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AOI - Africa Oil - WKN A0MZJC
- Ersteller dukezero
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Africa Oil Q1 2011 Financial and Operating Results
Africa Oil Corporation AOI
26.05.2011 17:52:43
VANCOUVER, BRITISH COLUMBIA, May 26, 2011 (Marketwire via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three months ended March 31, 2011.
Highlights and accomplishments during the first quarter of 2011 included:
http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8185709
Africa Oil Corporation AOI
26.05.2011 17:52:43
VANCOUVER, BRITISH COLUMBIA, May 26, 2011 (Marketwire via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three months ended March 31, 2011.
Highlights and accomplishments during the first quarter of 2011 included:
http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8185709
Africa Oil Annual General Meeting Results
Africa Oil Corporation AOI
30.05.2011 16:31:17
VANCOUVER, BRITISH COLUMBIA, May 30, 2011 (MARKETWIRE via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") reports that at the Company's Annual General Meeting held today in Vancouver, Canada, shareholders voted in favour of all resolutions tabled at the meeting, namely:
-- Election of the following as Directors of the Corporation:
-- Keith C. Hill
-- J. Cameron Bailey
-- Gary S. Guidry
-- Bryan M. Benitz
-- John H. Craig
-- Appointment of PricewaterhouseCoopers, LLP as auditor of the Corporation
at a remuneration to be fixed by the directors of the Corporation;
-- Ratification of the Corporation's existing 10% Rolling Stock Option
Plan.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). 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 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 "AOI".
--------------------------------------------------------------------------------
Africa Oil Corporation AOI
30.05.2011 16:31:17
VANCOUVER, BRITISH COLUMBIA, May 30, 2011 (MARKETWIRE via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") reports that at the Company's Annual General Meeting held today in Vancouver, Canada, shareholders voted in favour of all resolutions tabled at the meeting, namely:
-- Election of the following as Directors of the Corporation:
-- Keith C. Hill
-- J. Cameron Bailey
-- Gary S. Guidry
-- Bryan M. Benitz
-- John H. Craig
-- Appointment of PricewaterhouseCoopers, LLP as auditor of the Corporation
at a remuneration to be fixed by the directors of the Corporation;
-- Ratification of the Corporation's existing 10% Rolling Stock Option
Plan.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). 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 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 "AOI".
--------------------------------------------------------------------------------
2011-05-12 Africa: The Next Oil Boom
http://www.energyandcapital.com/articles/the-next-oil-boom/1520
2011-05-16 Black Gold
http://www.wealthdaily.com/articles/african-oil/3084
2011-05-19 News From the East Africa Oil Conference in Hilton Nairobi
http://www.energyandcapital.com/articles/the-last-great-oil-land-rush-is-on/1525
2011-05-26 Oil Boom in Kenya
http://www.energyandcapital.com/articles/oil-boom-in-kenya/1533
2011-06-16 But We Don't Have Another 9.48 Barrels...
http://www.energyandcapital.com/articles/but-we-dont-have-another-948-million-barrels/1573
2011-06-20 Forget the Feds like They've Forgotten You
http://www.wealthdaily.com/articles/forget-the-feds-like-theyve-forgotten-you/3125
http://www.energyandcapital.com/articles/the-next-oil-boom/1520
2011-05-16 Black Gold
http://www.wealthdaily.com/articles/african-oil/3084
2011-05-19 News From the East Africa Oil Conference in Hilton Nairobi
http://www.energyandcapital.com/articles/the-last-great-oil-land-rush-is-on/1525
2011-05-26 Oil Boom in Kenya
http://www.energyandcapital.com/articles/oil-boom-in-kenya/1533
2011-06-16 But We Don't Have Another 9.48 Barrels...
http://www.energyandcapital.com/articles/but-we-dont-have-another-948-million-barrels/1573
2011-06-20 Forget the Feds like They've Forgotten You
http://www.wealthdaily.com/articles/forget-the-feds-like-theyve-forgotten-you/3125
Africa Oil Corp. and Arcan Resources Ltd. Under Current Evaluation
Africa Oil Corporation AOI
7/22/2011 9:18:02 AM
Jul 22, 2011 (ACCESSWIRE via COMTEX News Network) --
Equedia.com and The Equedia Weekly Letter provides research on Canadian companies with a focus on mining and resource stocks. Equedia is continuing research and evaluation on the prospects of Africa Oil Corp. (TSX VENTURE: AOI) and Arcan Resources Ltd. (TSX VENTURE: ARN). To be further notified of our updates on these companies and special report editions through the Equedia Weekly letter, please obtain your free subscription here:
http://equedia.com/equediaweekly
Many companies previously featured in our special report editions have hit new 52 - week highs since the initiation of our coverage and many companies under evaluation have made strong gains since being placed under evaluation. To receive these reports, please make sure to subscribe for your complimentary subscription to Equedia Weekly here:
http://equedia.com/equediaweekly
Here is a brief excerpt from our latest weekly letter, "All the Right Pieces":
"When it comes to investing in juniors, there are many opportunities to hit one out of the ballpark. You can wait for a company to make a discovery or wait for a company to be bought out.
But at the end of the day, you just have to hit a sweet spot - the perfect combination of the right projects, the right people, and the right timing. If all of these ingredients come together, investors who act quickly can make fortunes on the right company.
That's why in the past few months, I have been looking specifically for an early stage company that I believe has the right ingredients to move their projects forward.
Before I introduce this company and their management, let me share a quick story..."
To continue reading and receive your next free edition of Equedia Weekly, please subscribe by going to http://equedia.com/equediaweekly/ and visit http://equedia.com/blog/view.php/All-the-Right-Pieces-The-African-Road-to-Riches/ for a copy of this edition.
You should also visit www.equedia.com to gain access to insider information, analyst ratings, videos, corporate coverage, financials, and in-depth stock charts for the above mentioned companies. Shareholders are also asked to assist our staff by providing us more details on your knowledge of the above-mentioned companies as we put them under evaluation. By registering through www.equedia.com, you can upload your findings and attach them to the respective companies under their corporate landing page.
Register through the following link to gain access:
http://equedia.com/login.php
The Equedia Weekly investment video newsletter features stock picks, videos and investment strategies from North America's leading investment personalities and gives you free access to a minimum of 6 special reports per year featuring the best Canadian mining and resource stocks.
Our Free Newsletters include: Mining and Resource Stocks Research, Stock Picks, Trading Strategies, Video Tutorials, Analyst Videos, Options Trading, Investment Tips, and Much More!
Equedia Weekly updates its subscribers on the top performing and undervalued Canadian mining stocks including the stocks mentioned in this release. Sign up today and receive your free subscription to our interactive multimedia newsletter here:
http://www.equedia.com/newsletter
About Equedia
Equedia is N. America's leading interactive investment newsletter and investor network with many advanced social networking features. The Equedia platform caters to companies and investment media who want to communicate with stakeholders via video content, as well as through blogs, shared calendars, and other features.
The Equedia Weekly letter introduces its readers to strategies for success when investing in mining and resource stocks and features reports on the stocks you may already be following.
The letter goes out once a week and provides insight on world events that could impact your resource-focused portfolio. In each issue, Equedia gives you early notice of market events that could significantly impact your trading and goes beyond what the mainstream media is telling you.
Equedia gives you the truth on what's happening in the markets and provides you with links, resources, research, and strategies from the top investment minds in the industry.
We have not been compensated by any of the above-mentioned companies and do not own a position at the time of this writing. However, we may buy and sell shares on the open market without notice to our readers.
All material herein was prepared by Equedia Network Corporation ("Equedia") based upon information believed to be reliable. The information is not guaranteed by Equedia to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Equedia is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker or investment professional before purchasing or selling any securities mentioned herein.
Contact:
Equedia Network Corporation
www.equedia.com
Telephone: 1-888-EQUEDIA (378-3342)
Email: info@equedia.com
Copyright 2011 ACCESSWIRE
Africa Oil Corporation AOI
7/22/2011 9:18:02 AM
Jul 22, 2011 (ACCESSWIRE via COMTEX News Network) --
Equedia.com and The Equedia Weekly Letter provides research on Canadian companies with a focus on mining and resource stocks. Equedia is continuing research and evaluation on the prospects of Africa Oil Corp. (TSX VENTURE: AOI) and Arcan Resources Ltd. (TSX VENTURE: ARN). To be further notified of our updates on these companies and special report editions through the Equedia Weekly letter, please obtain your free subscription here:
http://equedia.com/equediaweekly
Many companies previously featured in our special report editions have hit new 52 - week highs since the initiation of our coverage and many companies under evaluation have made strong gains since being placed under evaluation. To receive these reports, please make sure to subscribe for your complimentary subscription to Equedia Weekly here:
http://equedia.com/equediaweekly
Here is a brief excerpt from our latest weekly letter, "All the Right Pieces":
"When it comes to investing in juniors, there are many opportunities to hit one out of the ballpark. You can wait for a company to make a discovery or wait for a company to be bought out.
But at the end of the day, you just have to hit a sweet spot - the perfect combination of the right projects, the right people, and the right timing. If all of these ingredients come together, investors who act quickly can make fortunes on the right company.
That's why in the past few months, I have been looking specifically for an early stage company that I believe has the right ingredients to move their projects forward.
Before I introduce this company and their management, let me share a quick story..."
To continue reading and receive your next free edition of Equedia Weekly, please subscribe by going to http://equedia.com/equediaweekly/ and visit http://equedia.com/blog/view.php/All-the-Right-Pieces-The-African-Road-to-Riches/ for a copy of this edition.
You should also visit www.equedia.com to gain access to insider information, analyst ratings, videos, corporate coverage, financials, and in-depth stock charts for the above mentioned companies. Shareholders are also asked to assist our staff by providing us more details on your knowledge of the above-mentioned companies as we put them under evaluation. By registering through www.equedia.com, you can upload your findings and attach them to the respective companies under their corporate landing page.
