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Beitrag30/300, 23.09.12, 17:28:12 
Antworten mit Zitat
Warnado1 auf iii -


If, as all suspect, Twiga-1 is structurally similar to Ngamia-1 an initial discovery could be possible from depths of 1,150mtrs to 1,200mtrs.

Ngamia-1 far exceeded initial drilling estimates originally predicted at between 60 to 90 days due to a combination of issues. Firstly due to down hole instability problems, the need to sidetrack, general slow/careful progression due to previous problems encountered and intermittent basic testing as the drill progressed due to the sheer size of the discovery. Taking all of Ngamia's issues in account the final total depth of 2,340mtrs was reached in approx 160 days (+/- 1/2 days) which is an average RoP of just 14.75mtrs per day.

In my opinion, very much will have been learnt from the drilling of Ngamia-1 and I do think progress of Twiga-1 will not be as slow.

Today Twiga-1 is entering its 32nd day of drilling and I estimate that IF a discovery is made it will first present itself around 1,150mtrs to 1,200mtrs. At Ngamia-1 rates of 14.75mtrs per day we would currently be at just 472mtrs and to get to 1,150mtrs it would take until 5th November (77 days from spud). I do not think a repeat of this slow progress will be seen.

What I do think is that Twiga-1 RoP will be faster but to meet the "end of October" estimates Mr Hill has hinted based on a total depth of 3,114mtrs we would need approx 43mtrs per day. If this RoP is currently happening at Twiga-1 we will currently be at approx 1,376mtrs which is past my initial estimated target of 1,150mtrs and 1,200mtrs.

I think 43mtrs per day is fast and there is a real possibility total depth of 3,114mtrs may run over into November.

If I were to be pushed for a guess, my honest opinion is that RoP at Twiga-1 is approx 30mtrs per day reaching my initial predicted discovery target at between 1,150mtrs and 1,200mtrs from Thurday 27th September onwards.

If this is the case and weather it will be reported is a very different matter.

All we can do is sit and wait and that is something I have got used to and am very happy to do.
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Beitrag29/300, 25.09.12, 08:52:37 
Antworten mit Zitat
http://oilbarrel.com/media/pub/var/....wnloadable_file/40186.pdf

AOI und AFR auf hold gesetzt.
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Beitrag28/300, 27.09.12, 09:04:19 
Antworten mit Zitat
"better placed than Ngamia-1"

Warnado1
4UP
26th September 2012

We met Tullow Oil management yesterday afternoon who provided some colour on recent developments but nothing materially new. That said, it is worth highlighting that in the exploration programme, management considers that the Twiga-1 well onshore Kenya is better placed than Ngamia-1, as it was sited after full interpretation of FTG data - results out late October. Interestingly, post-drill tests were not conducted at Ngamia-1 because the required equipment was not in the country and could not be deployed to the site quick enough. Should Twiga-1 prove successful, with equipment now on site, it will be tested first, before the rig returns to Ngamia-1. There have been slight delays (strong currents/adverse weather) on the Zaedyus appraisal well but it is expected to be completed in the next two months. The positioning of the well was described as “sensible” rather than “bold” in appraisal terms. On the production side of the business there were no changes to guidance given in the company’s H112 report, although it was noted that in offshore Ghana the remedial action is greatly improving flows and that costs could continue to drop. In Uganda, management would not be drawn on the timeline for production and refining of oil in Uganda. The company does consider, however, that unreasonable demands by the Ugandan Government to refine all oil in the country (c.180k barrels of oil a day versus local demand for 15-20k) would probably be resolved and a pipeline built to export crude. The meeting illustrated the balance between the market’s focus on production (damper) and exploration potential (relatively strong). With the production pullback incorporated into models, the shares have found support at current levels. We would be happy adding to positions now in anticipation of short-term exploration-led catalysts with Twiga-1 due in late October, Zaedyus appraisal in November, Pai Pai (second Kenyan basin) at year end and Subisa-1 (South Omo, Ethiopia) in early FY13

http://www.rte.ie/news/business/mor....nload/2012/0926dolmen.pdf
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Beitrag27/300, 01.10.12, 09:04:01 
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Africa Oil Corp.
Company Announcement
PAIPAI-1 EXPLORATION WELL SPUDS IN ONSHORE KENYA
October 1, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce the spudding in Kenya of the Paipai-1 exploration well located in onshore Block 10A, on September 29, 2012. The well is planned to drill to a total depth of 4,112 meters and will test Cretaceous and Jurassic sandstone targets. The well is operated by Tullow Oil plc (“Tullow”) who hold a 50% working interest. Africa Oil holds a 30% working interest in the Block. The Paipai-1 will be drilled using the Sakson PR-5 rig and is targeting gross best estimated prospective resources of 121 million barrels by the Company’s independent resource evaluator.

Elsewhere in Kenya the Company and its partner Tullow continue drilling operations at the Twiga South-1 well site located in Lokichar sub-basin onshore Block 13T and results of this well are expected before the end of October. In onshore Ethiopia, Tullow are finalizing plans to mobilize the OGEC-75 rig for the exploration drilling campaign that is planned to commence with the Sabisa-1 well in the South Omo Block near the end of this year.

Keith Hill, President and CEO of Africa Oil, commented, “The Paipai well will test Cretaceous and Jurassic targets in the Anza graben, whose geologic history is comparable and on trend with producing basins of Sudan. Paipai-1 will test a large structural trap in what is considered to be an oil-prone area of the Anza basin. Legacy wells have encountered significant oil and gas shows, but newly acquired seismic surveys have helped improve mapping and identify the Paipai prospect as a favorable and potentially high-impact exploration target. A discovery at Paipai would extend the producing plays of Sudan into Kenya and open a potentially significant and new petroleum province within Kenya where the Company is already implementing an accelerated exploration program after the Ngamia-1 discovery in the Tertiary Rift Play earlier in the year. With plans in place for three drilling rigs to be operational before the end of the year, the Company is entering an exciting period of activity with multiple high impact exploration targets expected to be drilled before the end of 2013.”

