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AOI - Africa Oil - WKN A0MZJC
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AFRICA OIL Tullow AWAITS THE MORE GOOD NEWS KENYA - VVD (Bloomberg) Print
2012-05-03 15:59
(Bloomberg) Africa Oil's partner companies in Kenya, Tullow Oil, expect more good news from the drilling in Kenya after having announced its first oil discovery in the country in March.
It said Tullow Oil's vice president Tim O'Hanlon at an oil conference in Paris on Thursday, according to Bloomberg News.
In March Tullow said that the company found a oljezon about 20 meters net in the well Ngamia-1 in northwest Kenya after being drilled down to about a third of the total depth. Africa Oil rose about 40 percent the day of communication.
"We have drilled deeper since then. I would really like to share with me, but I can not say anything now," said Tim O'Hanlon, and mentioning also that an announcement could come soon.
Martin Lindgren +46 8 5191 7916
News Agency Direkt
2012-05-03 15:59
(Bloomberg) Africa Oil's partner companies in Kenya, Tullow Oil, expect more good news from the drilling in Kenya after having announced its first oil discovery in the country in March.
It said Tullow Oil's vice president Tim O'Hanlon at an oil conference in Paris on Thursday, according to Bloomberg News.
In March Tullow said that the company found a oljezon about 20 meters net in the well Ngamia-1 in northwest Kenya after being drilled down to about a third of the total depth. Africa Oil rose about 40 percent the day of communication.
"We have drilled deeper since then. I would really like to share with me, but I can not say anything now," said Tim O'Hanlon, and mentioning also that an announcement could come soon.
Martin Lindgren +46 8 5191 7916
News Agency Direkt
Africa Oil: Ngamia-1 Well Discovers Additional Oil in Kenya <AOI.V>
VANCOUVER, BRITISH COLUMBIA, May 07 (MARKET WIRE) --
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the
"Company") is pleased to provide the following update in respect of the
previously announced oil discovery at the Ngamia-1 well on Block 10BB,
Kenya. Africa Oil holds a 50% working interest in this block, which is
operated by Tullow Oil plc ("Tullow") which holds the remaining 50%
interest.
The Ngamia-1 exploration well in Kenya has now been deepened to a total
depth of 1515 meters and has encountered in excess of 100 meters of net
oil pay in multiple reservoir zones over a gross interval of 650 meters.
Following the initial announcement on the 26th March 2012 that Ngamia-1
had encountered in excess of 20 meters of net oil pay, the well has now
been deepened from 1041 meters to 1515 meters. A further four good
quality, oil-bearing reservoir zones have been encountered. Due to
deteriorating hole conditions, a sidetrack of the well was required to
deepen the well. Moveable oil with an API greater than 30 degrees has
been recovered to surface from six of these intervals. This oil has
similar properties to the light waxy crude encountered in the upper
reservoir zone.
The Ngamia-1 well will now be drilled to a depth of approximately 2,700
meters to explore for deeper potential including the Lokhone sandstone
which was one of the primary objectives of this well. Plans are in place
for at least two drill stem tests upon completion of drilling operations.
The Weatherford 804 rig will then move to Block 13T where the Twiga-1
(formerly Mbango South) wildcat well will spud in the second half of
2012. A further rig is being sourced to drill the Block 10A Paipai
prospect in the Cretaceous Anza Graben system.
Africa Oil President and CEO, Keith Hill, stated, "The total pay sand
thickness in this well has far exceeded pre-drilling estimates and
certainly has highly positive implications for numerous similar prospects
on trend. Based on these results, we are working with our partner Tullow
to source additional rigs and acquire additional seismic to accelerate
the exploration campaign in this basin. Our goal in the near term will be
to assess the size and extent of the potential of this newly discovered
basin."
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's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
AB.
--------------------------------------------------------------------------------
VANCOUVER, BRITISH COLUMBIA, May 07 (MARKET WIRE) --
Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the
"Company") is pleased to provide the following update in respect of the
previously announced oil discovery at the Ngamia-1 well on Block 10BB,
Kenya. Africa Oil holds a 50% working interest in this block, which is
operated by Tullow Oil plc ("Tullow") which holds the remaining 50%
interest.
The Ngamia-1 exploration well in Kenya has now been deepened to a total
depth of 1515 meters and has encountered in excess of 100 meters of net
oil pay in multiple reservoir zones over a gross interval of 650 meters.
Following the initial announcement on the 26th March 2012 that Ngamia-1
had encountered in excess of 20 meters of net oil pay, the well has now
been deepened from 1041 meters to 1515 meters. A further four good
quality, oil-bearing reservoir zones have been encountered. Due to
deteriorating hole conditions, a sidetrack of the well was required to
deepen the well. Moveable oil with an API greater than 30 degrees has
been recovered to surface from six of these intervals. This oil has
similar properties to the light waxy crude encountered in the upper
reservoir zone.
The Ngamia-1 well will now be drilled to a depth of approximately 2,700
meters to explore for deeper potential including the Lokhone sandstone
which was one of the primary objectives of this well. Plans are in place
for at least two drill stem tests upon completion of drilling operations.
The Weatherford 804 rig will then move to Block 13T where the Twiga-1
(formerly Mbango South) wildcat well will spud in the second half of
2012. A further rig is being sourced to drill the Block 10A Paipai
prospect in the Cretaceous Anza Graben system.
Africa Oil President and CEO, Keith Hill, stated, "The total pay sand
thickness in this well has far exceeded pre-drilling estimates and
certainly has highly positive implications for numerous similar prospects
on trend. Based on these results, we are working with our partner Tullow
to source additional rigs and acquire additional seismic to accelerate
the exploration campaign in this basin. Our goal in the near term will be
to assess the size and extent of the potential of this newly discovered
basin."
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's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
AB.
--------------------------------------------------------------------------------
UPDATE 1-Tullow Oil says finds more oil in Kenya well
10:30am EDT
* Tullow plans to drill well in nearby block
* Africa Oil share price surges after announcement
* Too early to tell commercial viability for Kenya find
By Kelly Gilblom
NAIROBI, May 7 (Reuters) - Tullow Oil has found more oil in a well it is drilling in Kenya and plans to drill another well in an adjacent block later this year, the Africa-focused British firm said on Monday.
Tullow said in March it had struck oil in the well in northern Kenya, the country's first-ever oil discovery.
Kenya and its neighbours in east Africa, as well as the Horn of the continent, have become a hot spot for oil and gas exploration in recent years, spurred by new finds in countries including Uganda, Tanzania and Mozambique.
While it is yet to strike commercial deposits, the discoveries by Tullow and its partner Africa Oil Corp on Block 10BB in Kenya's far northern county of Turkana has increased exploration interest in the east African country.
Tullow said it had encountered a total net oil pay in excess of 100 metres across multiple reservoir zones in the Ngamia-1 well, over a gross oil-bearing interval of 650 metres. The well has so far been drilled to a depth of 1,515 metres.
Tullow had said in March it had encountered in excess of 20 metres of net oil pay after drilling to a depth of 1,041 metres.
"Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved," it said in a statement.
After the announcement, shares in Africa Oil rose 27 percent to trade at 7.38 Canadian dollars as of 1425 GMT. Tullow shares were not trading due to a public holiday in London.
Martin Mbogo, Tullow Kenya country manager, told a news conference the company expected to reach the well's targeted 2,700 metres in the next four to five weeks.