Register through the following link to gain access:
http://equedia.com/login.php
The Equedia Weekly investment video newsletter features stock picks, videos and investment strategies from North America's leading investment personalities and gives you free access to a minimum of 6 special reports per year featuring the best Canadian mining and resource stocks.
Our Free Newsletters include: Mining and Resource Stocks Research, Stock Picks, Trading Strategies, Video Tutorials, Analyst Videos, Options Trading, Investment Tips, and Much More!
Equedia Weekly updates its subscribers on the top performing and undervalued Canadian mining stocks including the stocks mentioned in this release. Sign up today and receive your free subscription to our interactive multimedia newsletter here:
http://www.equedia.com/newsletter
About Equedia
Equedia is N. America's leading interactive investment newsletter and investor network with many advanced social networking features. The Equedia platform caters to companies and investment media who want to communicate with stakeholders via video content, as well as through blogs, shared calendars, and other features.
The Equedia Weekly letter introduces its readers to strategies for success when investing in mining and resource stocks and features reports on the stocks you may already be following.
The letter goes out once a week and provides insight on world events that could impact your resource-focused portfolio. In each issue, Equedia gives you early notice of market events that could significantly impact your trading and goes beyond what the mainstream media is telling you.
Equedia gives you the truth on what's happening in the markets and provides you with links, resources, research, and strategies from the top investment minds in the industry.
We have not been compensated by any of the above-mentioned companies and do not own a position at the time of this writing. However, we may buy and sell shares on the open market without notice to our readers.
All material herein was prepared by Equedia Network Corporation ("Equedia") based upon information believed to be reliable. The information is not guaranteed by Equedia to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Equedia is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker or investment professional before purchasing or selling any securities mentioned herein.
Contact:
Equedia Network Corporation
www.equedia.com
Telephone: 1-888-EQUEDIA (378-3342)
Email: info@equedia.com
Copyright 2011 ACCESSWIRE
August 03, 2011 16:47 ET
Africa Oil Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to provide an update on the Company's ongoing exploration activities. The Company has launched a major exploration initiative throughout its East Africa portfolio which includes at least 10 seismic acquisition programs (totaling over 7,000 kilometres), 6 full tensor gravity surveys, extensive environmental studies, acquisition of high resolution gravity and magnetic data as well as geochemical surveys. Over the next 18 months, a minimum of 7 to 10 wells are planned to test the numerous prospects identified throughout the blocks.
Kenya
The Company and Tullow Oil plc. ("Tullow"), its operating partner in each of the Kenyan Blocks other than Block 9, have completed the work and/or are proposing the work programs, described below.
Block 10BB
The Company and Tullow have integrated and interpreted all newly acquired (610 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for the planned drill program. The Ngamia (Camel) prospect (previously named Fise-1) has been selected by the joint venture for the initial well in Block 10BB. The prospect will test the oil potential in Miocene age sandstones within a three way dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda. The contract for the drilling rig has been awarded to Weatherford International and the rig is planned to be mobilized in August to Kenya. Additional preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. Spudding of the Ngamia well is slated for the fourth quarter of 2011. In addition to drilling operations, the Company and its partner are currently acquiring a full tensor gravity survey (FTG) to further define prospective areas of the block that lack 2D seismic data. The survey should be completed in the fourth quarter of 2011.
To view the Location map, please click on the following link: http://media3.marketwire.com/docs/a83j.JPG
Block 10BA
The Company and Tullow have initiated a FTG survey over most of Block 10BA, covering all of Lake Turkana and most of the adjacent onshore areas. Two FTG contractors are working simultaneously to expedite the survey, which is expected to be completed during the fourth quarter of 2011. A seismic acquisition contract has been awarded to the Bureau of Geophysical Prospecting ("BGP") for 1350 km of 2D data to be acquired in both the offshore lake environment and nearshore transitional areas adjacent to Lake Turkana. The offshore data will be acquired using state of the art Ocean Bottom Cable ("OBC"), whereby the recording receivers will be positioned on the bottom of the lakebed. Pre-seismic environmental studies are underway and permits are expected to be in hand by early August 2011 enabling initiation of the seismic survey in the fourth quarter of 2011.
Block 10A
The Company and Tullow have integrated and interpreted all newly acquired (750 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for selection of the first drilling location. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. The Block 10A well is expected to spud in early 2012 using the same Weatherford rig as will be used in Block 10BB. In addition to the drilling operations, a small swath of full tensor gravity (FTG) is being acquired to test the applicability of the FTG technology in Block 10A. The swath survey should be completed in the third quarter of 2011.
Block 13T
The Company and Tullow have awarded contracts for both a FTG survey and seismic acquisition. The FTG survey is underway and is anticipated to be completed by the third quarter of 2011. The recording of at least 562 km of 2D seismic data by BGP is planned to commence in the fourth quarter of 2011. Environmental impact studies and government permitting will precede the seismic survey. Interpretation of reprocessed vintage seismic data has revealed a string of interesting structures on trend with the Ngamia feature of Block 10BB. The seismic program will focus on further delineation of these leads to mature them to drillable prospect status.
Block 12A
The Company and Tullow have awarded contracts for both an FTG survey and seismic acquisition. The FTG survey is underway and is expected to be completed during the third quarter of 2011. The recording of at least 520 km of 2D seismic data by BGP is planned to commence in January 2012. Environmental impact studies and Government permitting will precede the seismic survey.
Block 9
The Company holds 100% interest in Block 9 and current operations include the acquisition of 750 km of 2D seismic data. The survey is 95% complete and is expected to conclude in mid-August of 2011. The survey has been focused on delineating a drillable prospect in the oil-prone Kaisut sub-basin in the northwestern portion of the block. Newly acquired data is of excellent quality and a number of interesting leads have been identified. One exploration well is expected to be drilled during 2012. Additionally, the Company has completed a study associated with potential commercialization of gas resources in the 2010 Bogal discovery prior to a potential 2012 Bogal re-entry, and testing program. The Company plans to pursue a partner on Block 9 that brings gas development and marketing experience to the joint venture.
Ethiopia
South Omo Block
The Company and its operating partner on the Block, Tullow, have recently completed a FTG survey across most of the southern portion of the South Omo Block. The results of the survey are encouraging and will be used to lay out the upcoming 2D seismic survey. A contract with BGP for the acquisition of at least 1000 km of 2D seismic data has been executed and base camp construction began in July 2011. The seismic recording is estimated to commence during the third quarter of 2011. Environmental impact studies and government permitting will precede the seismic survey.
Ogaden Blocks 7/8
The Company and its partners have integrated and interpreted all newly acquired (430 km) and vintage 2D seismic data over the two blocks. The joint venture is currently focused on developing a better understanding of the large El Kuran oil and gas accumulation in Block 8, discovered in the early 1970's. The Company has completed a reservoir characterization study over the El Kuran structure. A revised analysis of the well data has confirmed the presence of light oil in the Jurassic limestones. The Company is currently analyzing how best to re-drill and test El Kuran in hopes of proving up movable, commercial quantities of oil. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits have commenced. Spud of the El Kuran well is anticipated in the first half of 2012.
Ogaden Blocks 2/6
Ogaden Blocks 2/6 have been relinquished and Ministerial approval to waive remaining commitments is expected shortly.
Adigala Block
The Company and its partner have completed the first exploration period of three years and have exceeded the contractual work obligations. Negotiations with the Ministry of Mines to enter the second period of exploration for the Adigala Block are ongoing. The Company and its partner are proposing additional geologic and geophysical studies to better understand the subsurface configuration of the block. In addition, the partnership is contemplating drilling a stratigraphic test well if a suitable light rig can be secured at reasonable costs.
Rift Valley Joint Study Block
The Company completed the acquisition of high resolution gravity and magnetic data over the Rift Valley Block in April 2011. Final processing and interpretation is anticipated to be completed during the third quarter of 2011. The gravity and magnetic interpretation will enable the Company to decide whether to commit to a further work program under a formal production sharing agreement. The block is on trend with highly prospective blocks in the Tertiary rift valley such as Ethiopian South Omo block, and Kenyan blocks 10BA, 10BB, 13T, and 12A. Additionally, the Company mobilized geochemical specialists to collect fluid samples (potential oil seeps) from the surface and/or margins of the major rift lakes Abaya and Chamo, within the southern portion of the block. A total of 17 samples were collected of which 3 revealed hydrocarbon signatures.
Puntland-Somalia
Dharoor and Nugaal Valley Blocks
The Company and Denovo Capital Corp. ("Denovo") have entered into a letter of intent dated May 11, 2011 for the creation of a new Puntland focused oil exploration company to be named Horn Petroleum Corp. ("Horn Petroleum"). Horn Petroleum will be created as a result of the sale, to Denovo, of the subsidiaries of the Company that hold its oil and gas properties in Puntland Somalia. Certain management and technical services are expected to be provided to Horn Petroleum by the Company under a service contract.
On August 2, 2011 Horn Petroleum completed a $40.98 million private placement financing, with assistance from Africa Oil. These proceeds will be used to fund Horn Petroleum's share of costs associated with the drilling of two exploratory wells in the Dharoor Valley Block. Africa Oil subscribed for $10 million of the private placement and will have an approximately 50% interest in Horn Petroleum when the transaction completes. Completion of the acquisition of Africa Oil's interest in Puntland, Somalia by Horn Petroleum remains subject to, amongst other things, TSX Venture Exchange approval.
The Company is currently in final preparations to commence the two well drilling campaign in the Dharoor Valley Block, with the first well planned to spud in the fourth quarter of 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each based on internal estimates. Contracts for a drilling rig and third party services are in advanced stages of negotiations with contract execution scheduled for early August.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the Company and partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved. The Puntland Government has also given its approval for the formation of Horn Petroleum and the impending transaction with the Company.
Mali
Blocks 7 and 11
The Company and its partner, Heritage Oil and Gas Ltd. ("Heritage") have recently completed the acquisition of 848 km of 2D seismic in Block 11 and 243 km in Block 7. Both blocks are located in the Gao Graben which is thought to be analogous to other Cretaceous age, oil productive, central African rift basins. The Company's share of costs for initial seismic and the drilling of the first exploratory well are fully carried by its single partner, Heritage.