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali 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 300,000 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 neighboring Uganda. Africa Oil’s recent Ngamia-1 discovery extends the Albert Graben play into Kenya where Africa Oil along with partner Tullow holds a dominant acreage position. Newly acquired seismic and gravity data 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 "AOI".



ON BEHALF OF THE BOARD



“Keith C. Hill”

President and CEO
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Beitrag26/300, 01.10.12, 21:29:31 
Antworten mit Zitat
III Board von Warnado1. Geela, the omission of any drilling timescales of Pai Pai is a wise move in my opinion given the significant over run encountered at Ngamia-1 where we saw 60 to 90 days turn into approx 160 days.

With Twiga-1, number of days were not specified but Mr Hill initially indicated results would be known by the "end of October" but it today's release they state "before the end of October". The appearance of the word "before" is noteworthy. This would indicate, in my opinion, drilling operations are going very well and in excess of my estimates of approx 30mtrs per day.

With Pai Pai we are using a much more powerful rig (Sakson PR5) and which has just finished its operations at Songo Songo in Tanzania. The article below describes it as "the most powerful land rig".

http://www.thecitizen.co.tz/business/13-local-business/17080

As you correctly point out much will "depend on what they are drilling through" and the link below opens a whole new can of worms given great detail of the Kenyan sedimentary basins if you can be bothered to digest it.

http://tel.archives-ouvertes.fr/docs/00/53/41/81/PDF/These_T

Below are a couple of links for you to compare the Sakson PR5 rig used at Pai Pai to the Weatherford 804 rig used at Twiga-1 and Ngamia-1.

http://www.saksonegypt.com/pages.php?id=29

(Click the more info link on the right of the page at scroll down to find the 804 rig)

http://www.weatherford.com/Products/Drilling/ContractDrillin

Timescales can be thrown about all day long but we must take comfort in the fact the operations at Twiga-1 are seemingly going well and we are now underway with Pai Pai.

It a sit and patiently wait situation and I'm very happy with that.
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Beitrag25/300, 02.10.12, 14:20:42 
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Kenya to penalise slow oil and gas explorers

01 Oct 2012
Kenya wants licensed oil and gas explorers to speed up their work to meet the terms of their contracts, and may invoke its right to cash in their guarantees if they fail to do so, a senior Ministry of Energy official said.

A squeeze in global capital markets has hurt independent firms' ability to raise money to drill exploratory wells, causing a handful of oil companies in Kenya to fall behind schedules they are contractually obliged to meet. The government's tough new stance could have major implications, pushing out smaller firms in favour of those with greater investment capacity.

'We just want them (explorers) to do their work. If they don't do the work we cash the bank guarantee,' Martin Heya, Kenya's petroleum commissioner, told Reuters. Bank guarantees are usually agreed when companies sign exploration contracts, specifying an amount of money payable to the government should they fail to meet their obligations. The government can also revoke licences.

Explorer Tullow Oil struck a promising oil find in the northern county of Turkana last March, heightening interest in the East African nation's natural resources. 'Now the interest that is there (in Kenya's resources) is so overwhelming. If you just sit on the block and do nothing we will take action,' Heya said.

John Malone, who studies the sub-Saharan African petroleum industry for New York-based Global Hunter Securities, said: 'The market has had no interest in taking any risk, it's made it harder for them to go to equity markets and raise money ... that's punished a lot of these smaller oil companies.'

Australian firm Lion Petroleum fell behind on its work commitments this year, causing the government to charge the company a $4 million fee to extend its contract by 12 months. Newly-formed Canadian company Taipan Resources said it was acquiring the firm in July. It raised $11.5 million to cover the fee and meet Lion's contractual obligations, including conducting surveys and drilling an exploratory well. Taipan Resources was unavailable for comment.

Other companies, such as Zarara Oil and Gas Resources, have also had difficulty meeting work schedules, according to the Ministry of Energy. Peter Worthington, head of Zarara's parent company Midway Resources, said the firm was unwilling to discuss the issue because of its contractual relationship with the government. Heya said Zarara was working to catch up and the ministry was not planning any immediate action against the company. He added that most other companies working in Kenya were on track to meet contract schedules
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Beitrag24/300, 07.10.12, 12:28:00 
Antworten mit Zitat
http://www.stockhouse.com/bullboard....=LIST#aymMtCB69KkMzHPb.99

Studie AOI Ziel 47 Cad, Vanoil
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Beitrag23/300, 25.10.12, 15:19:14 
Antworten mit Zitat
14:53 (Bloomberg) AFRICA OIL DRILLING TWIGA DELAYED CA 1 WEEK

Africa Oil and its partner Tullow Oil drilling in the well Twiga South in Kenya are delayed by around six days because of an electrical fault in the rig now, however, is fixed.

Drilling results from the well is now expected probably in early november instead of the previously announced in late October.
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Beitrag22/300, 31.10.12, 11:35:10 
Antworten mit Zitat
31 October 2012

Twiga South-1 Drilling Update

Following media speculation in Kenya, Tullow Oil plc (Tullow) announces that the Twiga South-1 exploration well in onshore Kenya Block 13T has successfully encountered oil. Drilling is on-going and, as previously stated by partners Africa Oil Corp (Africa Oil) on October 26 2012, an announcement of the drilling result is expected in early to mid-November after target depth has been achieved and necessary sampling and analysis has been completed.

The Twiga South-1 structure is the second prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia and is the first discovery in block 13T following the Ngamia-1 discovery earlier this year in Block 10BB.

Tullow has a 50% operated interest in the Twiga South-1 well with Africa Oil holding the remaining 50% interest.