After Ngamia-1, Tullow plans to drill Twiga-1, a wildcat well in the second half of this year in its nearby Block 13T, and said the net pay encountered so far in Ngamia-1 was more than double that in any of its east African exploration wells.
"We now look forward to the drilling and evaluation of the deeper potential of this well and the acceleration of our seismic and drilling campaigns in the region," Angus McCoss, Tullow's exploration director, said in a statement.
Tullow said it also planned to get one more rig to drill in Block 10A, and intends to acquire more 2D seismic data.
Procuring rigs for exploration companies in the region has been difficult due to a global shortage.
Prime Minister Raila Odinga said it was too early to speculate on the potential viability of Ngamia-1 or the basin as a whole.
"Exploration campaigns can last several years and the timeframe from exploration to realising production revenue in an onshore environment is typically in excess of six years," Odinga told a news conference in Nairobi.
"We therefore remain cautiously optimistic."
© Thomson Reuters 2011. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to colleagues, clients or customers, use the Reprints tool at the top of any article or visit: www.reutersreprints.com.
10:30am EDT
* Tullow plans to drill well in nearby block
* Africa Oil share price surges after announcement
* Too early to tell commercial viability for Kenya find
By Kelly Gilblom
NAIROBI, May 7 (Reuters) - Tullow Oil has found more oil in a well it is drilling in Kenya and plans to drill another well in an adjacent block later this year, the Africa-focused British firm said on Monday.
Tullow said in March it had struck oil in the well in northern Kenya, the country's first-ever oil discovery.
Kenya and its neighbours in east Africa, as well as the Horn of the continent, have become a hot spot for oil and gas exploration in recent years, spurred by new finds in countries including Uganda, Tanzania and Mozambique.
While it is yet to strike commercial deposits, the discoveries by Tullow and its partner Africa Oil Corp on Block 10BB in Kenya's far northern county of Turkana has increased exploration interest in the east African country.
Tullow said it had encountered a total net oil pay in excess of 100 metres across multiple reservoir zones in the Ngamia-1 well, over a gross oil-bearing interval of 650 metres. The well has so far been drilled to a depth of 1,515 metres.
Tullow had said in March it had encountered in excess of 20 metres of net oil pay after drilling to a depth of 1,041 metres.
"Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved," it said in a statement.
After the announcement, shares in Africa Oil rose 27 percent to trade at 7.38 Canadian dollars as of 1425 GMT. Tullow shares were not trading due to a public holiday in London.
Martin Mbogo, Tullow Kenya country manager, told a news conference the company expected to reach the well's targeted 2,700 metres in the next four to five weeks.
After Ngamia-1, Tullow plans to drill Twiga-1, a wildcat well in the second half of this year in its nearby Block 13T, and said the net pay encountered so far in Ngamia-1 was more than double that in any of its east African exploration wells.
"We now look forward to the drilling and evaluation of the deeper potential of this well and the acceleration of our seismic and drilling campaigns in the region," Angus McCoss, Tullow's exploration director, said in a statement.
Tullow said it also planned to get one more rig to drill in Block 10A, and intends to acquire more 2D seismic data.
Procuring rigs for exploration companies in the region has been difficult due to a global shortage.
Prime Minister Raila Odinga said it was too early to speculate on the potential viability of Ngamia-1 or the basin as a whole.
"Exploration campaigns can last several years and the timeframe from exploration to realising production revenue in an onshore environment is typically in excess of six years," Odinga told a news conference in Nairobi.
"We therefore remain cautiously optimistic."
© Thomson Reuters 2011. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to colleagues, clients or customers, use the Reprints tool at the top of any article or visit: www.reutersreprints.com.
This is a speculative post that strings together a couple of things we've been told about Ngamia-1 and the Lokhone Shale sub-basin.
Angus McCoss, Exploration Director, Tullow is not one record making the following comment:
"[Ngamia-1 is] one of Tullows most successful wells. 5X more oil than originally thought" (source: BBC World Interview)
So what were the Ngamia-1 internal resource estimates pre-drill?
Ngamia-1 (100% pre-drill estimates)
P50: 45 MMBO
P10: 180 MMBO
Multiply those figures by 5
P50: 225 MMBO (AOI NET 113 MMBO)
P10: 900 MMBO (AOI NET 450 MMBO)
The Ngamia-1 well results were always going to be fed into their seismic models for the Lokhone Shale sub-basin prospects. I don't think that ANYONE would expect the impacts on volume to be so hugely weighted towards upwards volume revisions (5 times the pre-drill estimates)! That's absolutely crazy - you wonder how they got it so wrong!
This is an very interesting development that makes you wonder how far they've underestimated the other prospects. Take Kamba (still on Block 10bb) for example -
Kamba (100% pre-drill estimates)
P50: 200 MMBO
P10: 750 MMBO
Multiply THOSE figures by 5 and you arrive at some massive numbers
P50: 1000 MMBO (90% probability of 500 MMBO net to AOI)
P10: 3750 MMBO (10% probability of 1875 MMBO net to AOI)
These are numbers are going to take a long time to digest. Are they even within the realms of possibility? Tullow's Director of Exploration isn't going to make off handed comments (which I'll repeat here)
""[Ngamia-1 is] one of Tullows most successful wells. 5X more oil than originally thought"
What is patently clear is that "Size of the Prize" is well above the previous estimates of 5,326 MMBO NET to Africa Oil. $7 is going to look like a bargain in a few years if the bullish sentiment pans out, regardless of what's happening in Greece or France ;-)
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31039879&l=0&r=0&s=AOI&t=LIST
Angus McCoss, Exploration Director, Tullow is not one record making the following comment:
"[Ngamia-1 is] one of Tullows most successful wells. 5X more oil than originally thought" (source: BBC World Interview)
So what were the Ngamia-1 internal resource estimates pre-drill?
Ngamia-1 (100% pre-drill estimates)
P50: 45 MMBO
P10: 180 MMBO
Multiply those figures by 5
P50: 225 MMBO (AOI NET 113 MMBO)
P10: 900 MMBO (AOI NET 450 MMBO)
The Ngamia-1 well results were always going to be fed into their seismic models for the Lokhone Shale sub-basin prospects. I don't think that ANYONE would expect the impacts on volume to be so hugely weighted towards upwards volume revisions (5 times the pre-drill estimates)! That's absolutely crazy - you wonder how they got it so wrong!
This is an very interesting development that makes you wonder how far they've underestimated the other prospects. Take Kamba (still on Block 10bb) for example -
Kamba (100% pre-drill estimates)
P50: 200 MMBO
P10: 750 MMBO
Multiply THOSE figures by 5 and you arrive at some massive numbers
P50: 1000 MMBO (90% probability of 500 MMBO net to AOI)
P10: 3750 MMBO (10% probability of 1875 MMBO net to AOI)
These are numbers are going to take a long time to digest. Are they even within the realms of possibility? Tullow's Director of Exploration isn't going to make off handed comments (which I'll repeat here)
""[Ngamia-1 is] one of Tullows most successful wells. 5X more oil than originally thought"
What is patently clear is that "Size of the Prize" is well above the previous estimates of 5,326 MMBO NET to Africa Oil. $7 is going to look like a bargain in a few years if the bullish sentiment pans out, regardless of what's happening in Greece or France ;-)
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31039879&l=0&r=0&s=AOI&t=LIST
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31040209&l=0&r=0&s=AOI&t=LIST
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Puntland (Somalia) and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 225,000 square kilometers - an area roughly the size of Great Britain. 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 Heritage/Tullow 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 under the symbol "AOI".