Keith Hill, President and CEO, commented, "We are moving into a very exciting period for Africa Oil which is expected to include the drilling of 7 to 10 exploration wells in the next 18 months that will test all the major petroleum systems in our extensive portfolio. Additional exploration activities will continue into the third quarter with FTG, 2D seismic and drilling preparations on multiple blocks to further delineate propsects. The Company remains well financed with reputable joint venture partners."
Africa Oil Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to provide an update on the Company's ongoing exploration activities. The Company has launched a major exploration initiative throughout its East Africa portfolio which includes at least 10 seismic acquisition programs (totaling over 7,000 kilometres), 6 full tensor gravity surveys, extensive environmental studies, acquisition of high resolution gravity and magnetic data as well as geochemical surveys. Over the next 18 months, a minimum of 7 to 10 wells are planned to test the numerous prospects identified throughout the blocks.
Kenya
The Company and Tullow Oil plc. ("Tullow"), its operating partner in each of the Kenyan Blocks other than Block 9, have completed the work and/or are proposing the work programs, described below.
Block 10BB
The Company and Tullow have integrated and interpreted all newly acquired (610 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for the planned drill program. The Ngamia (Camel) prospect (previously named Fise-1) has been selected by the joint venture for the initial well in Block 10BB. The prospect will test the oil potential in Miocene age sandstones within a three way dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda. The contract for the drilling rig has been awarded to Weatherford International and the rig is planned to be mobilized in August to Kenya. Additional preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. Spudding of the Ngamia well is slated for the fourth quarter of 2011. In addition to drilling operations, the Company and its partner are currently acquiring a full tensor gravity survey (FTG) to further define prospective areas of the block that lack 2D seismic data. The survey should be completed in the fourth quarter of 2011.
To view the Location map, please click on the following link: http://media3.marketwire.com/docs/a83j.JPG
Block 10BA
The Company and Tullow have initiated a FTG survey over most of Block 10BA, covering all of Lake Turkana and most of the adjacent onshore areas. Two FTG contractors are working simultaneously to expedite the survey, which is expected to be completed during the fourth quarter of 2011. A seismic acquisition contract has been awarded to the Bureau of Geophysical Prospecting ("BGP") for 1350 km of 2D data to be acquired in both the offshore lake environment and nearshore transitional areas adjacent to Lake Turkana. The offshore data will be acquired using state of the art Ocean Bottom Cable ("OBC"), whereby the recording receivers will be positioned on the bottom of the lakebed. Pre-seismic environmental studies are underway and permits are expected to be in hand by early August 2011 enabling initiation of the seismic survey in the fourth quarter of 2011.
Block 10A
The Company and Tullow have integrated and interpreted all newly acquired (750 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for selection of the first drilling location. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. The Block 10A well is expected to spud in early 2012 using the same Weatherford rig as will be used in Block 10BB. In addition to the drilling operations, a small swath of full tensor gravity (FTG) is being acquired to test the applicability of the FTG technology in Block 10A. The swath survey should be completed in the third quarter of 2011.
Block 13T
The Company and Tullow have awarded contracts for both a FTG survey and seismic acquisition. The FTG survey is underway and is anticipated to be completed by the third quarter of 2011. The recording of at least 562 km of 2D seismic data by BGP is planned to commence in the fourth quarter of 2011. Environmental impact studies and government permitting will precede the seismic survey. Interpretation of reprocessed vintage seismic data has revealed a string of interesting structures on trend with the Ngamia feature of Block 10BB. The seismic program will focus on further delineation of these leads to mature them to drillable prospect status.
Block 12A
The Company and Tullow have awarded contracts for both an FTG survey and seismic acquisition. The FTG survey is underway and is expected to be completed during the third quarter of 2011. The recording of at least 520 km of 2D seismic data by BGP is planned to commence in January 2012. Environmental impact studies and Government permitting will precede the seismic survey.
Block 9
The Company holds 100% interest in Block 9 and current operations include the acquisition of 750 km of 2D seismic data. The survey is 95% complete and is expected to conclude in mid-August of 2011. The survey has been focused on delineating a drillable prospect in the oil-prone Kaisut sub-basin in the northwestern portion of the block. Newly acquired data is of excellent quality and a number of interesting leads have been identified. One exploration well is expected to be drilled during 2012. Additionally, the Company has completed a study associated with potential commercialization of gas resources in the 2010 Bogal discovery prior to a potential 2012 Bogal re-entry, and testing program. The Company plans to pursue a partner on Block 9 that brings gas development and marketing experience to the joint venture.
Ethiopia
South Omo Block
The Company and its operating partner on the Block, Tullow, have recently completed a FTG survey across most of the southern portion of the South Omo Block. The results of the survey are encouraging and will be used to lay out the upcoming 2D seismic survey. A contract with BGP for the acquisition of at least 1000 km of 2D seismic data has been executed and base camp construction began in July 2011. The seismic recording is estimated to commence during the third quarter of 2011. Environmental impact studies and government permitting will precede the seismic survey.
Ogaden Blocks 7/8
The Company and its partners have integrated and interpreted all newly acquired (430 km) and vintage 2D seismic data over the two blocks. The joint venture is currently focused on developing a better understanding of the large El Kuran oil and gas accumulation in Block 8, discovered in the early 1970's. The Company has completed a reservoir characterization study over the El Kuran structure. A revised analysis of the well data has confirmed the presence of light oil in the Jurassic limestones. The Company is currently analyzing how best to re-drill and test El Kuran in hopes of proving up movable, commercial quantities of oil. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits have commenced. Spud of the El Kuran well is anticipated in the first half of 2012.
Ogaden Blocks 2/6
Ogaden Blocks 2/6 have been relinquished and Ministerial approval to waive remaining commitments is expected shortly.
Adigala Block
The Company and its partner have completed the first exploration period of three years and have exceeded the contractual work obligations. Negotiations with the Ministry of Mines to enter the second period of exploration for the Adigala Block are ongoing. The Company and its partner are proposing additional geologic and geophysical studies to better understand the subsurface configuration of the block. In addition, the partnership is contemplating drilling a stratigraphic test well if a suitable light rig can be secured at reasonable costs.
Rift Valley Joint Study Block
The Company completed the acquisition of high resolution gravity and magnetic data over the Rift Valley Block in April 2011. Final processing and interpretation is anticipated to be completed during the third quarter of 2011. The gravity and magnetic interpretation will enable the Company to decide whether to commit to a further work program under a formal production sharing agreement. The block is on trend with highly prospective blocks in the Tertiary rift valley such as Ethiopian South Omo block, and Kenyan blocks 10BA, 10BB, 13T, and 12A. Additionally, the Company mobilized geochemical specialists to collect fluid samples (potential oil seeps) from the surface and/or margins of the major rift lakes Abaya and Chamo, within the southern portion of the block. A total of 17 samples were collected of which 3 revealed hydrocarbon signatures.
Puntland-Somalia
Dharoor and Nugaal Valley Blocks
The Company and Denovo Capital Corp. ("Denovo") have entered into a letter of intent dated May 11, 2011 for the creation of a new Puntland focused oil exploration company to be named Horn Petroleum Corp. ("Horn Petroleum"). Horn Petroleum will be created as a result of the sale, to Denovo, of the subsidiaries of the Company that hold its oil and gas properties in Puntland Somalia. Certain management and technical services are expected to be provided to Horn Petroleum by the Company under a service contract.
On August 2, 2011 Horn Petroleum completed a $40.98 million private placement financing, with assistance from Africa Oil. These proceeds will be used to fund Horn Petroleum's share of costs associated with the drilling of two exploratory wells in the Dharoor Valley Block. Africa Oil subscribed for $10 million of the private placement and will have an approximately 50% interest in Horn Petroleum when the transaction completes. Completion of the acquisition of Africa Oil's interest in Puntland, Somalia by Horn Petroleum remains subject to, amongst other things, TSX Venture Exchange approval.
The Company is currently in final preparations to commence the two well drilling campaign in the Dharoor Valley Block, with the first well planned to spud in the fourth quarter of 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each based on internal estimates. Contracts for a drilling rig and third party services are in advanced stages of negotiations with contract execution scheduled for early August.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the Company and partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved. The Puntland Government has also given its approval for the formation of Horn Petroleum and the impending transaction with the Company.
Mali
Blocks 7 and 11
The Company and its partner, Heritage Oil and Gas Ltd. ("Heritage") have recently completed the acquisition of 848 km of 2D seismic in Block 11 and 243 km in Block 7. Both blocks are located in the Gao Graben which is thought to be analogous to other Cretaceous age, oil productive, central African rift basins. The Company's share of costs for initial seismic and the drilling of the first exploratory well are fully carried by its single partner, Heritage.
Keith Hill, President and CEO, commented, "We are moving into a very exciting period for Africa Oil which is expected to include the drilling of 7 to 10 exploration wells in the next 18 months that will test all the major petroleum systems in our extensive portfolio. Additional exploration activities will continue into the third quarter with FTG, 2D seismic and drilling preparations on multiple blocks to further delineate propsects. The Company remains well financed with reputable joint venture partners."
August 11, 2011 20:31 ET
Africa Oil Signs Definitive Agreement With Denovo for Transfer of Puntland Subsidiaries
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to report, further to its May 12, 2011 news release, that it has now signed a definitive agreement (the "Share Exchange Agreement") with Denovo Capital Corp. ("Denovo") pursuant to which Africa Oil will transfer to Denovo its 60% participating interest in the Puntland (Somalia) projects (the "Transaction"). Africa Oil's 60% participating interest in each of the Dharoor Valley and the Nugaal Valley Production Sharing Agreements in Puntland (Somalia) is indirectly held by its wholly owned subsidiary, Canmex Holdings (Bermuda) I Ltd.("Canmex I"). Pursuant to the Share Exchange Agreement, all of the issued and outstanding shares of Canmex I will be transferred to Denovo. In consideration of the transfer, Africa Oil will receive 27,777,778 common shares of Denovo.