For further information contact:

Tullow Oil plc
(+44 20 3249 9000)


James Arnold


Investor Relations
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Beitrag21/300, 26.11.12, 08:58:00 
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Twiga South-1 Oil Discovery

26 November 2012 - Tullow Oil plc (Tullow) announces that the Twiga South-1 exploration well in Block 13T, onshore Kenya, has encountered 30 metres of net oil pay with further potential to be assessed on test and has also encountered a tight fractured rock section with hydrocarbon shows over a gross interval of 796 metres.

Twiga South-1 has been drilled to a total depth of 3,250 metres and has been successfully logged and sampled. Three sandstone reservoir zones, analogous to Ngamia-1, were encountered and moveable oil, with an API greater than 30 degrees, has been recovered to surface. Further potential exists up dip of the well and will be subsequently appraised.

In addition to the net pay, the well also penetrated a thick section of tight fractured rock below 2,272 metres which had extensive hydrocarbon shows over a gross interval of 796 metres. Moveable oil with an API greater than 30 degrees was also successfully sampled from this section. This tight fractured rock section is a new play-type for the region that will require further evaluation to understand its extent and any productive potential.

The Twiga South structure is the second prospect to be tested in the Lokichar Basin as part of a multi-well drilling campaign in Kenya and Ethiopia and is the first oil discovery in Block 13T. It is located 22km to the north of the Ngamia-1A discovery and further de-risks a number of other similar features on the western margin of the basin.

A series of flow tests will now be conducted on the well over the next 4-8 weeks. Following completion of the testing programme, the rig will move back to flow test the Ngamia-1 well.

Elsewhere in Tullow’s East African Rift basin acreage, a result from the Paipai-1 well in Block 10A in Kenya is expected by the end of the year and the Sabisa-1 well in the South Omo Block in Ethiopia is expected to commence drilling by the end of December.

Tullow has a 50% operated interest in the Twiga South-1 well with Africa Oil holding the remaining 50% interest.

Angus McCoss, Exploration Director, commented,
“Following the basin-opening Ngamia-1 well result earlier this year, I am pleased to announce that our second well in our onshore Kenya rift basins campaign has also discovered oil. This immediate follow on discovery reaffirms the considerable prospectivity of the Lokichar Basin. Having significantly expanded our plans in Kenya and Ethiopia, there is much to look forward to as the exploration campaign and testing programme move ahead.”

FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc
(+44 20 3249 9000)
Chris Perry – Investor Relations
James Arnold – Investor Relations
George Cazenove – Media Relations
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Beitrag20/300, 26.11.12, 11:03:43 
Antworten mit Zitat
09:51
Promising Half Time Result

Warnado1
1UP
Completely excluding the "796mtrs of tight fractured rock section (below 2,272mtrs)" which is a "is a new play-type for the region" and continues at much greater depth than Ngamia-1's total depth of 2,340mtrs, careful analyst is needed to see that this "half time result" is very promising indeed.

Obviously the "full time" result is the most important but pay very close attention to the news releases today.

Tullow, the operators, I have used block capitals to highlight the significant, maybe overlooked, comments -

Tullow Oil plc (Tullow) announces that the Twiga South-1 exploration well in Block 13T, onshore Kenya, has encountered 30 metres of net oil pay WITH FURTHER POTENTIAL TO BE ASSESSED ON TEST and has also encountered a tight fractured rock section with hydrocarbon shows over a gross interval of 796 metres.

Twiga South-1 has been drilled to a total depth of 3,250 metres and has been successfully logged and sampled. Three sandstone reservoir zones, analogous to Ngamia-1, were encountered and moveable oil, with an API greater than 30 degrees, has been recovered to surface. FURTHER POTENTIAL EXISTS UP DIP OF THE WELL AND WILL BE SUBSEQUENTLY APPRAISED.

IN ADDITION TO THE NET PAY, the well also penetrated a thick section of tight fractured rock below 2,272 metres which had extensive hydrocarbon shows over a gross interval of 796 metres. Moveable oil with an API greater than 30 degrees was also successfully sampled from this section. This tight fractured rock section is a new play-type for the region that will require further evaluation to understand its extent and any productive potential.

The Twiga South structure is the second prospect to be tested in the Lokichar Basin as part of a multi-well drilling campaign in Kenya and Ethiopia and is the first oil discovery in Block 13T. It is located 22km to the north of the Ngamia-1A discovery AND FUTHER DE-RISKS A NUMBER OF OTHER SIMILAR FEATURES ON THE WESTERN MARGIN OF THE BASIN.

A series of flow tests will now be conducted on the well over the next 4-8 weeks. Following completion of the testing programme, the rig will move back to flow test the Ngamia-1 well.

Elsewhere in Tullow’s East African Rift basin acreage, a result from the Paipai-1 well in Block 10A in Kenya is expected by the end of the year and the Sabisa-1 well in the South Omo Block in Ethiopia is expected to commence drilling by the end of December.

Tullow has a 50% operated interest in the Twiga South-1 well with Africa Oil holding the remaining 50% interest.

Angus McCoss, Exploration Director, commented,

“Following the basin-opening Ngamia-1 well result earlier this year, I am pleased to announce that our second well in our onshore Kenya rift basins campaign has also discovered oil. This immediate follow on discovery reaffirms the considerable prospectivity of the Lokichar Basin. Having significantly expanded our plans in Kenya and Ethiopia, there is much to look forward to as the exploration campaign and testing programme move ahead.”

From where I am sitting I understand that we have at least 30mtrs of net pay which flowed to the surface with further potential to be appraised. Additionally, maybe unexpected, we have we have a thick section of tight fractured rock below 2,272 metres which had extensive hydrocarbon shows over a gross interval of 796mtrs with moveable oil which was also successfully sampled.

It's a very promising "half time result" and I very much look forward to the "full time result".
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Beitrag19/300, 26.11.12, 12:02:45 
Antworten mit Zitat
Pay very close attention to the comments from Barclays Capital and Morgan Stanley. These guys will not be selling when TSX opens I am certain.