……………………….
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that it has signed a Farmout Agreement and Joint Venture Agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80% participating interest and operatorship of the South Omo Block in Ethiopia.
South Omo represents a new opportunity for Africa Oil to secure a highly prospective block in the Omo Rift Valley of south-western Ethiopia. The block spans 29,465 square kilometres and is within the Tertiary age East African Rift, just north of Lake Turkana, Kenya and within the same petroleum system as the Company's Kenya Block 10BB and Tullow's Uganda discoveries. Please see attached map, http://media3.marketwire.com/docs/aoi0617map.pdf.
…………………………..
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that it has signed a Farmout Agreement and Joint Venture Agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80% participating interest and operatorship of the South Omo Block in Ethiopia.
Africa Oil President and CEO Keith Hill commented, "The addition of the South Omo block brings the total gross acreage on which the Company has signed agreements on to almost 250,000 square kilometres and gives us a dominant land position in the highly prospective East Africa Tertiary Rift trend. We currently have two seismic crews and one drilling rig active and are expecting to test all major play types within the next 12 to 18 months. The increased activity in East Africa will also allow us to attract international partners to reduce the risk capital required to explore these highly prospective rift basins."
………………….VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2010) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to report that it has signed a definitive farmout agreement with Tullow Oil plc ("Tullow") whereby Tullow will acquire a 50% interest in, and operatorship of, three of Africa Oil's east African exploration blocks, comprised of two exploration blocks in Kenya and one exploration block in Ethiopia. In order to provide the necessary interest to Tullow, Africa Oil has also amended its existing farmout agreement with Lion Energy Corp. ("Lion"). Under the terms of the Tullow farmout agreement, Tullow will acquire a 50% interest in, and operatorship of, Blocks 10BB and 10A in Kenya and of the South Omo Block in Ethiopia. In consideration for the assignment of these interests, Tullow will pay to Africa Oil approximately US$10MM, representing 50% of Africa Oil's past costs in the blocks, subject to a post-closing audit. Tullow will also fund Africa Oil's working interest share of future joint venture expenditures in these blocks until the cap of US$23.75MM is reached. This cap is expected to cover the upcoming seismic program in each of the three blocks as well as the majority of costs for at least 2 wells on these areas. Once the expenditure cap has been met, Africa Oil will be responsible for its working interest share of future costs.
Additionally, Tullow has also entered into an agreement to acquire 50% of Africa Oil's interest in, and operatorship of, two additional exploration blocks in Kenya, 12A and 13T, recently acquired by Africa Oil. Tullow will be responsible for paying Africa Oil its pro-rata share of back costs, including acquisition costs, and its respective share of future joint venture expenditures.
The resultant interest in the three blocks upon closing of the Tullow farmout agreement and the Lion amending agreement will be:
Block 10BB (Kenya)
Tullow 50%
Africa Oil 40%
Lion 10%
Block 10A (Kenya)
Tullow 50%
Africa Oil 30%
EAX (Black Marlin) 20%
South Omo (Ethiopia)
Tullow 50%
Africa Oil 30%
Agriterra (formerly White Nile) 20%
Africa Oil President and CEO, Keith Hill, stated, "We are very excited about our partnership with Tullow on the East African Rift Basin. They have arguably been the most successful exploration company in Africa, if not the world, over the past decade and we see great synergies with the use of the technical and operational expertise they have gained in their nearby Uganda Lake Albert Graben project. The transaction also means that any resultant discoveries will be operated by one of the main partners in the proposed pipeline project to export crude from this highly prospective developing region. With our recent $25 million capital raise and the Tullow deal, we have a very strong balance sheet which will allow us to continue to pursue opportunities in the region."
………………..VANCOUVER, BRITISH COLUMBIA, Sep. 29, 2010 (Marketwire) -- Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that the Company has been approved for trading of its common shares on the First North list of the NASDAQ OMX Stock Exchange. The Company's common shares will commence trading on First North at the market opening on September 30, 2010 under the symbol "AOI". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "AOI".
……………………….VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/10 -- Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") is pleased to announce that it has signed a definitive agreement to acquire all of the issued and outstanding common shares of Centric Energy Corp. (TSX VENTURE: CTE) ("Centric"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Pursuant to the agreement, Africa Oil will acquire, by way of a plan of arrangement, all of the issued and outstanding shares of Centric in consideration for 0.3077 Africa Oil shares (and
.0001) for each common share of Centric.
Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "The acquisition of Centric allows Africa Oil to consolidate its interests in the Tertiary-age East African rift basin in Kenya and Ethiopia. We will also be adding an interesting new play area in Mali which, although frontier, has many of the characteristics of the rift basins we are exploring in East Africa. The partnership agreements with Tullow and Heritage allow the Company to explore these basins with experienced rift basin operators at significantly reduced costs. Combining the Africa Oil and Centric portfolio of oil and gas interests provides our shareholders with multiple identified prospects and leads, geographically and geologically diversified across four African countries and five under-explored petroleum systems."
…………………….May 28, 10 04:23PM Use the IP Check tool
Hope this link works.
Deno
Martin Katusa in interview
re: AOI
End of May, 2010
http://watch.bnn.ca/#clip306590
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Puntland (Somalia) and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 225,000 square kilometers - an area roughly the size of Great Britain. 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 Heritage/Tullow 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 under the symbol "AOI".
……………………….
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that it has signed a Farmout Agreement and Joint Venture Agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80% participating interest and operatorship of the South Omo Block in Ethiopia.
South Omo represents a new opportunity for Africa Oil to secure a highly prospective block in the Omo Rift Valley of south-western Ethiopia. The block spans 29,465 square kilometres and is within the Tertiary age East African Rift, just north of Lake Turkana, Kenya and within the same petroleum system as the Company's Kenya Block 10BB and Tullow's Uganda discoveries. Please see attached map, http://media3.marketwire.com/docs/aoi0617map.pdf.
…………………………..
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that it has signed a Farmout Agreement and Joint Venture Agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80% participating interest and operatorship of the South Omo Block in Ethiopia.
Africa Oil President and CEO Keith Hill commented, "The addition of the South Omo block brings the total gross acreage on which the Company has signed agreements on to almost 250,000 square kilometres and gives us a dominant land position in the highly prospective East Africa Tertiary Rift trend. We currently have two seismic crews and one drilling rig active and are expecting to test all major play types within the next 12 to 18 months. The increased activity in East Africa will also allow us to attract international partners to reduce the risk capital required to explore these highly prospective rift basins."
………………….VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2010) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to report that it has signed a definitive farmout agreement with Tullow Oil plc ("Tullow") whereby Tullow will acquire a 50% interest in, and operatorship of, three of Africa Oil's east African exploration blocks, comprised of two exploration blocks in Kenya and one exploration block in Ethiopia. In order to provide the necessary interest to Tullow, Africa Oil has also amended its existing farmout agreement with Lion Energy Corp. ("Lion"). Under the terms of the Tullow farmout agreement, Tullow will acquire a 50% interest in, and operatorship of, Blocks 10BB and 10A in Kenya and of the South Omo Block in Ethiopia. In consideration for the assignment of these interests, Tullow will pay to Africa Oil approximately US$10MM, representing 50% of Africa Oil's past costs in the blocks, subject to a post-closing audit. Tullow will also fund Africa Oil's working interest share of future joint venture expenditures in these blocks until the cap of US$23.75MM is reached. This cap is expected to cover the upcoming seismic program in each of the three blocks as well as the majority of costs for at least 2 wells on these areas. Once the expenditure cap has been met, Africa Oil will be responsible for its working interest share of future costs.