Denovo is a capital pool company and intends for the Transaction to constitute its "Qualifying Transaction", as that term is defined in the policies of the TSX Venture Exchange (the "Exchange").
The Share Exchange Agreement provides for conditions precedent that are standard for a transaction of this nature, including receipt, by both Africa Oil and Denovo, as required, of all regulatory, partner and third party approvals including Exchange approval. At its June 30, 2011 meeting of shareholders Denovo obtained shareholder approval for a 0.65 (new) for 1.00 (old) consolidation of its common shares and a change of name to Horn Petroleum Corporation ("Horn Petroleum").
On August 2, 2011, Denovo completed a $40.98 million private placement financing, with assistance from Africa Oil. These proceeds will be used to fund Denovo's share of costs associated with the drilling of two exploratory wells in the Dharoor Valley Block. Africa Oil subscribed for $10 million of the private placement and will have an approximately 50% interest in Denovo when the Transaction completes.
Final planning for a two well exploratory drilling campaign in the Dharoor Valley Block is underway. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. Contracts are being entered into with drilling and drilling related subcontractors and ground drilling and logistical operations have commenced.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all that they can to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved. The Puntland Government has also given its approval for the formation of Horn Petroleum and the pending transaction with the Company.
Africa Oil Signs Definitive Agreement With Denovo for Transfer of Puntland Subsidiaries
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to report, further to its May 12, 2011 news release, that it has now signed a definitive agreement (the "Share Exchange Agreement") with Denovo Capital Corp. ("Denovo") pursuant to which Africa Oil will transfer to Denovo its 60% participating interest in the Puntland (Somalia) projects (the "Transaction"). Africa Oil's 60% participating interest in each of the Dharoor Valley and the Nugaal Valley Production Sharing Agreements in Puntland (Somalia) is indirectly held by its wholly owned subsidiary, Canmex Holdings (Bermuda) I Ltd.("Canmex I"). Pursuant to the Share Exchange Agreement, all of the issued and outstanding shares of Canmex I will be transferred to Denovo. In consideration of the transfer, Africa Oil will receive 27,777,778 common shares of Denovo.
Denovo is a capital pool company and intends for the Transaction to constitute its "Qualifying Transaction", as that term is defined in the policies of the TSX Venture Exchange (the "Exchange").
The Share Exchange Agreement provides for conditions precedent that are standard for a transaction of this nature, including receipt, by both Africa Oil and Denovo, as required, of all regulatory, partner and third party approvals including Exchange approval. At its June 30, 2011 meeting of shareholders Denovo obtained shareholder approval for a 0.65 (new) for 1.00 (old) consolidation of its common shares and a change of name to Horn Petroleum Corporation ("Horn Petroleum").
On August 2, 2011, Denovo completed a $40.98 million private placement financing, with assistance from Africa Oil. These proceeds will be used to fund Denovo's share of costs associated with the drilling of two exploratory wells in the Dharoor Valley Block. Africa Oil subscribed for $10 million of the private placement and will have an approximately 50% interest in Denovo when the Transaction completes.
Final planning for a two well exploratory drilling campaign in the Dharoor Valley Block is underway. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. Contracts are being entered into with drilling and drilling related subcontractors and ground drilling and logistical operations have commenced.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all that they can to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved. The Puntland Government has also given its approval for the formation of Horn Petroleum and the pending transaction with the Company.
August 25, 2011 17:29 ET
Africa Oil Q2 2011 Financial and Operating Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three and six months ended June 30, 2011.
Highlights and accomplishments during the second quarter of 2011 included:
Africa Oil ended the quarter in a strong financial position with cash of $109.1 million and working capital of $96.7 million as compared to cash of $76.1 million and working capital of $70.6 million at December 31, 2010. The Company's liquidity and capital resource position improved since year end primarily as the result of payments received upon the completion of farmout transactions and the acquisition of Lion Energy.
Africa Oil has more than sufficient funds to meet its currently planned work program. During the six months ended June 30, 2011, the Company expended $11.0 million of the 2011 Board of Directors approved $43 million in capital expenditures.
Effective June 20, 2011, the Company completed the acquisition of all of the issued and outstanding common shares of Lion Energy Corp. ("Lion"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Pursuant to the agreement with Lion, AOC acquired, by way of a plan of arrangement, all of the issued and outstanding shares of Lion in consideration for 14,962,447 AOC shares, net of 2,500,000 AOC shares Lion owned at the date of acquisition. The Company also issued 287,250 stock options which expire between 30 and 90 days from the effective date of the transaction and 2,289,000 share purchase warrants that expired unexercised on June 29, 2011. The value of consideration issued, net of AOC shares acquired, was valued at $21.7 million. Lion is a joint venture partner of AOC in Kenya and Puntland (Somalia), and held the following working interests; 33.3% in Block 9 (Kenya), 10% in Block 10BB (Kenya), and 15% in each of Dharoor Valley and Nugaal Valley (Puntland). In addition to the above properties, Lion had net working capital of $20.1 million at closing, excluding the value of the AOC shares held by Lion.
Subsequent to the end of the second quarter, the Company entered into a Share Exchange Agreement (the "Agreement") aimed at creating a new Puntland focused oil exploration company. The new company will be created as a result of the transfer of AOC's interest in its oil and gas properties in Puntland Somalia to Denovo Capital Corp. ("Denovo"). Denovo intends to change its name to Horn Petroleum Corporation ("Horn Petroleum").
Under the terms of the Agreement, AOC will transfer to Denovo all of the issued and outstanding shares of its subsidiary holding companies (the "Puntland Subsidiaries") which hold participating interests in the Dharoor Valley and Nugaal Valley Production Sharing Agreements in Puntland (Somalia) (the "Puntland PSAs"). AOC will receive, in consideration of the transfer, 27,777,778 common shares of Denovo. As a result of the Transaction, the Puntland Subsidiaries will become wholly owned subsidiaries of Denovo (the "Transaction").
Africa Oil currently holds a 60% participating interest in the Puntland PSAs. It is anticipated that the entire 60% participating interest will be transferred to Denovo.
Denovo has completed a private placement of CAD$41 million comprised of 45,535,195 subscription receipts of Denovo sold at a post-consolidation price of CAD$0.90 per subscription receipt. Each subscription receipt will be exercised, upon completion of the transaction, into a unit of Denovo, comprised of one common share and one share purchase warrant (a "Denovo Warrant"). Each Denovo Warrant will entitle the holder to acquire an additional Denovo share for CAD$1.50 for two years, subject to accelerated exercise provisions if the Denovo shares trade at greater than CAD$2.00 for 10 consecutive trading days.
AOC has acquired 11,111,111 subscription receipts in the private placement financing, for proceeds of CAD$10 million. At the conclusion of the Transaction and the private placement financing described above, AOC is anticipated to hold approximately 52% (non-diluted) of the issued and outstanding common shares of Denovo, not factoring in shares of Denovo that may be issued to finders pursuant to the Denovo private placement. Upon completion of the Transaction it is expected that Denovo will meet the listing requirements of the Exchange for a Tier II Oil and Gas Issuer.
Conditions precedent to closing are standard for a transaction of this nature, including receipt, by both AOC and Denovo, as required, of all regulatory, partner and third party approvals including TSX Venture Exchange approval.
Early in 2011 and again in July, AOC amended its Production Sharing Contracts ("PSC") with the Puntland Petroleum and Mineral Agency requiring execution of a drilling contract by July 31, 2011, drilling operations to commence on the first well by November 15, 2011, and drilling operations to commence on a second well by January 17, 2012. A drilling rig contract has now been entered into.
The Company continued to actively explore in East Africa:
In Block 10BB, the Ngamia (Camel) prospect (previously named Fise-1) has been selected by the joint venture for the initial well in Block 10BB. The prospect will test the oil potential in Miocene age sandstones within a three way dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda. The contract for the drilling rig has been awarded to Weatherford International. Spudding of the Ngamia well is slated for the fourth quarter of 2011.
In Block 10A, the Company and Tullow have integrated and interpreted all newly acquired (750 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for selection of the first drilling location. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. The Block 10A well is expected to spud in early 2012.
In Puntland, the Company is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well planned to spud in the fourth quarter of 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. A contract has been awarded to Sakson Drilling and Oil Services who will provide a 1500 horse-power, top drive equipped rig. The majority of the drilling related third party service contracts have been entered into and all outstanding service contracts are expected to be complete before the end of August.
In Block 9, the Company has recently completed 750km (gross) 2D seismic survey focused on the oil prone Kaisut sub-basin. The survey was focused on delineating a drillable prospect in the oil-prone Kaisut sub-basin in the northwestern portion of the block. Newly acquired data is of excellent quality and a number of interesting leads have been identified.
The Company, in partnership with Tullow, has undertaken an extensive Full Tensor Gravity ("FTG") survey over all of the blocks in the Tertiary Rift basin. This technique has been proven highly successful in Tullow's Uganda Albert Graben project, delineating structured prospects and leads. The survey has been completed in the South Omo Block in Ethiopia and is approximately halfway complete in Blocks 10BA, 10BB, 13T and 12A in Kenya.
Keith Hill, President and CEO, commented, "Africa Oil and joint venture partners made significant operational progress with respect to exploration activities in the first half of 2011, including selection of drilling locations and execution of drilling contracts on both Block 10BB in Kenya and the Dharoor Valley exploration area in Puntland. The Company is in a very strong financial position and is extremely excited to commence drilling operations and plans to drill seven to ten high potential exploration wells in the next eighteen months."
Second Quarter 2011 Financial and Operating Highlights
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http://www.marketwire.com/press-release/africa-oil-q2-2011-financial-and-operating-results-tsx-venture-aoi-1553983.htm
Africa Oil Q2 2011 Financial and Operating Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three and six months ended June 30, 2011.
Highlights and accomplishments during the second quarter of 2011 included:
Africa Oil ended the quarter in a strong financial position with cash of $109.1 million and working capital of $96.7 million as compared to cash of $76.1 million and working capital of $70.6 million at December 31, 2010. The Company's liquidity and capital resource position improved since year end primarily as the result of payments received upon the completion of farmout transactions and the acquisition of Lion Energy.