While at first glance the results of Twiga South-1 may seem disappointing, when compared to the Ngamia-1 discovery, Barclays Capital noted that the well targeted a deeper part of the prospect, rather than the most prolific up dip section as was the case for Ngamia-1.

“In other words this well has effectively test the extent of the reservoir and allows Tullow to better understand the stratigraphy of the entire basin,” the international investment bank said in its reaction to the discovery on Monday.

“This should therefore be seen as a positive result with the potential to increase resource estimates for the entire basin.”

Financial services firm Morgan Stanley also viewed the well results favourably noting that Twiga South-1 was drilled about four kilometres away from the basin bounding fault to provide insight of the deeper reservoir sections, whereas Ngamia-1 was only drilled two kilmometres from the basin fault to prove the play and maximize the reservoir section intercepted.

As a result, Morgan Stanley said the Twiga South-1 only clipped the reservoir, with the up-dip potential of the discovery to be appraised later.

It added that it believed the discovery of a thick reservoir section about four kilometres from the basin fault with up-dip potential was “very encouraging” and further de-risked the follow-on prospectivity.

http://www.upstreamonline.com/live/article1299538.ece

Its a massive result and anything that comes from the 796mtrs new play-type tight fractured rock section is a bonus.

My only wish now is for them to get additional rigs in there to get this moving more quickly. We know that the rig used for Pai-Pai has plans to move to 10BB to drill the shallow prospects and leads but I would like to see even more rigs personally.

http://www.iii.co.uk/investment/det....FF&display=discussion
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Beitrag18/300, 30.11.12, 13:59:33 
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2012-11-29 16:27

STOCKHOLM (Reuters) Throughhis foundation signed ownership Lundin family 10 percent or 3,000,000 shares in the enlarged private placement of a total of 30 million shares of Africa Oil.

The state oil exploration company ir-person RobertEriksson Direkt.

An exact number of how many times oversubscribed wish he did not give but describesinterest as very large.

The private placement of 30 millionshares will raise Africa Oil more than 230 million U.S. dollars canada before expenses.


Henrik Svensson +46 8 5191 7924
Direkt
Read more at http://www.stockhouse.com/bullboard....=list#4vqGCUJlSfwpXtuw.99
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Beitrag17/300, 13.02.13, 20:30:19 
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Africa Oil Ranked Number One on TSX Venture 50 <AOI.V>

VANCOUVER, BRITISH COLUMBIA, Feb 13 (MARKET WIRE) --
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) is pleased to announce that it has achieved the
number one ranking on the TSX Venture 50 for 2012. TSX Venture 50 is a
ranking of strong performers on the TSX Venture Exchange with
measurements including share price performance, market cap growth,
trading volume and analyst coverage, etc.

Keith Hill, President and CEO of Africa Oil, commented, "With over 2,200
companies listed on the TSX Venture Exchange, we couldn't be more proud
to be ranked number one overall and also number one in the oil and gas
subset. Our new oil discoveries in Kenya have garnered world-wide
attention, allowing us to deliver a 342% return over the course of the
year and attract coverage from 18 oil and gas analysts. We look forward
to another successful year in 2013."

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Ethiopia and Mali as well as Puntland (Somalia) through its approximate
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 neighboring
Uganda. Africa Oil's recent Ngamia-1 discovery extends the Albert Graben
play into Kenya where Africa Oil along with partner Tullow Oil plc hold a
dominant acreage position. Newly acquired seismic and gravity data 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 "AOI".
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Beitrag16/300, 13.02.13, 20:33:04 
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Gapclose voraus!


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Beitrag15/300, 02.05.13, 16:52:17 
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Tullow Oil plc, Premier Oil plc and Energy Plc : Why Nomura are bullish on these Africa-facing oil majors this May……Bmac

Extract from link posted on Investorshub....

Despite inconclusive initial results at Sabisa, we have not ruled out a small technical discovery (potentially liquids) that provides a better indication of the sweet spot in the basin. We believe Sabisa is unlikely to be a hub-class discovery like Ngamia, but note that modest discoveries in frontier basins can allow seismic to be calibrated and lead to material discoveries, as Tullow demonstrated with Jobi-Rii in Uganda," says analyst Tom Robinson at Nomura.

According to Robinson Sabisa is targeting c. 60mmboe (gross) and we carry SEK 0.4/2.1 (risked/unrisked) for Africa Oil and 2p/9p for Tullow.

http://www.economy-news.co.uk/share....w-oil-premier-oil-and-oph
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Beitrag14/300, 02.05.13, 16:57:25 
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http://www.iii.co.uk/investment/det....=0&pageno=1&it=ne

Top Board!!
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Beitrag13/300, 13.05.13, 09:10:33 
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Africa Oil Announces Etuko-1 Well Spuds in Kenya
Africa Oil Corp. AOI
5/13/2013 2:00:05 AM
Africa Oil Announces Etuko-1 Well Spuds in Kenya
http://at.marketwire.com/accesstrac....om/logos/20080624-AFR.jpg

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- Africa Oil Corp. (TSX VENTURE:AOI)(NASDAQ OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that Tullow Oil Plc, the operator of Block 10BB in Kenya, has commenced drilling at the Etuko (formerly Kamba) prospect. This well will target a new play area in the Lockichar Basin where a working petroleum system has been confirmed by recent discoveries at Ngamia and Twiga. The well will focus on the 'eastern flank play' where oil was discovered in 1992 by Shell at the Loperot-1 well. The primary objectives will be the Lower Lokhone and Auwerwer sands, both of which have been shown to be high quality reservoirs containing oil in existing wells. The gross best estimate of prospective resources for the prospect are 231 million barrels of oil based on a third-party Competent Person's Report(i). The well is expected to take approximately 60 days to drill and evaluate.

Testing operations continue on the Ngamia #1 well, also in Block 10BB in Kenya, and drilling operations continue on the Sabisa #1 well in the South Omo Block in Ethiopia. A result for Sabisa is expected in late May and Ngamia testing completed in early June.