Additionally, Tullow has also entered into an agreement to acquire 50% of Africa Oil's interest in, and operatorship of, two additional exploration blocks in Kenya, 12A and 13T, recently acquired by Africa Oil. Tullow will be responsible for paying Africa Oil its pro-rata share of back costs, including acquisition costs, and its respective share of future joint venture expenditures.
The resultant interest in the three blocks upon closing of the Tullow farmout agreement and the Lion amending agreement will be:
Block 10BB (Kenya)
Tullow 50%
Africa Oil 40%
Lion 10%
Block 10A (Kenya)
Tullow 50%
Africa Oil 30%
EAX (Black Marlin) 20%
South Omo (Ethiopia)
Tullow 50%
Africa Oil 30%
Agriterra (formerly White Nile) 20%
Africa Oil President and CEO, Keith Hill, stated, "We are very excited about our partnership with Tullow on the East African Rift Basin. They have arguably been the most successful exploration company in Africa, if not the world, over the past decade and we see great synergies with the use of the technical and operational expertise they have gained in their nearby Uganda Lake Albert Graben project. The transaction also means that any resultant discoveries will be operated by one of the main partners in the proposed pipeline project to export crude from this highly prospective developing region. With our recent $25 million capital raise and the Tullow deal, we have a very strong balance sheet which will allow us to continue to pursue opportunities in the region."
………………..VANCOUVER, BRITISH COLUMBIA, Sep. 29, 2010 (Marketwire) -- Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that the Company has been approved for trading of its common shares on the First North list of the NASDAQ OMX Stock Exchange. The Company's common shares will commence trading on First North at the market opening on September 30, 2010 under the symbol "AOI". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "AOI".
……………………….VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/10 -- Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") is pleased to announce that it has signed a definitive agreement to acquire all of the issued and outstanding common shares of Centric Energy Corp. (TSX VENTURE: CTE) ("Centric"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Pursuant to the agreement, Africa Oil will acquire, by way of a plan of arrangement, all of the issued and outstanding shares of Centric in consideration for 0.3077 Africa Oil shares (and
.0001) for each common share of Centric.
Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "The acquisition of Centric allows Africa Oil to consolidate its interests in the Tertiary-age East African rift basin in Kenya and Ethiopia. We will also be adding an interesting new play area in Mali which, although frontier, has many of the characteristics of the rift basins we are exploring in East Africa. The partnership agreements with Tullow and Heritage allow the Company to explore these basins with experienced rift basin operators at significantly reduced costs. Combining the Africa Oil and Centric portfolio of oil and gas interests provides our shareholders with multiple identified prospects and leads, geographically and geologically diversified across four African countries and five under-explored petroleum systems."
…………………….May 28, 10 04:23PM Use the IP Check tool
Hope this link works.
Deno
Martin Katusa in interview
re: AOI
End of May, 2010
http://watch.bnn.ca/#clip306590
Price target of 12 by dundee is based on THIS well and this basin alone, and they have 7 other basins to go! Stock price deserves to be at 20 based on the potiental now.
http://watch.bnn.ca/#clip674821
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31044617&l=0&r=0&s=AOI&t=LIST
http://watch.bnn.ca/#clip674821
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31044617&l=0&r=0&s=AOI&t=LIST
Row between Somalian regions slows oil exploration
By Kelly Gilblom
NAIROBI, May 11 (Reuters) - A dispute between two semi-autonomous regions in Somalia is delaying exploration for oil and gas over fears that local authorities are issuing licences to explore blocks that overlap in each other’s territories, officials said.
East Africa has become a hot spot for oil and gas exploration after new finds in waters off countries including Uganda, Tanzania and Mozambique.
The boom has led to speculation about the potential for finding oil offshore Somalia in the Horn of Africa, which so far has no proven hydrocarbon reserves.
"Put it this way: Puntland and Somaliland have what’s called ’disputed areas.’ It’s really created a quagmire," said Ali Abdullahi, the chief executive officer of Amsas Consulting, a Somali firm that advises private oil firms in the region.
Somaliland, which declared its independence from Somalia in 1991 but is still not recognised internationally, has been relatively stable compared with other parts of the country, which has lacked effective central government for two decades.
Although Puntland is also stable, it is notorious for piracy and has frosty relations with Somaliland.
Both regions claim they control a disputed area known as Sool, Cayn and Sanaag (SSC).
Within that zone lie nearly a dozen oil blocks, mostly unlicensed, demarcated by Puntland and Somaliland authorities, according to a map from data firm IHS.
Companies are unsure whether their contracts with the local authorities to drill wells will remain valid.
The dispute between Somaliland and Puntland mirrors another between Kenya and Somalia over their maritime border, which may also deter oil exploring firms.
In March, Canadian firm Horn Petroleum, and its exploration partners, including Vancouver-listed Africa Oil Corp., started drilling in the Dharoor Block, located in the northeast part of Puntland.
Oil consultant Abdullahi and other Somali oil analysts have claimed, furthermore, that any find by Horn Petroleum in Dharoor may be threatened by the fact that state-controlled Italian explorer Eni may still have legal rights to the block.
Eni was issued a license by the Somali government in the 1980s to explore Dharoor.
Both Eni and Horn Petroleum declined to comment.
OVERLAPPING CLAIMS
Additionally, another block licensed by Horn Petroleum and its working partners in the western part of Puntland, known as the Nugaal Block, overlaps a block licensed by Somaliland to unlisted British explorer Asante Oil.
"We are aware that there are overlapping claims in the Nugaal block but don’t wish to comment publicly," said Keith Hill, chairman of Horn Petroleum, in an email to Reuters.
"We believe this is a matter best resolved directly by the respective parties."
Asante Oil could not be reached for comment.
For their part, Somaliland and Puntland each deny they have encroached on the other’s territory. They blame the other side for licensing blocks in areas that don’t belong to them.
"There were a lot of stories about overlapping licenses, (but) it is clear that Somaliland doesn’t make any claim beyond the colonial borders that were demarcated," Hussein Du’ale, the minister of mineral resource, energy and water, told Reuters.
In an interview in Puntland’s capital Hargeisa he said the Nugaal Basin, where the Nugaal Block is located, is 80 percent owned by Somaliland, and the licenses issued by Puntland authorities to the same stretch of land are invalid.
"We recognize that there is license given by the administration of Puntland, which claims that this is part of their territory," Du’ale said
"If you look at the colonial border this goes deep into Somaliland territory. We don’t ... claim areas in Puntland, and we hope that our brothers will reciprocate."
Issa Mohamud Farah, Puntland’s petroleum director, who is in charge of oil exploration, was unavailable to comment.
Without a central government, analysts said it is unclear how and when the potential oil and gas reserves believed to be in Somalia can be explored.
"The (Somali) federal government has been weak for a very long time," said Abdullahi, the oil consultant.
"That leaves the question of who’s right and who’s wrong here? It’s so hard to know."
By Kelly Gilblom
NAIROBI, May 11 (Reuters) - A dispute between two semi-autonomous regions in Somalia is delaying exploration for oil and gas over fears that local authorities are issuing licences to explore blocks that overlap in each other’s territories, officials said.
East Africa has become a hot spot for oil and gas exploration after new finds in waters off countries including Uganda, Tanzania and Mozambique.
The boom has led to speculation about the potential for finding oil offshore Somalia in the Horn of Africa, which so far has no proven hydrocarbon reserves.