Africa Oil has more than sufficient funds to meet its currently planned work program. During the six months ended June 30, 2011, the Company expended $11.0 million of the 2011 Board of Directors approved $43 million in capital expenditures.
Effective June 20, 2011, the Company completed the acquisition of all of the issued and outstanding common shares of Lion Energy Corp. ("Lion"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Pursuant to the agreement with Lion, AOC acquired, by way of a plan of arrangement, all of the issued and outstanding shares of Lion in consideration for 14,962,447 AOC shares, net of 2,500,000 AOC shares Lion owned at the date of acquisition. The Company also issued 287,250 stock options which expire between 30 and 90 days from the effective date of the transaction and 2,289,000 share purchase warrants that expired unexercised on June 29, 2011. The value of consideration issued, net of AOC shares acquired, was valued at $21.7 million. Lion is a joint venture partner of AOC in Kenya and Puntland (Somalia), and held the following working interests; 33.3% in Block 9 (Kenya), 10% in Block 10BB (Kenya), and 15% in each of Dharoor Valley and Nugaal Valley (Puntland). In addition to the above properties, Lion had net working capital of $20.1 million at closing, excluding the value of the AOC shares held by Lion.
Subsequent to the end of the second quarter, the Company entered into a Share Exchange Agreement (the "Agreement") aimed at creating a new Puntland focused oil exploration company. The new company will be created as a result of the transfer of AOC's interest in its oil and gas properties in Puntland Somalia to Denovo Capital Corp. ("Denovo"). Denovo intends to change its name to Horn Petroleum Corporation ("Horn Petroleum").
Under the terms of the Agreement, AOC will transfer to Denovo all of the issued and outstanding shares of its subsidiary holding companies (the "Puntland Subsidiaries") which hold participating interests in the Dharoor Valley and Nugaal Valley Production Sharing Agreements in Puntland (Somalia) (the "Puntland PSAs"). AOC will receive, in consideration of the transfer, 27,777,778 common shares of Denovo. As a result of the Transaction, the Puntland Subsidiaries will become wholly owned subsidiaries of Denovo (the "Transaction").
Africa Oil currently holds a 60% participating interest in the Puntland PSAs. It is anticipated that the entire 60% participating interest will be transferred to Denovo.
Denovo has completed a private placement of CAD$41 million comprised of 45,535,195 subscription receipts of Denovo sold at a post-consolidation price of CAD$0.90 per subscription receipt. Each subscription receipt will be exercised, upon completion of the transaction, into a unit of Denovo, comprised of one common share and one share purchase warrant (a "Denovo Warrant"). Each Denovo Warrant will entitle the holder to acquire an additional Denovo share for CAD$1.50 for two years, subject to accelerated exercise provisions if the Denovo shares trade at greater than CAD$2.00 for 10 consecutive trading days.
AOC has acquired 11,111,111 subscription receipts in the private placement financing, for proceeds of CAD$10 million. At the conclusion of the Transaction and the private placement financing described above, AOC is anticipated to hold approximately 52% (non-diluted) of the issued and outstanding common shares of Denovo, not factoring in shares of Denovo that may be issued to finders pursuant to the Denovo private placement. Upon completion of the Transaction it is expected that Denovo will meet the listing requirements of the Exchange for a Tier II Oil and Gas Issuer.
Conditions precedent to closing are standard for a transaction of this nature, including receipt, by both AOC and Denovo, as required, of all regulatory, partner and third party approvals including TSX Venture Exchange approval.
Early in 2011 and again in July, AOC amended its Production Sharing Contracts ("PSC") with the Puntland Petroleum and Mineral Agency requiring execution of a drilling contract by July 31, 2011, drilling operations to commence on the first well by November 15, 2011, and drilling operations to commence on a second well by January 17, 2012. A drilling rig contract has now been entered into.
The Company continued to actively explore in East Africa:
In Block 10BB, the Ngamia (Camel) prospect (previously named Fise-1) has been selected by the joint venture for the initial well in Block 10BB. The prospect will test the oil potential in Miocene age sandstones within a three way dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda. The contract for the drilling rig has been awarded to Weatherford International. Spudding of the Ngamia well is slated for the fourth quarter of 2011.
In Block 10A, the Company and Tullow have integrated and interpreted all newly acquired (750 km) and vintage 2D seismic data. A number of prospects have been identified and are being high graded for selection of the first drilling location. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. The Block 10A well is expected to spud in early 2012.
In Puntland, the Company is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well planned to spud in the fourth quarter of 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. A contract has been awarded to Sakson Drilling and Oil Services who will provide a 1500 horse-power, top drive equipped rig. The majority of the drilling related third party service contracts have been entered into and all outstanding service contracts are expected to be complete before the end of August.
In Block 9, the Company has recently completed 750km (gross) 2D seismic survey focused on the oil prone Kaisut sub-basin. The survey was focused on delineating a drillable prospect in the oil-prone Kaisut sub-basin in the northwestern portion of the block. Newly acquired data is of excellent quality and a number of interesting leads have been identified.
The Company, in partnership with Tullow, has undertaken an extensive Full Tensor Gravity ("FTG") survey over all of the blocks in the Tertiary Rift basin. This technique has been proven highly successful in Tullow's Uganda Albert Graben project, delineating structured prospects and leads. The survey has been completed in the South Omo Block in Ethiopia and is approximately halfway complete in Blocks 10BA, 10BB, 13T and 12A in Kenya.
Keith Hill, President and CEO, commented, "Africa Oil and joint venture partners made significant operational progress with respect to exploration activities in the first half of 2011, including selection of drilling locations and execution of drilling contracts on both Block 10BB in Kenya and the Dharoor Valley exploration area in Puntland. The Company is in a very strong financial position and is extremely excited to commence drilling operations and plans to drill seven to ten high potential exploration wells in the next eighteen months."
Second Quarter 2011 Financial and Operating Highlights
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http://www.marketwire.com/press-release/africa-oil-q2-2011-financial-and-operating-results-tsx-venture-aoi-1553983.htm
Africa Oil Provides Update on Proposed Transfer of Puntland Subsidiaries and Independent Assessment of Prospective Resources
Africa Oil Corporation AOI
9/6/2011 9:15:26 AM
VANCOUVER, BRITISH COLUMBIA, Sep 06, 2011 (MARKETWIRE via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") is pleased to provide an update to its previously announced proposed transaction (the "Transaction") with Denovo Capital Corp. ("Denovo") whereby Denovo will acquire all the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd. ("Canmex"), Africa Oil's wholly-owned subsidiary.
The TSX Venture Exchange (the "Exchange") approved the filing of Denovo's filing statement dated August 29, 2011 (the "Filing Statement") relating to the Transaction and the Filing Statement was filed on SEDAR on September 1, 2011. Denovo has made its initial submission to the Exchange but has not received conditional approval of the Transaction. Africa Oil and Denovo expect to be in a position to close the Transaction in the next few weeks.
Following the completion of the Transaction, Denovo will, among other things, have consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for every 0.65 pre-consolidation common shares, continued into the Province of British Columbia under the Business Corporations Act (British Columbia) and changed its name to "Horn Petroleum Corporation". For further information regarding the Transaction, please see Denovo's press release dated August 11, 2011.
http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8296896
Africa Oil Corporation AOI
9/6/2011 9:15:26 AM
VANCOUVER, BRITISH COLUMBIA, Sep 06, 2011 (MARKETWIRE via COMTEX News Network) --
Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") is pleased to provide an update to its previously announced proposed transaction (the "Transaction") with Denovo Capital Corp. ("Denovo") whereby Denovo will acquire all the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd. ("Canmex"), Africa Oil's wholly-owned subsidiary.
The TSX Venture Exchange (the "Exchange") approved the filing of Denovo's filing statement dated August 29, 2011 (the "Filing Statement") relating to the Transaction and the Filing Statement was filed on SEDAR on September 1, 2011. Denovo has made its initial submission to the Exchange but has not received conditional approval of the Transaction. Africa Oil and Denovo expect to be in a position to close the Transaction in the next few weeks.
Following the completion of the Transaction, Denovo will, among other things, have consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for every 0.65 pre-consolidation common shares, continued into the Province of British Columbia under the Business Corporations Act (British Columbia) and changed its name to "Horn Petroleum Corporation". For further information regarding the Transaction, please see Denovo's press release dated August 11, 2011.
http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8296896
November 24, 2011 17:34 ET
Africa Oil Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that it has granted an aggregate of 4,270,000 incentive stock options to certain officers, directors, and other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $1.49 per share.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia, Puntland (Somalia) and Mali. 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 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 "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is E. Öhman J
r Fondkommission AB (Pareto Ohman), part of the Pareto Securities Group.
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.
http://www.marketwire.com/press-release/africa-oil-corporate-update-tsx-venture-aoi-1591077.htm
Africa Oil Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that it has granted an aggregate of 4,270,000 incentive stock options to certain officers, directors, and other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $1.49 per share.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia, Puntland (Somalia) and Mali. 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 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 "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is E. Öhman J
r Fondkommission AB (Pareto Ohman), part of the Pareto Securities Group.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.
http://www.marketwire.com/press-release/africa-oil-corporate-update-tsx-venture-aoi-1591077.htm
Africa Oil shareholder Lion returns 2.5 million shares
2011-12-16 18:46 ET - News Release
Mr. Keith Hill reports
AFRICA OIL CORPORATE UPDATE
Africa Oil Corp. has completed the first stage of its proposed reorganization of the assets of Lion Energy Corp., its direct, wholly owned subsidiary, acquired by the company in a plan of arrangement transaction that completed in June, 2011. Lion has assigned to Africa Oil all of its assets, and Africa Oil assumed all of Lion's liabilities, in contemplation of completing a voluntary dissolution of Lion in early 2012.
Lion was the registered holder of 2.5 million common shares of the company, which shares will be surrendered for cancellation and returned to treasury. No consideration was paid to Africa Oil in connection with the cancellation and return to treasury of the shares.
