upside in the basin. A one rig operation will continue with the drilling of the Twiga-3 well, which is currently underway, followed by the large Amosing North prospect (Amosing-5) located on the northern flank of Amosing and updip of the Ngamia field (that was identified from the 3D seismic). The Cheptuket exploration well in Block 12A is scheduled to commence in October 2015 and will test a basin bounding structural closure in the Kerio Valley Basin in a similar structural setting to the successful Ngamia and Amosing discoveries. Other wells under consideration include Etom North and Tausi (a basin opening well). In parallel with the exploration and appraisal program, pre-FEED (Front End Engineering and Design) studies are being progressed for entry in to FEED. In Kenya discussions are under way with the Government regarding the submission of a draft Field Development Plan for the discoveries in the South Lokichar basin. Initial discussions are progressing positively and continued engagement is expected on this issue in the coming months. Progress on the East African pipeline route to export oil from Lake Albert in Uganda and the South Lokichar Basin in Kenya has gained pace in recent months. The Governments of Uganda and Kenya are working closely together and the pipeline studies undertaken by a joint Government-appointed independent technical consultant have progressed well. The Government’s decision on the pipeline route is expected in the third quarter 2015. The overall ambition is to achieve a combined project sanction of the export pipeline and Kenya upstream projects by the end of 2016.

Africa Oil Corp Provides Update on Operations in East Africa

Africa Oil Corp. provided the following update on operations in East Africa. Kenya operations have been focused on the South Lokichar Blocks 10BB and 13T where appraisal drilling and Extended Well Tests (EWT) are continuing. In May, the Amosing EWT commenced and five reservoir zones in the field were tested across two wells, being separately produced in one well while pressure responses were measured in the other well. Production from all five zones was at a combined average constrained rate of 4,300 bopd under natural flow conditions and a cumulative volume of 30,000 barrels of oil was produced into storage. The pressure data supports significant connected oil volumes and confirms lateral reservoir continuity between the wells which is positive for the future development of the Amosing field. Having completed the production testing, preparations are now underway for water injection tests into each of the five completed reservoir zones in Amosing-2A. These tests will validate the viability of water flood reservoir management and the oil recovery assumptions for the Field Development Plan. Elsewhere in the South Lokichar basin, preparations for the Ngamia field EWT are underway. Multi zone completions were installed in the Ngamia-8, Ngamia-3 and Ngamia-6 wells. Initial rig-less flow testing during clean-up was at a combined maximum rate of 3,900 bopd and 1,740 bopd of 30 to 33 degree API oil for Ngamia-8 and Ngamia-3 with Ngamia-6 clean-up flow testing ongoing. These initial results are very encouraging.

Africa Oil Corp Appoints PricewaterhouseCoopers LLP as Auditors

Africa Oil Corp. has approved the appointment of PricewaterhouseCoopers LLP as auditors of the company at the annual general meeting held on June 11, 2015.


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