"Put it this way: Puntland and Somaliland have what’s called ’disputed areas.’ It’s really created a quagmire," said Ali Abdullahi, the chief executive officer of Amsas Consulting, a Somali firm that advises private oil firms in the region.
Somaliland, which declared its independence from Somalia in 1991 but is still not recognised internationally, has been relatively stable compared with other parts of the country, which has lacked effective central government for two decades.
Although Puntland is also stable, it is notorious for piracy and has frosty relations with Somaliland.
Both regions claim they control a disputed area known as Sool, Cayn and Sanaag (SSC).
Within that zone lie nearly a dozen oil blocks, mostly unlicensed, demarcated by Puntland and Somaliland authorities, according to a map from data firm IHS.
Companies are unsure whether their contracts with the local authorities to drill wells will remain valid.
The dispute between Somaliland and Puntland mirrors another between Kenya and Somalia over their maritime border, which may also deter oil exploring firms.
In March, Canadian firm Horn Petroleum, and its exploration partners, including Vancouver-listed Africa Oil Corp., started drilling in the Dharoor Block, located in the northeast part of Puntland.
Oil consultant Abdullahi and other Somali oil analysts have claimed, furthermore, that any find by Horn Petroleum in Dharoor may be threatened by the fact that state-controlled Italian explorer Eni may still have legal rights to the block.
Eni was issued a license by the Somali government in the 1980s to explore Dharoor.
Both Eni and Horn Petroleum declined to comment.
OVERLAPPING CLAIMS
Additionally, another block licensed by Horn Petroleum and its working partners in the western part of Puntland, known as the Nugaal Block, overlaps a block licensed by Somaliland to unlisted British explorer Asante Oil.
"We are aware that there are overlapping claims in the Nugaal block but don’t wish to comment publicly," said Keith Hill, chairman of Horn Petroleum, in an email to Reuters.
"We believe this is a matter best resolved directly by the respective parties."
Asante Oil could not be reached for comment.
For their part, Somaliland and Puntland each deny they have encroached on the other’s territory. They blame the other side for licensing blocks in areas that don’t belong to them.
"There were a lot of stories about overlapping licenses, (but) it is clear that Somaliland doesn’t make any claim beyond the colonial borders that were demarcated," Hussein Du’ale, the minister of mineral resource, energy and water, told Reuters.
In an interview in Puntland’s capital Hargeisa he said the Nugaal Basin, where the Nugaal Block is located, is 80 percent owned by Somaliland, and the licenses issued by Puntland authorities to the same stretch of land are invalid.
"We recognize that there is license given by the administration of Puntland, which claims that this is part of their territory," Du’ale said
"If you look at the colonial border this goes deep into Somaliland territory. We don’t ... claim areas in Puntland, and we hope that our brothers will reciprocate."
Issa Mohamud Farah, Puntland’s petroleum director, who is in charge of oil exploration, was unavailable to comment.
Without a central government, analysts said it is unclear how and when the potential oil and gas reserves believed to be in Somalia can be explored.
"The (Somali) federal government has been weak for a very long time," said Abdullahi, the oil consultant.
"That leaves the question of who’s right and who’s wrong here? It’s so hard to know."
Aus dem iii-Board vom User Warnado1
http://www.iii.co.uk/investment/detail?code=cotn:AOIFF&displ…
I made a comment yesterday regarding slide 9 (cut out section of Ngamia from 855mtrs to 1,500mtrs) and, following have been super nerdy with this post.
As I pointed out to CJ, I have RE-counted 29 (not 28 as originally thought) separate intervals of oil and gas shows indicated on the cut out section of slide 9. Upon looking into this further and relating it to a post on the RMP by 'Sadaat' which he details the "Drill record from UGANDA" I feel we really have something exceptionally special. Basically, 'Sadaat' gives information of Tullows certain previous wells in Uganda providing net pay encountered.
It is worthwhile reading the link to his post first before going any further as it gives a clearer picture.
http://www.iii.co.uk/investment/detail?code=cotn%3ARMP.L&dis…
It is well known that we have "encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters" as officially reported by AOI and Tullow have officially stated "a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres". I think it is safe to say we have at least 100mtrs, so far.
Here is where the nerdy bit comes into it. I have enlarged slide 9 along with measuring tape to hand and come up with the following.
But before I go on I must point out that I have come up with a much greater meterage than both companies state. I know they both say "in excess of" and "greater than" but my calculations, based on slide 9's cut out section, can only be described as FAR "in excess of" and MUCH "greater than".
I can only justify my greater numbers by highlighting one particular interval which is clearly very large. Please pay attention to the depth chart of the cut out section because the only measurements given are every 50mtrs and 100mtrs.
The interval I want to highlight begins at 1,200mtrs (interval 16) and covers more than half of the chart onwards to 1,250mtrs. I actually make this section 30mtrs alone and the same can be said for the interval directly above this. I believe, according to the cut out section of slide 9, the section directly above 1,200mtrs are approx 30mtrs each (intervals 15 & 16).
I am sure one of the following links should work or maybe copy and paste to browser -
http://i49.tinypic.com/14njkow.jpg
http://tinypic.com/r/14njkow/6
As you can see from my interpretation of slide 9 I see 29 separate intervals which indicate oil and gas shows and collectively my total comes to approx 255mtrs which is much greater than the 100mtrs officially stated. They do also say "in excess of" and "greater than" and I am working from the most recent company issued document, so maybe, just maybe, not as impossible as it seems.
News of the first discovery at Ngamia was reported on the 26th March. AOI stated they had "encountered over 20 metres of net oil pay" and Tullow said "in excess of 20 metres of net oil pay" above 1,041mtrs. If we look at that on the recent cut out section on slide 9 it is easy to see that this is made up of 8 seperate intervals and, by my calculations, the stated >20mtrs reads 39mtrs.
What is accurate and correct?
All we currently know is that we have more than 100mtrs of oil pay but the most recent presentation indicates it could be a lot more and we are not even at TD.
Obviously it would be very naive to expect all the intervals to be producers and this is why I have highlighted the post of 'Sadaat'. Take another look at that post and I am sure you all know what I am trying to say.
All good, all very very good.
http://www.iii.co.uk/investment/detail?code=cotn:AOIFF&displ…
I made a comment yesterday regarding slide 9 (cut out section of Ngamia from 855mtrs to 1,500mtrs) and, following have been super nerdy with this post.
As I pointed out to CJ, I have RE-counted 29 (not 28 as originally thought) separate intervals of oil and gas shows indicated on the cut out section of slide 9. Upon looking into this further and relating it to a post on the RMP by 'Sadaat' which he details the "Drill record from UGANDA" I feel we really have something exceptionally special. Basically, 'Sadaat' gives information of Tullows certain previous wells in Uganda providing net pay encountered.
It is worthwhile reading the link to his post first before going any further as it gives a clearer picture.
http://www.iii.co.uk/investment/detail?code=cotn%3ARMP.L&dis…
It is well known that we have "encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters" as officially reported by AOI and Tullow have officially stated "a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres". I think it is safe to say we have at least 100mtrs, so far.
Here is where the nerdy bit comes into it. I have enlarged slide 9 along with measuring tape to hand and come up with the following.
But before I go on I must point out that I have come up with a much greater meterage than both companies state. I know they both say "in excess of" and "greater than" but my calculations, based on slide 9's cut out section, can only be described as FAR "in excess of" and MUCH "greater than".