As a result of the cancellation of the shares, Africa Oil currently has 211,413,059 issued and outstanding common shares.
The anticipated spud date of the Ngamia well has been revised to January, 2012. The prospect has been selected by the Tullow-operated joint venture as the initial well in block 10BB. The well will test the oil potential in Miocene-age sandstones within a three-way-dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda.
In addition, the company reports that drilling operations continue on the Horn Petroleum-operated Dharoor block in Puntland, Somalia, and the well is expected to spud in January, 2012.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAOI-1912221&symbol=AOI®ion=C
2011-12-16 18:46 ET - News Release
Mr. Keith Hill reports
AFRICA OIL CORPORATE UPDATE
Africa Oil Corp. has completed the first stage of its proposed reorganization of the assets of Lion Energy Corp., its direct, wholly owned subsidiary, acquired by the company in a plan of arrangement transaction that completed in June, 2011. Lion has assigned to Africa Oil all of its assets, and Africa Oil assumed all of Lion's liabilities, in contemplation of completing a voluntary dissolution of Lion in early 2012.
Lion was the registered holder of 2.5 million common shares of the company, which shares will be surrendered for cancellation and returned to treasury. No consideration was paid to Africa Oil in connection with the cancellation and return to treasury of the shares.
As a result of the cancellation of the shares, Africa Oil currently has 211,413,059 issued and outstanding common shares.
The anticipated spud date of the Ngamia well has been revised to January, 2012. The prospect has been selected by the Tullow-operated joint venture as the initial well in block 10BB. The well will test the oil potential in Miocene-age sandstones within a three-way-dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda.
In addition, the company reports that drilling operations continue on the Horn Petroleum-operated Dharoor block in Puntland, Somalia, and the well is expected to spud in January, 2012.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAOI-1912221&symbol=AOI®ion=C
Africa Oil Spuds Ngamia-1 Well in Kenya
Africa Oil Corp. AOI
1/25/2012 8:30:17 AM
Africa Oil Spuds Ngamia-1 Well in Kenya
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0761127001&sourceType=1http://www.ccnmatthews.com/logos/20080624-AFR.jpg
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/12 -- Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce the spudding of the Ngamia-1 well on Block 10BB, Kenya. Tullow Oil plc is the operator with a 50% working interest and Africa Oil holds the remaining 50%. Please see attached map: http://media3.marketwire.com/docs/AOI0125.pdf
The Ngamia-1 well will be drilled to a projected depth of 2,700 meters to test the oil potential in Miocene age sandstones. The well is located in the Lokichar basin, a north-south trending rift basin that is part of the East African Rift System. Live oil was encountered in the Lokichar basin by the Loperot-1 well which was drilled in 1992 and recovered 29 degree API crude from Miocene sandstones.
The Ngamia-1 well will test a prospect that is similar to oil prospects drilled by Tullow and its partners early in the exploration efforts in the Lake Albert Rift Basin of Uganda. Drilling and evaluation of the well is expected to take between 60 and 90 days. A number of prospects and leads have been mapped and would be prospective following a success of the Ngamia prospect. The Ngamia-1 will be the first well drilled on the block by the partnership and will mark the start of a multi-well drilling program in Block 10BB and adjacent blocks.
Keith Hill, President and CEO of Africa Oil, commented, "We are very excited to be drilling our first well with Tullow. They've had enormous success with the Lake Albert Rift Basin project where in excess of 1 billion barrels have been discovered and this shares many geological similarities with our Kenyan assets. Our Ngamia prospect could be a play opener for another great success in the region."
- Source: Tullow presentation - P50 Discovered and Prospective
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 51% 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 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 "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil Corp. AOI
1/25/2012 8:30:17 AM
Africa Oil Spuds Ngamia-1 Well in Kenya
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0761127001&sourceType=1http://www.ccnmatthews.com/logos/20080624-AFR.jpg
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/12 -- Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce the spudding of the Ngamia-1 well on Block 10BB, Kenya. Tullow Oil plc is the operator with a 50% working interest and Africa Oil holds the remaining 50%. Please see attached map: http://media3.marketwire.com/docs/AOI0125.pdf
The Ngamia-1 well will be drilled to a projected depth of 2,700 meters to test the oil potential in Miocene age sandstones. The well is located in the Lokichar basin, a north-south trending rift basin that is part of the East African Rift System. Live oil was encountered in the Lokichar basin by the Loperot-1 well which was drilled in 1992 and recovered 29 degree API crude from Miocene sandstones.
The Ngamia-1 well will test a prospect that is similar to oil prospects drilled by Tullow and its partners early in the exploration efforts in the Lake Albert Rift Basin of Uganda. Drilling and evaluation of the well is expected to take between 60 and 90 days. A number of prospects and leads have been mapped and would be prospective following a success of the Ngamia prospect. The Ngamia-1 will be the first well drilled on the block by the partnership and will mark the start of a multi-well drilling program in Block 10BB and adjacent blocks.
Keith Hill, President and CEO of Africa Oil, commented, "We are very excited to be drilling our first well with Tullow. They've had enormous success with the Lake Albert Rift Basin project where in excess of 1 billion barrels have been discovered and this shares many geological similarities with our Kenyan assets. Our Ngamia prospect could be a play opener for another great success in the region."
- Source: Tullow presentation - P50 Discovered and Prospective
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 51% 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 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 "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Billions of Barrels: Oil Punt in Somalia – Part 1
Posted on January 16, 2012
Rumour has it that the first oil exploration well in over 20 years has commenced in Puntland, Somalia (unverified pictures here: http://bit.ly/xsVi9t ). This first drill is targeting 1.2 billion barrels of oil (gross best estimate) and has been planned since 2005. Investors can gain exposure to this historic event through various listed vehicles, depending on their risk tolerance and preferred market. I will provide a brief summary of the story, and profile some of the players involved.
http://nextoilrush.com/index.php/billions-of-barrels-oil-punt-in-somalia-part-1/
Posted on January 16, 2012
Rumour has it that the first oil exploration well in over 20 years has commenced in Puntland, Somalia (unverified pictures here: http://bit.ly/xsVi9t ). This first drill is targeting 1.2 billion barrels of oil (gross best estimate) and has been planned since 2005. Investors can gain exposure to this historic event through various listed vehicles, depending on their risk tolerance and preferred market. I will provide a brief summary of the story, and profile some of the players involved.
http://nextoilrush.com/index.php/billions-of-barrels-oil-punt-in-somalia-part-1/
BRIEF-RESEARCH ALERT-Dundee Capital starts Africa Oil Corp with buy
March 8 (Reuters) - Africa Oil Corp <AOI.V>:
* Dundee capital starts Africa Oil Corp <AOI.V> with buy; price target C$4.50
For a summary of rating and price target changes on U.S. companies:
Reuters Eikon users, click on [RCH/US]
Reuters 3000Xtra users, double-click [RCH/US]
Reuters Station users, click .1568
For a summary of rating and price target changes on Canadian companies:
Reuters Eikon users, click on [RCH/CA]
Reuters 3000Xtra users, double-click [RCH/CA]
Reuters Station users, click .4899
((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
--------------------------------------------------------------------------------
March 8 (Reuters) - Africa Oil Corp <AOI.V>:
* Dundee capital starts Africa Oil Corp <AOI.V> with buy; price target C$4.50
For a summary of rating and price target changes on U.S. companies:
Reuters Eikon users, click on [RCH/US]
Reuters 3000Xtra users, double-click [RCH/US]
Reuters Station users, click .1568
For a summary of rating and price target changes on Canadian companies:
Reuters Eikon users, click on [RCH/CA]
Reuters 3000Xtra users, double-click [RCH/CA]
Reuters Station users, click .4899
((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
--------------------------------------------------------------------------------
Africa Oil Corp.: Oil Discovery at Ngamia-1 Well in Kenya <AOI.V>
VANCOUVER, BRITISH COLUMBIA, Mar 26 (MARKET WIRE) --
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) is pleased to announce an oil discovery on the
Ngamia-1 well on Block 10BB, Kenya. Tullow Oil plc ("Tullow") is the
operator with a 50% working interest and Africa Oil holds the remaining
50%.
The Ngamia-1 exploration well in Kenya has encountered over 20 metres of
net oil pay. The well, located in the Lokichar Basin of Kenya Block 10BB,
was drilled to an intermediate depth of 1,041 metres and has been
successfully logged and sampled. Moveable oil with API gravity in excess
of 30 degrees, with similar properties to the light waxy crude discovered
in Uganda, has been recovered to surface. The reservoirs in this section
are composed of good quality Tertiary age sandstones. The Lokichar Basin,
where the Ngamia discovery has been made, is one of seven basins mapped
in Africa Oil's acreage and is similar in size to the 9,000 square
kilometre Lake Albert Rift basin in Uganda.
The Ngamia structure is the first prospect to be tested as part of a
multi-well drilling campaign in the Tertiary Rift Basin in Kenya and
Ethiopia. Many similar leads and prospects to Ngamia have been identified
and following this discovery the outlook for further success has been
significantly improved.
The well will now be drilled to a depth of approximately 2,700 metres to
explore further potential. On completion of operations, the Weatherford
804 rig will move to the Tullow operated Kenya Block 10A where the
Paipai-1 wildcat will spud in the second half of 2012. Africa Oil holds a
30% working interest in Block 10A.
Keith Hill, President and CEO of Africa Oil, commented, "We are extremely
pleased that the first well in the drilling program has resulted in an
oil discovery. These results will significantly de-risk nearby prospects
and give encouragement for the remainder of the Tertiary rift basin. We
look forward to an aggressive drilling program in next 18 months which
will also test the potential of our other rift basin plays in Kenya,
Ethiopia and Somalia."
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Ethiopia and Mali as well as Puntland (Somalia) through its 51% 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 neighbouring Uganda.
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
--------------------------------------------------------------------------------
VANCOUVER, BRITISH COLUMBIA, Mar 26 (MARKET WIRE) --
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) is pleased to announce an oil discovery on the
Ngamia-1 well on Block 10BB, Kenya. Tullow Oil plc ("Tullow") is the
operator with a 50% working interest and Africa Oil holds the remaining
50%.