Africa Oil CEO Keith Hill commented, "The Etuko prospect is one of the most attractive prospects in our portfolio and has the potential to open up an new play fairway on the eastern side of the already proven Lockichar Basin. A number of additional prospects and leads will be de-risked on this 'eastern flank' play if the Etuko well is successful. With three rigs active and three more on the way, the second half of 2013 promises to be a very exciting period in the continuing growth story of the Company in East Africa."

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 approximate 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 neighboring Uganda. Africa Oil's recent Ngamia-1 and Twiga South-1 discoveries extend the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data 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 "AOI".

(i)See news release dated August 22, 2012 for further information.

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman AB.
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Beitrag12/300, 03.07.13, 11:27:22 
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Good morning!



Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.



Best regards,



Sophia Shane

Ph. 604 689 7842



NGAMIA WELL FLOWS AT OVER 3200 BOPD AND DOUBLES NET PAY

NEW MAJOR OIL DISCOVERY AT ETUKO

AND CONFIRMATION OF OIL SYSTEM EXTENSION INTO ETHIOPIA BY SABISA WELL



July 3, 2013 (AOI – TSXV, AOI - NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce excellent results from its recent drilling operations in Kenya and Ethiopia.



The testing program at the Ngamia-1 oil discovery on Block 10BB in Kenya has now been successfully completed. The cumulative flow rate from six Drill Stem Tests (“DST’s”) was over 3200 barrels of oil per day (“BOPD”) constrained by completion techniques and surface equipment. With optimized completion techniques and surface equipment it is estimated that these combined flow rates would increase to a rate of 5400 BOPD. Five of the DSTs were completed over the Auwerwer sandstones to verify reservoir quality and fluid content which appear to be of similar quality to those tested at the Twiga South-1 well in the same basin. High quality waxy sweet crude (25-35 degrees API) was flowed from all five zones in the Auwerwer formation with good quality reservoir sands encountered. All zones produced dry oil with no water produced and no pressure depletion. One DST was completed on the Lower Lokhone with successful results as previously announced on April 15, 2013.



In addition to proving the good quality reservoir, as a result of testing several previously indeterminate zones in the well, the joint venture has been able to double the firm net oil pay estimate in the Ngamia well to over 200 meters over a gross oil column of over 1,100 meters and has increased the net pay at Twiga to over 75 meters. The Operator, Tullow Oil, has reported that they believe the Ngamia and Twiga fields contain over 250 million barrels of recoverable oil. Appraisal work, including the acquisition of 3D seismic and the drilling of appraisal wells on both discoveries, will be undertaken over the next year to confirm these estimates. A mid-year revision to the Company’s third party resource report is ongoing and is expected to be issued in the third quarter and will take into account these improved reservoir thickness and quality parameters.



The Weatherford 804 rig used to test this well is currently being mobilized 13 kilometers north to the Ekales location, a prospect similar to and located between the Twiga and Ngamia discoveries, which is expected to spud in late July.



The Company is also pleased to announce that oil has been discovered in the Etuko prospect in the Lokichar Basin in Block 10BB in Kenya. This well was located on a tilted fault block target on the Basin Flank Play on eastern side of the basin. Based on logs and oil recovered by MDT sampling, net pay of 40 meters has been confirmed in the Auwerwer and Upper Lokhone targets which demonstrate good reservoir properties and oil quality. Within the Upper Lokhone sequence the well encountered a thick section of lacustrine source rocks with interbedded oil-bearing sandstones. The well is currently drilling in the Lower Lokhone sands and results from this lower section are expected by the end of July.



The Company is also pleased to announce that the Sabisa-1 well, the most northerly well drilled in the trend to date, has confirmed a viable hydrocarbon system in this region. The well was drilled on the South Omo Block in Ethiopia in the northern portion of the Turkana Basin, over 300 kilometers north of the Ngamia and Twiga discoveries, to a total depth of 2082 meters. The well encountered reservoir quality sands, oil shows and heavy gas shows indicating an oil prone source rock and a thick shale section which should provide good seals for the numerous fault bounded traps identified in the basin. Only the lowermost sands appear to be in trapping configuration at Sabisa. Based on the encouragement of the results of this well however, the decision has been made to drill the nearby Tultule prospect which appears to be a horst-block structure 4 kilometers to the east. The OGEC 75 rig move has been initiated and a late third quarter spud is expected. Numerous additional follow-up prospects have been mapped in this part of the South Omo Block and in the adjacent Chew Bahir Basin.



Preparations continue for drilling in both the Kenya Block 9 Bahasi prospect and the Ethiopia Ogaden Basin Block 8 El Kuran prospect. Africa Oil will operate the Bahasi well on behalf of its 50% joint venture partner Marathon Oil and will utilize the Great Wall drilling rig #190. The prospect is a large anticlinal feature in the Lower Cretaceous Anza rift and is on trend with the Paipai discovery made early this year in Kenya Block 10A. The El Kuran well is being operated by New African Global Energy and is expected to spud in July. It is a Jurassic fractured carbonate play on a large anticlinal feature that had previously been drilled by Tenneco in the early 1970’s and had tested light oil at low rates. The primary goal of this well is to prove commercial flow rates. Based on the results of the initial well, fracture stimulation and horizontal drilling may be considered. An additional lightweight rig for testing and drilling operations is also being mobilized into the Lokichar Basin in Kenya which will bring the total rig count to six in the Company’s blocks in Kenya and Ethiopia. A Full Tensor Gradiometry (“FTG”) survey is also currently underway in the Company’s wholly owned Rift Basin Area in Ethiopia and is expected to be completed in August.