I can only justify my greater numbers by highlighting one particular interval which is clearly very large. Please pay attention to the depth chart of the cut out section because the only measurements given are every 50mtrs and 100mtrs.
The interval I want to highlight begins at 1,200mtrs (interval 16) and covers more than half of the chart onwards to 1,250mtrs. I actually make this section 30mtrs alone and the same can be said for the interval directly above this. I believe, according to the cut out section of slide 9, the section directly above 1,200mtrs are approx 30mtrs each (intervals 15 & 16).
I am sure one of the following links should work or maybe copy and paste to browser -
http://i49.tinypic.com/14njkow.jpg
http://tinypic.com/r/14njkow/6
As you can see from my interpretation of slide 9 I see 29 separate intervals which indicate oil and gas shows and collectively my total comes to approx 255mtrs which is much greater than the 100mtrs officially stated. They do also say "in excess of" and "greater than" and I am working from the most recent company issued document, so maybe, just maybe, not as impossible as it seems.
News of the first discovery at Ngamia was reported on the 26th March. AOI stated they had "encountered over 20 metres of net oil pay" and Tullow said "in excess of 20 metres of net oil pay" above 1,041mtrs. If we look at that on the recent cut out section on slide 9 it is easy to see that this is made up of 8 seperate intervals and, by my calculations, the stated >20mtrs reads 39mtrs.
What is accurate and correct?
All we currently know is that we have more than 100mtrs of oil pay but the most recent presentation indicates it could be a lot more and we are not even at TD.
Obviously it would be very naive to expect all the intervals to be producers and this is why I have highlighted the post of 'Sadaat'. Take another look at that post and I am sure you all know what I am trying to say.
All good, all very very good.
[url=http://peketec.de/trading/viewtopic.php?p=1247737#1247737 schrieb:dukezero schrieb am 13.05.2012, 14:06 Uhr[/url]"][url=http://peketec.de/trading/viewtopic.php?p=1247721#1247721 schrieb:
Interessant aus der aktuellen AOI Präsentation, der 4.te satz.
Oil discoveries in Kenya and Somalia. Somalia= Puntland=AOI,Horn Petroleum etc....
» zur Grafik
http://www.asx.com.au/asxpdf/20120514/pdf/4267p8dt6fv036.pdf
http://www.rangeresources.com.au/fileadmin/user_upload/asx/ASX_Announcement_Puntland_Update_14.05.12.pdf
Puntland Nachricht! Vom JV Partner Red Emperor + Range von Horn Petroleum
Shabeel-1 well currently being drilled in Puntland by the Joint Venture
partner and operator, Horn Petroleum Corp. (TSXV: HRN) is drilling ahead at a
current depth of 3,425m (as at 13 May 2012).
A gross section of 150m of oil (possible net pay between 12-20m) has been
encountered in the Cretaceous Sandstones (previously announced) whilst further oil
shows have been encountered in the deeper sandstones which are currently being drilled.
A testing program including the zones discovered to date and any deeper
potential payzones encountered will be agreed with the Operator upon total depth being
reached.
Source: http://www.reuters.com/article/2012/05/21/us-somalia-oil-idUSBRE84K0B720120521
MOGADISHU | Mon May 21, 2012 4:02am EDT
Fight over oil revenues would harm Somalia peace prospects
4:02am EDT
By Richard Lough
MOGADISHU (Reuters) - Somalia's embattled central government will not argue with semi-autonomous Puntland over potential oil revenues for fear of scuttling a fragile peace process, but a top official said on Monday the law made clear control lay with Mogadishu.
Canadian firm Horn Petroleum, majority-owned by Vancouver-listed Africa Oil Corp., and its exploration partners started drilling in March in Puntland's Dharoor Block but have yet to announce any proven reserves.
Africa Oil and joint venture partners Range Resource Ltd. (RRS.AX) and Lion Energy entered into production-sharing agreements for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area directly with Puntland, bypassing Mogadishu which is grappling with an Islamist insurgency.
"Our policy is to let the oil come first rather than now going to Puntland and making our point," Deputy Minister of Energy Abdullahi Dool told Reuters.
"Because of the situation between different regions, we don't want to push anyone to the wall. We don't want to make too many Somaliland situations where regions want to break away," he said in an interview.
Dool was referring to the northern breakaway enclave which declared independence in 1991 but is not internationally recognized.
"First of all let there be oil. You can't fight when everything is underground," said the minister, whose portfolio also includes water, petroleum and mineral resources.
Somalia's interim federal government is tasked with adopting a new constitution by August, aimed in part at redefining the relationship between Mogadishu and the regions and ending a two-decade cycle of violence.
The Western-backed government has been fighting al Shabaab militants who still control large swathes of the country and want to impose Sharia law.
Puntland has objected to the first draft of the constitution, saying it left too much power with Mogadishu.
WHO GETS WHAT?
Dool said the country's petroleum law made clear the government should dictate license agreements with foreign investors, while ensuring the regions get a cut.
"It has very clear guidelines on the rules on who gets what and what will be the way to resolve (disputes) between central government and (the) regions," he said.
"The petroleum law makes it very clear it is the central government who has absolute control but there is a role for ... local government or regions."
Muddying the waters further is the fact that Italian oil explorer Eni may still have legal rights to the Dharoor block.
Eni was issued a licence by the Somali government in the 1980s to explore Dharoor. It claimed force majeure as the country plunged into chaos, with warlords and then Islamist militants filling the power vacuum.
"We abide by every international agreement the governments before us have committed to," said Dool.
Dool said the Somali government had not approached the Italian oil giant on the issue as "our first priority is to pacify the country".
MOGADISHU | Mon May 21, 2012 4:02am EDT
Fight over oil revenues would harm Somalia peace prospects
4:02am EDT
By Richard Lough
MOGADISHU (Reuters) - Somalia's embattled central government will not argue with semi-autonomous Puntland over potential oil revenues for fear of scuttling a fragile peace process, but a top official said on Monday the law made clear control lay with Mogadishu.
Canadian firm Horn Petroleum, majority-owned by Vancouver-listed Africa Oil Corp., and its exploration partners started drilling in March in Puntland's Dharoor Block but have yet to announce any proven reserves.
Africa Oil and joint venture partners Range Resource Ltd. (RRS.AX) and Lion Energy entered into production-sharing agreements for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area directly with Puntland, bypassing Mogadishu which is grappling with an Islamist insurgency.
"Our policy is to let the oil come first rather than now going to Puntland and making our point," Deputy Minister of Energy Abdullahi Dool told Reuters.
"Because of the situation between different regions, we don't want to push anyone to the wall. We don't want to make too many Somaliland situations where regions want to break away," he said in an interview.
Dool was referring to the northern breakaway enclave which declared independence in 1991 but is not internationally recognized.
"First of all let there be oil. You can't fight when everything is underground," said the minister, whose portfolio also includes water, petroleum and mineral resources.
Somalia's interim federal government is tasked with adopting a new constitution by August, aimed in part at redefining the relationship between Mogadishu and the regions and ending a two-decade cycle of violence.
The Western-backed government has been fighting al Shabaab militants who still control large swathes of the country and want to impose Sharia law.
Puntland has objected to the first draft of the constitution, saying it left too much power with Mogadishu.
WHO GETS WHAT?
Dool said the country's petroleum law made clear the government should dictate license agreements with foreign investors, while ensuring the regions get a cut.
"It has very clear guidelines on the rules on who gets what and what will be the way to resolve (disputes) between central government and (the) regions," he said.