The Ngamia-1 exploration well in Kenya has encountered over 20 metres of
net oil pay. The well, located in the Lokichar Basin of Kenya Block 10BB,
was drilled to an intermediate depth of 1,041 metres and has been
successfully logged and sampled. Moveable oil with API gravity in excess
of 30 degrees, with similar properties to the light waxy crude discovered
in Uganda, has been recovered to surface. The reservoirs in this section
are composed of good quality Tertiary age sandstones. The Lokichar Basin,
where the Ngamia discovery has been made, is one of seven basins mapped
in Africa Oil's acreage and is similar in size to the 9,000 square
kilometre Lake Albert Rift basin in Uganda.
The Ngamia structure is the first prospect to be tested as part of a
multi-well drilling campaign in the Tertiary Rift Basin in Kenya and
Ethiopia. Many similar leads and prospects to Ngamia have been identified
and following this discovery the outlook for further success has been
significantly improved.
The well will now be drilled to a depth of approximately 2,700 metres to
explore further potential. On completion of operations, the Weatherford
804 rig will move to the Tullow operated Kenya Block 10A where the
Paipai-1 wildcat will spud in the second half of 2012. Africa Oil holds a
30% working interest in Block 10A.
Keith Hill, President and CEO of Africa Oil, commented, "We are extremely
pleased that the first well in the drilling program has resulted in an
oil discovery. These results will significantly de-risk nearby prospects
and give encouragement for the remainder of the Tertiary rift basin. We
look forward to an aggressive drilling program in next 18 months which
will also test the potential of our other rift basin plays in Kenya,
Ethiopia and Somalia."
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Ethiopia and Mali as well as Puntland (Somalia) through its 51% 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 neighbouring Uganda.
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
--------------------------------------------------------------------------------
Rumor Info:
Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 12:33 pm
Although I have been reading these boards for months but this is the
first time I post here.
I have spent the last weekend in our part of the world here looking at
some information that I have at hand (well analysis and plans) in
additional to some technical knowledge of having to look at wells on a
daily basis for so many companies, their drilling plans, casings,
etc….
On Feb 23rd, they reached 1,230 meters and cased which means they have
gone through the first formation Jesomma (Shale / Sandstone /
Siltstone).
On March 7th they report that they have reached 2002 meters which
means they were just at the top of the Qishn primary target. The
interesting in that release is that they have said nothing encountered
above 1600M which is just above the Gumburu formation containing
(Shale / Siltstone/ Sandstone/Limestone). Then they say they have
encountered HC for 400M up to 2002 which is inline of where most
producing wells in Yemen Are. 80% of wells in Yemen range between
5,000 to 7,500 feet. Before they case and go into the Qishn, they must
do a wire-log to make sure they adjust based on shows (such as gas)
and any potential influx. At the same time rumors started flying that
it is commercial and I believe they have commercial oil in that part
and I will explain why.
On March 19th, they have reported a depth of 2,384 which mean they are
in the primary well. The plan is to do wire-line logging after TD of
3,800 m. However, nothing can prevent them from doing an intermediate
wire-log if they have encountered HC in the Qishn formation before
they proceed. I know I might get smacked by most of you on this. They
said they have nothing to report which means they are telling us the
primary reservoir has nothing!!! No (they already did before), Where
did it go? Guess what it has already migrated to the top 400M before
this formation as the closure is at 1600M instead of their anticipated
2100m. This means that the Qishn is a fill to spill up to the first
limestone at 1600. Remember that their data is based on 1950s and
1980s 2d seismic.
If we take the drilling rates between the above it is about 27M per
day which puts us today at 2900m give or take. The second target is at
3400m. I believe that on March 19th they have surpassed the Qishn
formation before its anticipated end at 2500 because they have put a
wire-line now and they know. If we get a report this week saying they
have encountered HC again during Amla’ah/Marib/Hammnlei formation this
means this wells if loaded up to 4,000m and would confirm offshore as
well.
Limestone starts again at 2500 which can be fractured to spill. At
3600 is the start of the basement which can be fractured.
When someone said they have found billions. This would have been
interpreted by people and engineers that since the Qishn formation has
already spilled up to the closure at 1600M, what can prevent this
happening from the basement up to the closure!!! Fill to Spill.
Hope the above helped.
Quelle: http://www.worldstocks.co.uk/forum/viewtopic.php?f=3&t=298
----------------
Dann kommen einige Nachfragen - manche Usernamen sind aus anderen Foren bekannt- die später wie folgt beantwortet wurden:
----------------
Re: Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 5:04 pm
Thanks for all your comments. I am not here to ramp or de-ramp. I am not sitting on a rig or in Africa. I cannot disclose what I do but I have reviewed lots of wells and development programs in the profession I work in. Some have hit, some u can saying they don't know what they are doing.
Lets go back again to march 7 announcement. They explicitly said WORKING (emphasis here) hc system. They could have just said hc shows which can mean motor oil on sand. Why would they say working? This technically would mean that enough fracturing and pressure has allowed hc to accumulate. They r lucky that the seal at 1600m was intact. Hence no migration to surfacewhich mean commercial oil. Otherwise how can it move.
There r two scenarios here:
1) the 400 m has extended into the qishn formation (which was reported being at that depth on the 19th) and hence nothing new to report as they mentioned. Further drilling can confirm a longer column. This has happened before like with gkp so it is not out of the ordinary.
2) nothing to report can mean the qishn formation is empty and hence all the oil is in that 400m. I speculate that there is nothing more down there unless there is another non fractured formation at the 3400 level. As I said most wells in Yemen are between 5000 and 7500 feet. The same is the new well discovered in Kenya.
Hence mike if Kenya and shabeel have the same pay geology, I don't think a 10km would be significant. I would be more worried about jka where they have surface seeps as they might have a harder time finding the intact reservoir.
I was invested in a company called vast exploration. Shallow seeps, komentan shows, etc... 900 m column. But guess what not commercial in the bottom where the 900 was. No cap above that. It seems that the fractured cap is deeper and now they need to drill another well with NIKO. Drill site was wrong.
I think and just speculating, 400m is a full pay. A first test should pump over 25000 barrel if good pressure. Those saying billions they probably run the scenario I explained earlier.
40% probably of success is there now for a reason. Working hc system not just hc shows.
U re free to copy and paste
Quelle: s.o.
-----------------
Für morgen sind weitere Infos angekündigt:
-----------------
Re: Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 8:53 pm
Time to go to sleep. I'll be watching Horn tomorrow.
I will feed u some seismic analysis of the field based on Aoi presentation. Looks interesting.
Quelle: s.o.
Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 12:33 pm
Although I have been reading these boards for months but this is the
first time I post here.
I have spent the last weekend in our part of the world here looking at
some information that I have at hand (well analysis and plans) in
additional to some technical knowledge of having to look at wells on a
daily basis for so many companies, their drilling plans, casings,
etc….
On Feb 23rd, they reached 1,230 meters and cased which means they have
gone through the first formation Jesomma (Shale / Sandstone /
Siltstone).
On March 7th they report that they have reached 2002 meters which
means they were just at the top of the Qishn primary target. The
interesting in that release is that they have said nothing encountered
above 1600M which is just above the Gumburu formation containing
(Shale / Siltstone/ Sandstone/Limestone). Then they say they have
encountered HC for 400M up to 2002 which is inline of where most
producing wells in Yemen Are. 80% of wells in Yemen range between
5,000 to 7,500 feet. Before they case and go into the Qishn, they must
do a wire-log to make sure they adjust based on shows (such as gas)
and any potential influx. At the same time rumors started flying that
it is commercial and I believe they have commercial oil in that part
and I will explain why.
On March 19th, they have reported a depth of 2,384 which mean they are
in the primary well. The plan is to do wire-line logging after TD of
3,800 m. However, nothing can prevent them from doing an intermediate
wire-log if they have encountered HC in the Qishn formation before
they proceed. I know I might get smacked by most of you on this. They
said they have nothing to report which means they are telling us the
primary reservoir has nothing!!! No (they already did before), Where
did it go? Guess what it has already migrated to the top 400M before
this formation as the closure is at 1600M instead of their anticipated
2100m. This means that the Qishn is a fill to spill up to the first
limestone at 1600. Remember that their data is based on 1950s and
1980s 2d seismic.
If we take the drilling rates between the above it is about 27M per
day which puts us today at 2900m give or take. The second target is at
3400m. I believe that on March 19th they have surpassed the Qishn
formation before its anticipated end at 2500 because they have put a
wire-line now and they know. If we get a report this week saying they
have encountered HC again during Amla’ah/Marib/Hammnlei formation this
means this wells if loaded up to 4,000m and would confirm offshore as
well.
Limestone starts again at 2500 which can be fractured to spill. At
3600 is the start of the basement which can be fractured.
When someone said they have found billions. This would have been
interpreted by people and engineers that since the Qishn formation has
already spilled up to the closure at 1600M, what can prevent this
happening from the basement up to the closure!!! Fill to Spill.
Hope the above helped.
Quelle: http://www.worldstocks.co.uk/forum/viewtopic.php?f=3&t=298
----------------
Dann kommen einige Nachfragen - manche Usernamen sind aus anderen Foren bekannt- die später wie folgt beantwortet wurden:
----------------
Re: Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 5:04 pm
Thanks for all your comments. I am not here to ramp or de-ramp. I am not sitting on a rig or in Africa. I cannot disclose what I do but I have reviewed lots of wells and development programs in the profession I work in. Some have hit, some u can saying they don't know what they are doing.
Lets go back again to march 7 announcement. They explicitly said WORKING (emphasis here) hc system. They could have just said hc shows which can mean motor oil on sand. Why would they say working? This technically would mean that enough fracturing and pressure has allowed hc to accumulate. They r lucky that the seal at 1600m was intact. Hence no migration to surfacewhich mean commercial oil. Otherwise how can it move.
