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Hearty issue
underway in Africa Oil
Updated 2013-08-13 21:26. Published 2013-08-13 20:02
The oil company Africa Oil raking the path of a giant issue that could come as early as September. According to di.se want management to have any of the commodities industry's major players as the new owner.
Africa Oil's quest for black gold in East Africa is moving into a more intensive phase. If all goes according to plan, the six drilling rigs to be in operation by the end of the third quarter, twice as many as last spring.
The expansion is not free, and the company needs to bring in fresh capital.
According to di.se was Africa Oil's CEO Keith Hill recently in London to explore the interest of investors, particularly major oil companies.
"The main track for the company is to bring in money from one industrial investor. New issue of ordinary investors are reserve plan if they do not come in cases with an oil company, "says a source familiar with the process.
Management should sometime around the end of August and September, posting a new estimate of how much oil resources company.
According to industry sources di.se've talked to, it is most probable that Africa Oil carries out the issue in the near future after the resource update. This would then mean that the company picks new capital in September or October.
"The best time is probably just after the resource update, then it probably does not collide with any drilling results and other price-sensitive information," said Susanna Helgesen, commodities, equity analyst at investment bank Remium.
Big bank Exane BNP Paribas track in a recent analysis that Africa Oil will bring in 2.3 billion, equivalent to about a fifth of the market capitalization.
The exact amount varies between different analyzes but analysts agree that the company will make a new issue before the year is over, because the cashier would otherwise be empty sometime in the first quarter of 2014.
Last time Africa Oil picked the money was in late November 2012, through a private placement of 1.5 billion. Lundin family, which currently is the main shareholder, subscribed since 10 percent of the issue.
Lundin sphere spokesman Robert Eriksson says that Africa Oil currently has sufficient capital to fund drilling program throughout 2013 and well into next year.
"But it is clear that in the future we will bring in more capital, such is the nature. Given the success of our exploration has been, we know there will not be any trouble getting money," he says.
When to Africa Oil bring in money next time?
"It would be unwise to speculate on what time we will bring in money and the investors will be involved when we do it. Nothing is certain, "said Robert Eriksson.
______________________________________________________________________
It might explain why the SP is rooted where it is. There should have been some impact from Etuko hitting, and there should be optimism from the prospect of Ekales results soon, but after a brief flurry, there's nothing going on. There must be a reason for that, and this is the first I've seen. The only thing that argues against it is their initial unwillingness even last year to come to the market for more capital at a low SP. That they would do the same again sticks in the throat. Either that is the reality of financing oil E&P at the moment, or they're expecting a massive uplift after the resource update.
As an aside (and we really are getting in to speculation here), TLW BoD were asked at their recent AGM (early on in the Q+A session - if you watch the video) whether it was a problem having a junior partner that wouldn't be able to finance its half of the CAPEX to develop the Kenya discoveries. They dodged the question quite skilfully.
This to look forward:
2013 First Quarter Report
On the back of the successful exploration activities in Kenya during 2012, the Company, together with its partners, continues to ramp up its exploration program in Kenya and Ethiopia. Entering the year, two Tullow-Africa Oil joint venture rigs were operating in Kenya and one joint venture rig was operating in Ethiopia. A fourth Tullow-Africa Oil joint venture rig has been secured and is expected to commence testing and drilling operations in Kenya on Blocks 10BB and 13T during the third quarter of 2013. The Company, as operator, and its partner in Block 9 (Kenya) have secured a fifth rig, which will commence drilling operations in the third quarter of 2013. In addition, the Company and its partners in Block 7/8 (Ethiopia) have secured a sixth rig, which will commence drilling operations in June 2013. For a period, the Company will have 6 drilling rigs operating and expects to exit the year with 5 rigs operating in the region. The Company plans to drill 10 to 12 wells and perform up to 5 well tests across its exploration blocks during 2013.
Sweden 1
If so no one is talking.
no leaks no tweets.
Africa Oil Corp(AOI:TSXV, CA)
7.00CAD0.24(3.55%)Volume: Above Average
As of 16 Jul 2013 at 1:23 PM EDT.
Africa Oil Corp(AOI:TSXV, CA)
6.93CAD0.17(2.51%)Volume: Above Average
Perhaps will break $7.00 today.
A July 9th news release from east africa business week
http://allafrica.com/stories/201307100096.html
apologies if this was previously posted.
RJ
Fully Diluted 819,247,194 shares
I took the liberty of copying the following from another board and I must admitt this person who claims to work as an IR for another company makes sense with the following statement.
know the space well ... i work in IR ... i have 150$ k in this stock ... i still like it but i must say what a massive dissapointment this stock has been since i bought on the downtrend at 7.70 ... my first thought after no reaction from the news is that why didn't IR plan a 5 day multi sicty road show on the NEWS all week ... i would have hit NYC, TO, Montreal, San Fran, Houston, etc ... LONDON would be fantastic as well ... IR dropped the ball and so did his/her boss (CEO) ... how did you not know to plan a road on this news to get the best bang for your buck ... Internal IR needs to go and that's coming from a VP of IR ... this was botched.
redinvest I live in Vancouver Canada
I first bought AOI on advice of a friend who's birthplace was Nairobi Kenya now we are both long and holding.
Add to this our other joint venture/partner drills and it’s clear that we have a very exciting twelve months ahead of us.