Africa Oil CEO Keith Hill commented, “We are very pleased with the results of the Ngamia-1 testing program which has confirmed the productivity of both the Lower Lokhone reservoir and the high quality Auwerwer reservoir and significantly increased the net pay in the well. Ngamia is a world-class oil discovery and these results move us towards achieving the threshold for a commercial development in the Lokichar basin. This encouragement has caused us to set in motion appraisal of the Ngamia-Twiga trend and to assemble a technical team to commence early development planning both for a large scale pipeline development and an early development scheme. The Etuko discovery also opens up a new fairway on the eastern flank play in Lokichar where a number of other large scale prospects have been identified. The Sabisa results are also highly encouraging as all the major components for oil accumulation appear to have been proven in one of our largest and most prospective frontier basins in the portfolio. The second half of 2013 promises to be an exciting and transformational period in the growth history of the Company.”



About Africa Oil Corp.



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. Two new significant discoveries have been announced in the Lokichar 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".



Forward Looking Statements



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



For further information, please contact: Sophia Shane, Corporate Development (604) 689-7842.



Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Öhman 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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Beitrag11/300, 16.10.13, 17:49:38 
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Goldman Sachs - AOI takeover target

Dated: Monday Oct. 14, 2013


When Goldman Sachs talks, the market generally sits up and takes notice.

In taking a Nostradamus-like look at the oil exploration sector it comes to one significant conclusion, makes two upgrades and singles out seven potential takeover targets.

Its substantive point (posed in three parts) is the giant integrated oil and gas firms are spending more than in recent history on exploration (US$25bn last year), yet it is actually cheaper to acquire already-discovered barrels than drilling for them, which puts mergers & acquisition (M&A) activity firmly on the agenda.

“We believe assets that are material, oily, close to sanction and in regions of relatively low political risk screen as potential M&A candidates,” the broker said in a note to clients.

It reckons Afren (LON:AFR), Africa Oil (CVE:AOI), Bankers Petroleum (LON:BNK), Genel (LON:GENL), Gulf Keystone (LON:GKP), Rockhopper (LON:RKH) and Ophir (LON:OPHR) screen well on this basis.

http://www.proactiveinvestors.co.uk....keover-targets-62118.html

Read more at http://www.stockhouse.com/companies....15608#xpXEWR2XoxjL00MB.99
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Beitrag10/300, 16.10.13, 18:00:37 
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http://www.nasdaq.com/article/100-y....l-royalty-checks-cm276945

100 Years of Oil Royalty Checks

By Wyatt Investment Research, September 16, 2013, 10:28:56 AM EDT
Vote up

Over 100 years ago, one of my ancestors invested in a small amount of land in Beaumont, Texas. In 1901, the biggest oil strike in U.S. history happened just next door.

The Lucas geyser was the first big hit of the Spindletop oilfield and it shot over 100,000 barrels of oil a day into the Texas sky for nine straight days before being capped.

The most amazing thing is that my father and his siblings are still profiting. Because my ancestors didn't sell out, they still collect royalty checks from that small investment made over one century ago.

There are thousands of exploration discoveries - just like Spindletop - that have rewarded investors decade after decade. That's why I've refused to sell a single share of Africa Oil ( AOIFF ) . Even after the stock rose 450% after striking Kenyan oil, I firmly believed that the bigger profits were yet to come.

Selling my stake now - and recommending my subscribers do the same - would be akin to selling out of the first companies to strike oil in Texas back in 1902. That would have been a huge mistake. And I think 300%, 400% or 500% is just the beginning.

The companies I refer to - Gulf Oil, Texaco and Chevron ( CVX ) - all grew out of the first oil discoveries in Texas. Early investors in these companies make a heck of a lot more money by holding on to their shares. Had they sold out just a year after those first discoveries, they would have missed out.

I believe this story will repeat itself in Africa in the years ahead. And that's why I'm encouraging my family, friends, and subscribers to get in on the ground floor.

Part of frontier investing means holding on. That's remains true whether things go well, and often even when they don't. The risks are precisely why the potential payoff is so large. You don't balance this risk by not investing - you balance it by investing a reasonable amount of money that you can live without. But which could multiply a hundredfold, or more, over the coming decades.

Over the next couple of months there are a number of drilling catalysts that I believe will get Africa Oil's stock moving higher once again. There are certainly no guarantees. But I'm watching each of these events carefully, as are my subscribers.

The map below shows exactly where all of these wells are located, as well as the various exploration blocks that Africa Oil owns. Also on the map are Africa Oil's recent discoveries, which are expected to start producing over 250,000 barrels per day within the next few years.



The company's drilling activity is picking up based on recent success. And in fact in late 2013, Africa Oil and its partners will have five rigs drilling oil wells in Kenya and Ethiopia.

The first catalyst on the horizon is the result from the Ekales well on exploration block 13T in Kenya. This is a relatively low risk well since it's very close to two prior discoveries, Ngamia and Twiga. Africa Oil is just beginning to "drill out" around these discoveries to firm up resource estimates.

And any day now, the company should begin drilling the Tultule-1 well in the South Omo Block in Ethiopia. Both Marathon Oil ( MRO ) and Tullow ( TUWOY ) have a stake in this well. It's sure to be another share price catalyst since any discovery opens up another massive play in western Ethiopia.

Also this September, Africa Oil and Marathon will begin drilling the potentially large Bahisa-1 exploration well on Block 9. This well will target a structure similar to a 6 billion barrel Sudan discovery, and expectations are high.

And finally there's the potentially massive El Kuran-3 well that Africa Oil and partner New Age will begin to drill this month on Block 7/8 in Ethiopia. With new technical advances, this well could be a major producer in the company's portfolio.
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Beitrag9/300, 28.10.13, 08:54:41 
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Good morning.



Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.



Best regards,



Sophia Shane

Ph. 604 689 7842



KENYA OPERATIONS UPDATE



October 28, 2013 (AOI–TSXV, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the “Company”) announces that the Company and its operating partner, Tullow Oil plc (“Tullow” or, together, the “Partnership”), have temporarily suspended all operations as a precautionary measure in Block 10BB and Block 13T in Northern Kenya. This decision follows demonstrations by local people regarding concerns around employment.



Africa Oil and Tullow take their relationship with the local communities extremely seriously and the decision to suspend exploration and appraisal operations was taken to prevent further escalation of the demonstrations while discussions to resolve this issue for the long term are ongoing.