"The petroleum law makes it very clear it is the central government who has absolute control but there is a role for ... local government or regions."
Muddying the waters further is the fact that Italian oil explorer Eni may still have legal rights to the Dharoor block.
Eni was issued a licence by the Somali government in the 1980s to explore Dharoor. It claimed force majeure as the country plunged into chaos, with warlords and then Islamist militants filling the power vacuum.
"We abide by every international agreement the governments before us have committed to," said Dool.
Dool said the Somali government had not approached the Italian oil giant on the issue as "our first priority is to pacify the country".
Kindly find attached today’s Africa Oil news release. Please contact me with any questions.
Best regards,
Sophia Shane, +1 604 689 7842
AFRICA OIL PROVIDES UPDATE ON HORN PETROLEUM
May 22, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is reports that Horn Petroleum Corp. (“Horn Petroleum”) announced today that it will sell on a non-brokered private placement basis an aggregate of up to 18.75 million units of Horn Petroleum at a price of $0.80 per unit for gross proceeds of up to $15 million.
Each unit is comprised of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable over a period of two years at a price of $1.20 per share. In the event that Horn Petroleum common shares trade at or above $1.50 for a period of 20 consecutive days, a forced exercise provision will come into effect. A 5% finder's fee may be payable in either cash or units on all or a portion of the private placement.
Net proceeds of the private placement will be used towards Horn Petroleum’s ongoing work program in Puntland, Somalia and for general working capital purposes. Shares issued pursuant to the private placement will be subject to a four month hold period. Horn Petroleum will make commercially reasonable efforts to have the warrants posted for trading on the TSX Venture Exchange after the expiry of the hold period.
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".
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
Best regards,
Sophia Shane, +1 604 689 7842
AFRICA OIL PROVIDES UPDATE ON HORN PETROLEUM
May 22, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is reports that Horn Petroleum Corp. (“Horn Petroleum”) announced today that it will sell on a non-brokered private placement basis an aggregate of up to 18.75 million units of Horn Petroleum at a price of $0.80 per unit for gross proceeds of up to $15 million.
Each unit is comprised of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable over a period of two years at a price of $1.20 per share. In the event that Horn Petroleum common shares trade at or above $1.50 for a period of 20 consecutive days, a forced exercise provision will come into effect. A 5% finder's fee may be payable in either cash or units on all or a portion of the private placement.
Net proceeds of the private placement will be used towards Horn Petroleum’s ongoing work program in Puntland, Somalia and for general working capital purposes. Shares issued pursuant to the private placement will be subject to a four month hold period. Horn Petroleum will make commercially reasonable efforts to have the warrants posted for trading on the TSX Venture Exchange after the expiry of the hold period.
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".
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
Tullow to prospect for oil in Nyakach
Wednesday, 23 May 2012 21:06 By Samuel Otieno
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BLACK GOLD: Weatherford engineers at the Tullow Oil Ngamia 1 rig in Turkana on April 5. Photo/File
BLACK GOLD: Weatherford engineers at the Tullow Oil Ngamia 1 rig in Turkana on April 5. Photo/File
British Oil Company Tullow is set to begin another round of oil prospecting in Nyakach constituency following a recent visit by the company's technicians to the area. Yesterday Nyakach DC Chaunga Mwachaunga and area MP Pollyns Ochieng, in a joint address to members of the Hindu Council of Kenya, said officials from Tullow have already secured a certificate of exploration from the Ministry of Energy to begin prospecting oil in the area. Chaunga said the prospecting is part of the government's efforts to explore minerals in the region with Nyakach believed to have oil deposits.
Speaking in his office at Pap Onditi, the DC confirmed that he had received the technical officers from Tullow who toured the area early last week with a promise start putting up a drilling machine by mid June. “The Government had earmarked some region for exploration of certain useful mineral and oil, this region was marked and Tullow were awarded the certificate top carry out exploration activities for oil in this region, other companies also have certificate to explore the possibilities of other minerals”, said the DC.
Tullow Oil general manager for Kenya Martin Mbogo yesterday confirmed that an advance team had visited the area to do block assessment. "What we are doing is surveying the area and checking issues of infrastructure, security and community issues. We expect to start the prospecting around August," Mbogo said. Oil deposits in Nyakach could open up the area for development and raise the standard of living for residents.
The wells will be the first to be sunk in the region whose major explorations are gold and other minerals. Ochieng said the Energy PS had informed him of the potential of the area and will take the matter to Parliament to expedite the exploration. Should there be oil in Nyakach, Tullow will make another breakthrough after successfully discovering oil in Ngamia 1 block in Turkana. The firm has predicted that the country potentially has huge oil deposits and has laid out a huge budget for its exploration.
http://www.the-star.co.ke/local/western--nyanza/77001-tullow-to-prospect-for-oil-in-nyakach
Wednesday, 23 May 2012 21:06 By Samuel Otieno
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BLACK GOLD: Weatherford engineers at the Tullow Oil Ngamia 1 rig in Turkana on April 5. Photo/File
BLACK GOLD: Weatherford engineers at the Tullow Oil Ngamia 1 rig in Turkana on April 5. Photo/File
British Oil Company Tullow is set to begin another round of oil prospecting in Nyakach constituency following a recent visit by the company's technicians to the area. Yesterday Nyakach DC Chaunga Mwachaunga and area MP Pollyns Ochieng, in a joint address to members of the Hindu Council of Kenya, said officials from Tullow have already secured a certificate of exploration from the Ministry of Energy to begin prospecting oil in the area. Chaunga said the prospecting is part of the government's efforts to explore minerals in the region with Nyakach believed to have oil deposits.
Speaking in his office at Pap Onditi, the DC confirmed that he had received the technical officers from Tullow who toured the area early last week with a promise start putting up a drilling machine by mid June. “The Government had earmarked some region for exploration of certain useful mineral and oil, this region was marked and Tullow were awarded the certificate top carry out exploration activities for oil in this region, other companies also have certificate to explore the possibilities of other minerals”, said the DC.
Tullow Oil general manager for Kenya Martin Mbogo yesterday confirmed that an advance team had visited the area to do block assessment. "What we are doing is surveying the area and checking issues of infrastructure, security and community issues. We expect to start the prospecting around August," Mbogo said. Oil deposits in Nyakach could open up the area for development and raise the standard of living for residents.
The wells will be the first to be sunk in the region whose major explorations are gold and other minerals. Ochieng said the Energy PS had informed him of the potential of the area and will take the matter to Parliament to expedite the exploration. Should there be oil in Nyakach, Tullow will make another breakthrough after successfully discovering oil in Ngamia 1 block in Turkana. The firm has predicted that the country potentially has huge oil deposits and has laid out a huge budget for its exploration.
http://www.the-star.co.ke/local/western--nyanza/77001-tullow-to-prospect-for-oil-in-nyakach
Die nächsten 14 Tage kommt was! Mögliche Abstauber auf der 8.10 Cad!
Wie es scheint liegt der heutige Anstieg bei Horn an einer Präsentation die Keith Hill heute in Schweden gehalten hat. Dort hat er angeblich auf Nachfrage folgendes von sich gegeben:
Die Chance das vorhandenes Öl in Somalia kommerziell ist liegt bei 75 %
OIP kann in Somalia laut seiner Meinung vermutlich bis zu 10 USD/Barrel bringen !