There r two scenarios here:
1) the 400 m has extended into the qishn formation (which was reported being at that depth on the 19th) and hence nothing new to report as they mentioned. Further drilling can confirm a longer column. This has happened before like with gkp so it is not out of the ordinary.
2) nothing to report can mean the qishn formation is empty and hence all the oil is in that 400m. I speculate that there is nothing more down there unless there is another non fractured formation at the 3400 level. As I said most wells in Yemen are between 5000 and 7500 feet. The same is the new well discovered in Kenya.
Hence mike if Kenya and shabeel have the same pay geology, I don't think a 10km would be significant. I would be more worried about jka where they have surface seeps as they might have a harder time finding the intact reservoir.
I was invested in a company called vast exploration. Shallow seeps, komentan shows, etc... 900 m column. But guess what not commercial in the bottom where the 900 was. No cap above that. It seems that the fractured cap is deeper and now they need to drill another well with NIKO. Drill site was wrong.
I think and just speculating, 400m is a full pay. A first test should pump over 25000 barrel if good pressure. Those saying billions they probably run the scenario I explained earlier.
40% probably of success is there now for a reason. Working hc system not just hc shows.
U re free to copy and paste
Quelle: s.o.
-----------------
Für morgen sind weitere Infos angekündigt:
-----------------
Re: Fill to Spill Analysis (Puntland)
Sun Apr 08, 2012 8:53 pm
Time to go to sleep. I'll be watching Horn tomorrow.
I will feed u some seismic analysis of the field based on Aoi presentation. Looks interesting.
Quelle: s.o.
Tullow oil in second stage of exploration.
Friday, 06 April 2012 23:54 BY JOSEPH KARIUKI
Kenyans should not rejoice yet as the oil prospecting at Ngamia 1 is still at its second stage-exploration. Tullow Oil which announced last month that they have discovered oil in Turkana told reporters on Thursday that the exploration process was still far from being conclusive. "We are excited by the prospects but we will only be definite when we reach 2,700metres after which the results will be further analysed and the well be tested," said Tullow general manager for Kenya Martin Mbogo at the site in Lokichar during a media tour.
By yesterday, Tullow had drilled 1,515metres at block 10BB at Ngamia Rig site. Mbogo said they expect to reach their primary drilling of 2,700metres in 35 days. The drilling is being done by Weatherford International using Rig 804. Martin Mwaisakenyi, commissioner for petroleum energy at the Ministry of Energy said it was still early to determined whether Ngamia 1 was viable for commercial production. "Now we are speculating we cannot say for sure if the oil will be enough for production but this is the most promising well since we started oil exploration in 1960," he said.
The Ngamia well was initially drilled to a depth of 1,041metres and movable oil was found. The oil discovered in the area has similar properties to the the light waxy crude discovered in Uganda. Forty wells have been sunk in Uganda to date and 1.1 billion barrels have been discovered. Commenting on the rising tension by locals who claims they were not consulted, Mbogo said they have had a number of stakeholders meetings with the locals. "We have a very good working relation with the government and the locals have benefited too, especially in infrastructure development," Mbogo said.
In 2011, Tullow spent Sh30 million to help in education, health and infrastructure development in the area. There are five stages in oil production and Ngamia well is at the second stage, called exploration. After exploration which entails detailed survey to identify a suitable project, it moves to appraisal stage. If a prospect is discovered appraisals wells are used to check flow rate of the hydrocarbon (oil). This is the stage that Ngamia well is headed to.
The third stage is the development stage where Tullow Oil will asses the commercial viability of the find which is followed by drilling of wells in preparation of oil production. Uganda is at this stage. The final stage is the production by extracting and selling the oil. Mbogo said the project may take up to three years if oil is found in the Ngamia well. The company has already started prospecting for oil at Block 10A (Paipai-1) in Marsabit. Other blocks are in Baringo, Turkana and Kisumu.
http://www.the-star.co.ke/national/national/70322-tullow-oil…
Friday, 06 April 2012 23:54 BY JOSEPH KARIUKI
Kenyans should not rejoice yet as the oil prospecting at Ngamia 1 is still at its second stage-exploration. Tullow Oil which announced last month that they have discovered oil in Turkana told reporters on Thursday that the exploration process was still far from being conclusive. "We are excited by the prospects but we will only be definite when we reach 2,700metres after which the results will be further analysed and the well be tested," said Tullow general manager for Kenya Martin Mbogo at the site in Lokichar during a media tour.
By yesterday, Tullow had drilled 1,515metres at block 10BB at Ngamia Rig site. Mbogo said they expect to reach their primary drilling of 2,700metres in 35 days. The drilling is being done by Weatherford International using Rig 804. Martin Mwaisakenyi, commissioner for petroleum energy at the Ministry of Energy said it was still early to determined whether Ngamia 1 was viable for commercial production. "Now we are speculating we cannot say for sure if the oil will be enough for production but this is the most promising well since we started oil exploration in 1960," he said.
The Ngamia well was initially drilled to a depth of 1,041metres and movable oil was found. The oil discovered in the area has similar properties to the the light waxy crude discovered in Uganda. Forty wells have been sunk in Uganda to date and 1.1 billion barrels have been discovered. Commenting on the rising tension by locals who claims they were not consulted, Mbogo said they have had a number of stakeholders meetings with the locals. "We have a very good working relation with the government and the locals have benefited too, especially in infrastructure development," Mbogo said.
In 2011, Tullow spent Sh30 million to help in education, health and infrastructure development in the area. There are five stages in oil production and Ngamia well is at the second stage, called exploration. After exploration which entails detailed survey to identify a suitable project, it moves to appraisal stage. If a prospect is discovered appraisals wells are used to check flow rate of the hydrocarbon (oil). This is the stage that Ngamia well is headed to.
The third stage is the development stage where Tullow Oil will asses the commercial viability of the find which is followed by drilling of wells in preparation of oil production. Uganda is at this stage. The final stage is the production by extracting and selling the oil. Mbogo said the project may take up to three years if oil is found in the Ngamia well. The company has already started prospecting for oil at Block 10A (Paipai-1) in Marsabit. Other blocks are in Baringo, Turkana and Kisumu.
http://www.the-star.co.ke/national/national/70322-tullow-oil…
April 10, 2012 17:00 ET
Africa Oil Announces Annual Meeting Date
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 10, 2012) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") announces that the Annual General Meeting of the Company will be held at the Rosewood Hotel Georgia, 801 West Georgia Street, Vancouver, B.C., on May 31, 2012 at 10:00 a.m.
The record date for the Annual General Meeting is April 26, 2012.
Africa Oil Announces Annual Meeting Date
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 10, 2012) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") announces that the Annual General Meeting of the Company will be held at the Rosewood Hotel Georgia, 801 West Georgia Street, Vancouver, B.C., on May 31, 2012 at 10:00 a.m.
The record date for the Annual General Meeting is April 26, 2012.
Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
http://www.ft.com/cms/s/0/184350fe-8925-11e1-85af-00144feab49a.html#axzz1sQVay2O4
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
http://www.ft.com/cms/s/0/184350fe-8925-11e1-85af-00144feab49a.html#axzz1sQVay2O4
2-CAD-Marke beachten!
Bei Horn Petroleum gibt es eine weitere Besonderheit,
was die Aktienstruktur betrifft. Im August
2011 führte das Unternehmen eine Privatplatzierung
über 45,5 Millionen Aktien zum Preis von 90
Kanadische Cent durch. Jede Aktie ist mit einem
Warrant ausgestattet, der zum Preis von 1,50 CAD
bis zum 20. September 2013 ausgeübt werden kann.
Und jetzt komm der Clou: Notiert die Aktie von
Horn über einen Zeitraum von 30 aufeinander
folgenden Handelstagen oberhalb von 2,00 CAD,
ist der folgende 30te des Monats der „Beschleunigungs-
Auslöser-Tag“. Das bedeutet, dass die
Warrants bereits 20 Geschäftstage nach diesem
Datum fällig gestellt werden. Im Klartext: Sämtliche
Warrants werden vorzeitig ausgeübt, womit dem
Unternehmen zusätzliche 68 Millionen CAD zufließen
würden. Natürlich erhöht sich somit auch die
Anzahl der ausgegeben Aktien um 45,5 Millionen,
dafür könnte Horn Petroleum das Bohrprogramm
in Somalia erheblich ausweiten.
Bei Horn Petroleum gibt es eine weitere Besonderheit,
was die Aktienstruktur betrifft. Im August
2011 führte das Unternehmen eine Privatplatzierung
über 45,5 Millionen Aktien zum Preis von 90
Kanadische Cent durch. Jede Aktie ist mit einem
Warrant ausgestattet, der zum Preis von 1,50 CAD
bis zum 20. September 2013 ausgeübt werden kann.
Und jetzt komm der Clou: Notiert die Aktie von
Horn über einen Zeitraum von 30 aufeinander
folgenden Handelstagen oberhalb von 2,00 CAD,
ist der folgende 30te des Monats der „Beschleunigungs-
Auslöser-Tag“. Das bedeutet, dass die
Warrants bereits 20 Geschäftstage nach diesem
Datum fällig gestellt werden. Im Klartext: Sämtliche
Warrants werden vorzeitig ausgeübt, womit dem
Unternehmen zusätzliche 68 Millionen CAD zufließen
würden. Natürlich erhöht sich somit auch die
Anzahl der ausgegeben Aktien um 45,5 Millionen,
dafür könnte Horn Petroleum das Bohrprogramm
in Somalia erheblich ausweiten.
Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
This article appeared in the London Financial Times yesterday.
Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
http://www.ft.com/cms/s/0/184350fe-8925-11e1-85af-00144feab4…
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
This article appeared in the London Financial Times yesterday.
Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
TWISSO COMMENT: This explains why Merrill Lynch have been soaking up stock.
Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."
Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.
TWISSO COMMENT: I'm an Afren holder. The look set for a rise from the FTSE250 to the FTSE100 soon, huge expansion of reserves and production currently underway.
It looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.
http://www.ft.com/cms/s/0/184350fe-8925-11e1-85af-00144feab4…