Africa Oil and Tullow are working closely with the local communities, the local Government and the national Government so that work can resume on Blocks 10BB and 13T as soon as possible. The Partnership is fully committed to utilising as many local workers and local services as possible and currently employs over 800 people from the Turkana region out of the 1,400 people currently employed on the Partnership’s Kenyan operations.



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. Four 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".
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Beitrag8/300, 22.11.13, 08:33:09 
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Good morning!



Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.



Best regards,



Sophia Shane

Ph. 604 689 7842



Africa Oil ANNOUNCES FIFTH CONSECUTIVE MAJOR OIL DISCOVERY IN KENYA



November 22, 2013 (AOI–TSXV, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs.


The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Africa Oil’s acreage in the region. This discovery de-risks several follow-on prospects located to the north and on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered.



The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery. Africa Oil has a 50% interest in the discovery with operator Tullow Oil plc holding the remaining 50% interest.



Elsewhere in Kenya, exploration drilling activities continue to accelerate with the Amosing-1 well in Block 10BB, expected to commence drilling before the end of November with the Weatherford 804 rig. The Etuko-1 well test in Block 10BB is also scheduled to commence this month with the PR Marriott 46 rig which recently arrived in country and the Ekales-1 well test is scheduled to commence in early December with the recently mobilized SMP-5 completion unit. The Africa Oil operated Bahasi-1 well in the Block 9 is currently drilling as planned with results expected by the end of December.



An additional two wells are currently drilling in Ethiopia, the Tutule-1 well in the South Omo block, and the El Kuran-3 well in Block 8, with results also expected before the end of the year.



Keith Hill, President and CEO of Africa Oil commented, “The highly prolific nature of this basin is once again proven by this significant discovery. We would expect to see a high rate of success on all exploration wells in this basin based on results to date. We will have at least 6 rigs full time across Kenya and Ethiopia for the foreseeable future and with our recent fund raising are well placed to not only drill and appraise this basin but to drill basin opening wells in the most prospective new areas in the coming 18 months.”



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. Five 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
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Beitrag7/300, 22.11.13, 16:39:27 
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Beitrag6/300, 09.12.13, 08:24:38 
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AFRICA OIL PROVIDES OPERATIONAL UPDATE



December 9, 2013 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) would like to provide the following operational update on its activities in Kenya and Ethiopia.



Drilling operations continue with strong community support in the South Lokichar basin in Northern Kenya which is the site of five consecutive significant oil discoveries by Africa Oil in conjunction with its 50% partner and Operator, Tullow Oil Plc. The Amosing well has spud and is drilling ahead on schedule. It is located 7 kilometers southeast of the Ngamia discovery which had over 200 meters of net pay and is a similar basin bounding fault trap in which has been referred to as the “string of pearls” trend. The well is expected to be completed by the end of January. The rig which recently completed the Agete discovery with at least 100 meters of net oil pay, is being mobilized to the Ewoi prospect and is expected to spud by the end of the year. Ewoi is a large faulted structure updip from the recent Etuko discovery on the Rift Flank portion of the basin. The two lightweight rigs in the basin are currently being rigged up for testing on the Etuko and Ekales discoveries and test results for both are expected early in the first quarter of 2014. The 3D seismic survey over the western flank of the basin is also expected to commence before the end of the year and civils construction on several exploration and appraisal locations has been accelerated to keep pace with the aggressive planned drilling schedule.



In Kenya Block 9, the Africa Oil operated Bahasi well has been drilled to a depth of 2900 meters, encountering metamorphic basement at 2850 meters. A thick section of Tertiary and Cretaceous interbedded sands and shales were encountered with only minor shows of gas throughout the section and the well is being plugged and abandoned. The rig will now move to the Sala location on the northeast flank of the basin to test a large prospect in a separate sub-basin updip from the Bogal well drilled in 2010 which appeared to find a significant gas accumulation and also near the Ndovu well drilled in 1988 which had good shows of oil and gas. This well is expected to be completed by the end of the first quarter of 2014.



In the South Omo block in Ethiopia, the Tutule-1 well has reached a total depth of 2101 meters. The well encountered a section similar to the nearby Sabisa-1 well in the upper portion of the well but the sands which appeared to be oil saturated in the Sabisa well were not present on the Tutule horst block feature with multiple volcanic units and shales in this section. There were gas shows in the section which point to a potential hydrocarbon source and the results of these two wells will be analyzed to determine the future exploration program direction in the North Turkana Basin. The OGEC rig will be moved to the Chew Bahir basin to drill the Shimela prospect in the eastern portion of the South Omo permit where new seismic has delineated a number of new prospects and potential source basins. Due to the lengthy move and extensive civil works, this well is not expected to spud until the end of the first quarter of 2014.



In Block 8 in Ethiopia, drilling continues on the El Kuran-3 well with the current depth being 1978 meters. The well has encountered a 1200 meter section of Jurassic Hamenlei carbonates, with some interbedded sands and anhydrite, with wet gas and oil shows throughout the interval, similar to the results of the El Kuran-1 well drilled by Tenneco in 1972. These reservoirs appear to be fairly low porosity and permeability and, as expected, will likely require acid or fracture stimulation to produce at commercial levels. Oil and gas-condensate was recovered from one of sample chambers and is being sent for analysis. At the base of the well, a flow of gas was encountered and the well has been suspended in order to mobilize test equipment to evaluate this zone. A decision has also been taken to deepen the well below the planned target depth to evaluate the deeper Gumboro zone which has significant gas condensate potential. With the recent announcement of a Chinese company entering the basin and potentially providing export infrastructure, the economics of the basin could be vastly improved.