(Was im Prinzip eine Verdopplung der bisherigen Schätzungen ist)
Quelle: Ein schwedischer Poster
Aus iii-Board von WO mal rübergeholt
http://www.iii.co.uk/investment/detail?code=cotn:AOIFF&displ…
Some brief info from the meeting in Sweden (google translate)
Hinted that there are around 300 million in the first well in Kenya. He compared with Tullow who found 50 million in another place (come not remember the name), and spoke of Kenya The well appears to contain six times more. Note that this is my interpretation of what he said. Important to anyone else confirms this interpretation.
Additional finance retirement will not be brought in than the earliest end of the year or early next year. "Better to refinance at $ 20 than option at $ 8." Seems like this was a quote from Lukas Lundin (?).Hinted that there may be around 100 million in Schabel first However, this must be tested. He believes the 75% probability that it will be commercial. Oil in Puntiland can be worth up to $ 10 when it is near the sea o require a short pipeline. Consider that it takes around 50-70 million in Schabel area for it to be worthwhile to build the pipeline, etc.
Courtesy of Sweden on US Investors hub.
http://investorshub.advfn.com/boards/read_msg.aspx?message_i…
In Kenya, he talked about the value of around $ 6 that is more than Uganda because of better conditions.
He mentioned that Tullow said that Kenya can be 2-5 times larger than Uganda.The estimation of the total potential will be updated, if necessary. doubled.
He talked about continuing with the production when he sees tremendous potential, primarily in Kenya. May take 3-5 years before prod starts.
Hill has moved to Kenya. Selling just their house in Canada (I think it was there
Wie es scheint liegt der heutige Anstieg bei Horn an einer Präsentation die Keith Hill heute in Schweden gehalten hat. Dort hat er angeblich auf Nachfrage folgendes von sich gegeben:
Die Chance das vorhandenes Öl in Somalia kommerziell ist liegt bei 75 %
OIP kann in Somalia laut seiner Meinung vermutlich bis zu 10 USD/Barrel bringen !
(Was im Prinzip eine Verdopplung der bisherigen Schätzungen ist)
Quelle: Ein schwedischer Poster
Aus iii-Board von WO mal rübergeholt
http://www.iii.co.uk/investment/detail?code=cotn:AOIFF&displ…
Some brief info from the meeting in Sweden (google translate)
Hinted that there are around 300 million in the first well in Kenya. He compared with Tullow who found 50 million in another place (come not remember the name), and spoke of Kenya The well appears to contain six times more. Note that this is my interpretation of what he said. Important to anyone else confirms this interpretation.
Additional finance retirement will not be brought in than the earliest end of the year or early next year. "Better to refinance at $ 20 than option at $ 8." Seems like this was a quote from Lukas Lundin (?).Hinted that there may be around 100 million in Schabel first However, this must be tested. He believes the 75% probability that it will be commercial. Oil in Puntiland can be worth up to $ 10 when it is near the sea o require a short pipeline. Consider that it takes around 50-70 million in Schabel area for it to be worthwhile to build the pipeline, etc.
Courtesy of Sweden on US Investors hub.
http://investorshub.advfn.com/boards/read_msg.aspx?message_i…
In Kenya, he talked about the value of around $ 6 that is more than Uganda because of better conditions.
He mentioned that Tullow said that Kenya can be 2-5 times larger than Uganda.The estimation of the total potential will be updated, if necessary. doubled.
He talked about continuing with the production when he sees tremendous potential, primarily in Kenya. May take 3-5 years before prod starts.
Hill has moved to Kenya. Selling just their house in Canada (I think it was there
[url=http://peketec.de/trading/viewtopic.php?p=1254018#1254018 schrieb:greenhorn schrieb am 25.05.2012, 09:29 Uhr[/url]"]
[url=http://peketec.de/trading/viewtopic.php?p=1253814#1253814 schrieb:
BRIEF-Tullow Oil updates on Kenya well
LONDON, May 25 (Reuters) - Tullow Oil PLC <TLW.L>:
* Well update - Kenya
* Indicated that the ngamia-1 well was drilling into the primary target
* Initial results appeared to indicate that the well had intersected further
oil bearing sands
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [TLW.L]))
LONDON, May 25 (Reuters) - Tullow Oil PLC <TLW.L>:
* Well update - Kenya
* Indicated that the ngamia-1 well was drilling into the primary target
* Initial results appeared to indicate that the well had intersected further
oil bearing sands
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [TLW.L]))
Africa Oil Corp.: Ngamia-1 Well Update <AOI.V>
VANCOUVER, BRITISH COLUMBIA, May 25 (MARKET WIRE) --
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) is pleased to report an update on the Ngamia-1 well
currently being drilled on Block 10BB in Kenya. The Operator of the well,
Tullow Oil plc, announced this morning that they are now drilling in the
primary target and initial results appear to indicate the well has
intersected further oil bearing sands.
The Ngamia-1 well has encountered oil and gas shows over a gross interval
of 140 metres from a depth of 1,800 metres to 1,940 metres. The
reservoirs are similar to those previously encountered at a shallower
depth. The well will continue to be drilled to a total depth of 2,700
metres and then logged and sampled. This is expected to take a further
three weeks to complete.
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".
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events or the Company's
future performance, business prospects or opportunities. Forward-looking
statements include, but are not limited to, statements with respect to
estimates of reserves and or resources, future production levels, future
capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development
activities, ultimate recovery of reserves or resources and dates by which
certain areas will be explored, developed or reach expected operating
capacity, that are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable
reserves and resource estimates may also be deemed to constitute
forward-looking statements and reflect conclusions that are based on
certain assumptions that the reserves and resources can be economically
exploited. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe"
and similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements should not be unduly relied upon. The
Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties relating
to, among other things, changes in oil prices, results of exploration and
development activities, uninsured risks, regulatory changes, defects in
title, availability of materials and equipment, timeliness of government
or other regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental impacts
on operations. Actual results may differ materially from those expressed
or implied by such forward-looking statements.
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
Copyright 2012, Market Wire, All rights reserved.
-0-
VANCOUVER, BRITISH COLUMBIA, May 25 (MARKET WIRE) --
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) is pleased to report an update on the Ngamia-1 well
currently being drilled on Block 10BB in Kenya. The Operator of the well,
Tullow Oil plc, announced this morning that they are now drilling in the
primary target and initial results appear to indicate the well has
intersected further oil bearing sands.
The Ngamia-1 well has encountered oil and gas shows over a gross interval
of 140 metres from a depth of 1,800 metres to 1,940 metres. The
reservoirs are similar to those previously encountered at a shallower
depth. The well will continue to be drilled to a total depth of 2,700
metres and then logged and sampled. This is expected to take a further
three weeks to complete.
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".
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events or the Company's
future performance, business prospects or opportunities. Forward-looking
statements include, but are not limited to, statements with respect to
estimates of reserves and or resources, future production levels, future
capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development
activities, ultimate recovery of reserves or resources and dates by which
certain areas will be explored, developed or reach expected operating
capacity, that are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable
reserves and resource estimates may also be deemed to constitute
forward-looking statements and reflect conclusions that are based on
certain assumptions that the reserves and resources can be economically
exploited. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe"
and similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements should not be unduly relied upon. The
Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties relating
to, among other things, changes in oil prices, results of exploration and
development activities, uninsured risks, regulatory changes, defects in
title, availability of materials and equipment, timeliness of government
or other regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental impacts
on operations. Actual results may differ materially from those expressed
or implied by such forward-looking statements.
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
Copyright 2012, Market Wire, All rights reserved.
-0-