Africa Oil CEO Keith Hill stated, “While we are disappointed that the Bahasi and Tutule wells did not find commercial hydrocarbons, we look forward to aggressively pursuing other exploration opportunities in other sub-basins within these two large blocks and in the other 9 new basins yet to be drilled. The exploration, appraisal and development studies in the proven South Lokichar Basin continue to be our main focus, but we are still confident we will unlock other productive basins on this trend. This fully funded increased level of activity, with a minimum of six rigs working full time for the foreseeable future, should continue to deliver high potential upside value for shareholders in 2014 and beyond.”



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. Five 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".



ON BEHALF OF THE BOARD



“Keith C. Hill”

President and CEO
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Beitrag5/300, 02.01.14, 21:43:30 
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Kauf mich!



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Beitrag4/300, 15.01.14, 08:58:33 
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Good morning!



Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.



Best regards,



Sophia Shane

Ph. 604 689 7842



Africa Oil ANNOUNCES TWO ADDITIONAL OIL DISCOVERIES IN KENYA



January 15, 2014 (AOI–TSXV, AOI–NASDAQ OMX First North) … 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 3500 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".
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Beitrag3/300, 05.03.14, 10:02:34 
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Africa Oil gains Ethiopian gov't approval for farm-outs

2014-03-04 06:09 ET - News Release


Mr. Keith Hill reports

AFRICA OIL ANNOUNCES FARMOUTS IN THE RIFT BASIN AREA AND ADIGALA BLOCKS IN ETHIOPIA
Africa Oil Corp. has received Ethiopian government approval in respect of two farm-out agreements:


Marathon Oil Corp., through its wholly owned subsidiary Marathon Ethiopia Limited B.V., will acquire a 50-per-cent interest in the Rift basin area.
New Age Ethiopia Ltd. will acquire a 40-per-cent interest in the Adigala block.

Under the terms of the Marathon Oil farm-out agreement, Marathon Oil will acquire a 50-per-cent interest in the Rift basin area in Ethiopia. Africa Oil will maintain operatorship of the block, but Marathon Oil has the right to assume operatorship if a commercial discovery is made. In consideration for the assignment of this interest, Marathon Oil will pay Africa Oil an entry payment of $3-million in respect of past costs, and has agreed to finance $15-million of Africa Oil's working interest share of joint venture expenditures in the Rift basin area. Africa Oil and Marathon Oil are pleased to complete the final tranche of the farm-out transaction originally announced in July, 2012 (press release dated July 23, 2012). Completion of this transaction is anticipated in March, 2014. Following completion, Africa Oil and Marathon Oil will each hold a 50-per-cent working interest in the Rift basin area.

The Rift basin area covers 42,519 square kilometres and is on trend and extending to the northeast of the highly prospective blocks in the Tertiary rift valley including the South Omo block, and Kenyan blocks 10BA, 10BB, 13T and 12A. A 1,200-kilometre 2-D seismic survey is anticipated to be acquired during the second half of 2014.

Under the terms of the New Age farm-out agreement, New Age will acquire an additional 40-per-cent working interest in the Adigala block, in Ethiopia. Following completion, Africa Oil's interest will be reduced to 10 per cent. In consideration of the assignment New Age will carry Africa Oil's working interest share of a planned 1,000-kilometre 2-D seismic work program in the Adigala block. Completion of this transaction is anticipated in March, 2014.

Keith Hill, Africa Oil's president and chief executive officer, stated: "We are very pleased to receive government approval to complete these farm-out transactions as we continue to actively manage our highly prospective East African acreage portfolio. We look forward to continuing to work with Marathon Oil as a partner given their stature and long history of success in the oil and gas business. We have a very exciting exploration and appraisal program set out for 2014 which will see us complete over 20 wells. Currently we have seven rigs running and after releasing one in midyear will have at least six rigs running full-time through the remainder of the year. Our program has three objectives: to appraise the existing key discoveries; to drill out the remaining prospects in the South Lokichar basin; and to open at least one of the four new basins being tested along trend. Additionally, we are pushing hard to move the development studies along with the aim of sanctioning a pipeline development for the South Lokichar basin by the end of 2015 or early 2016. This fully funded program should continue to deliver high potential upside value for shareholders through this year and beyond."

We seek Safe Harbor.

© 2014 Canjex Publishing Ltd. All rights reserved.
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Beitrag2/300, 23.05.14, 10:01:51 
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AFRICA OIL OPERATIONS UPDATE



May 23, 2014 (AOI–TSX, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the “Company”) provides an update on the Shimela-1 well drilled in the South Omo Block, onshore Ethiopia.



The well reached a final depth of 1,940 metres and encountered water bearing reservoirs. Shimela-1 was drilled to test a prospect in a north-western sub-basin of the vast Chew Bahir basin. The frontier wildcat well encountered lacustrine and volcanic rocks including almost 100 metres of net sandstone reservoir within siltstones and claystones. Trace thermogenic gas shows were recorded at 1,900 metres.



The Exalo 205 rig which drilled Shimela-1 will now be moved to drill the Gardim-1 wildcat exploration well in a completely separate sub-basin, in the south-eastern corner of the Chew Bahir basin.



Africa Oil holds a 30% interest in the South Omo Block. Operator Tullow Oil plc holds a 50% interest and Marathon Oil Ethiopia Limited B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds 20%.



Keith Hill, President and CEO, commented, “While we are disappointed that this well discovered only minor gas shows, we still believe there is significant potential in the Ethiopian portion of the rift and will continue efforts to explore not only the remainder of this block but also the Rift Basin Area where oil seeps and source rocks in outcrop demonstrate a working petroleum system.“



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 215,000 square kilometres. 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".
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Beitrag1/300, 16.09.14, 15:04:24 
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BRIEF-Africa Oil announces significant increase in resource estimates of Kenya oil fields

Sept 16 (Reuters) - Africa Oil Corp <AOI.TO>:
* Announces significant increase in resource estimates of Kenya oil fields and
conference call
* Says company continues to aggressively explore and appraise the south
lokichar basin
* Source text for Eikon [ID:nSSN5vyJ]
* Further company coverage [AOI.TO]
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