The following courtesy of Bmac.
Kenya 13T Ekales 50% (op) Aug 2013
13T Agete (Twiga N) 50% (op) H2 2013
13T Twiga South appraisal 50% (op) H2 2013/2014
13T Tausi 50% (op) H1 2014
10BA Kiboko 50% (op) H1 2014
10BB Etuko-1 50% (op) In progress
10BB Amosing 50% (op) H2 2013
10BB Ewoi-1 50% (op) H2 2013
10BB Ekosowan 50% (op) H1 2014
10BB Linga-1 50% H1 2014
10BB Etuko appraisal 50% (op) 2014
10BB Ngamia appraisal 50% (op) 2014
So far so good in Sweden
Africa Oil 50.75 5.85 13.03%
50.50 50.75 800,297 53.00 50.00 52.50 09:11:17
2013-07-02 8.03 CAD 0.1574 [6.3532]
Over a million shares traded on the SEK already presently $8.07cad.
Any idea what happened to posts 18-19-21 and 22?
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(NASDAQ OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that Tullow Oil Plc, the operator of Block 10BB in Kenya, has commenced drilling at the Etuko (formerly Kamba) prospect. This well will target a new play area in the Lockichar Basin where a working petroleum system has been confirmed by recent discoveries at Ngamia and Twiga. The well will focus on the 'eastern flank play' where oil was discovered in 1992 by Shell at the Loperot-1 well. The primary objectives will be the Lower Lokhone and Auwerwer sands, both of which have been shown to be high quality reservoirs containing oil in existing wells. The gross best estimate of prospective resources for the prospect are 231 million barrels of oil based on a third-party Competent Person's Report(i). The well is expected to take approximately 60 days to drill and evaluate.
Testing operations continue on the Ngamia #1 well, also in Block 10BB in Kenya, and drilling operations continue on the Sabisa #1 well in the South Omo Block in Ethiopia. A result for Sabisa is expected in late May and Ngamia testing completed in early June.
Africa Oil CEO Keith Hill commented, "The Etuko prospect is one of the most attractive prospects in our portfolio and has the potential to open up an new play fairway on the eastern side of the already proven Lockichar Basin. A number of additional prospects and leads will be de-risked on this 'eastern flank' play if the Etuko well is successful. With three rigs active and three more on the way, the second half of 2013 promises to be a very exciting period in the continuing growth story of the Company in East Africa."
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its approximate 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil's recent Ngamia-1 and Twiga South-1 discoveries extend the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
(i)See news release dated August 22, 2012 for further information.
ON BEHALF OF THE BOARD
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
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.
Source: Africa Oil Corp.
like this Good morning!
Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.
Best regards,
Sophia Shane
Ph. 604 689 7842
AFRICA OIL CONFIRMS LOWER LOKHONE OIL DISCOVERY
IN NGAMIA-1 WELL AND PROVIDES OPERATIONAL UPDATE
April 15, 2013 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide the following operational update on its projects in East Africa.
The first of six drill stem tests at the Ngamia-1 well has been concluded. This test was in the Lower Lokhone formation where up to 43m of potential pay had previously been identified by logging and MDT sampling. The well flowed 281 barrels of 30 degree API oil per day with the assistance of a Progressive Cavity Pump (PCP). The remaining 5 tests will be conducted in the Auwerwer (formerly Upper Lokhone) sandstones which are the highest quality reservoirs penetrated in the Ngamia well and which produced very well in the recent tests at the Twiga South-1 well. Results of these remaining Ngamia tests are expected to be announced by early June. The Ngamia-1 well is located in Block 10BB in Kenya and the Company has a 50% working interest in the block along with Tullow Oil Plc which holds the remaining 50% interest and operatorship.
The Sabisa-1 well in the South Omo Block in Southern Ethiopia has been drilled to a preliminary total depth of 1,810 metres. Hydrocarbon indications in sands beneath a thick claystone top seal have been recorded while drilling, but hole instability issues have required the drilling of a sidetrack to comprehensively log and sample these zones of interest. The sidetrack recently commenced and a result is now expected in late May. The hydrocarbon indications are highly encouraging as they provide emerging evidence for a working petroleum system in the previously undrilled South Omo Basin. The Company holds a 30% working interest in the block along with operator Tullow Oil Plc (50%) and partner Marathon Oil Corporation (20%).
The mobilization of the drilling rig from Paipai to the Etuko (previously Kamba) location in Block 10BB in Kenya continues on schedule with a spud date expected in the first half of May.
Drilling preparations are also underway on the El Kuran prospect in Ethiopia. Operator New Age are in the process of mobilizing a drilling rig and related services to the location and the well is also expected to spud in the second quarter of this year. This well is being drilled on a large structure previously confirmed to contain light oil in Jurassic carbonates by two boreholes drilled in the 1970’s. The Company holds a 30% working interest along with New Age (40%) and Afren Plc (30%).
The Company is in final negotiations to secure a drilling rig for its upcoming Bahasi-1 exploration well in Block 9 in Kenya. This well will test a large anticlinal feature in the Cretaceous rift trend which has recently been confirmed to contain hydrocarbons at the Paipai well in Block 10A. The well is expected to spud in the third quarter of this year. The Company holds a 50% working interest and operatorship along with partner Marathon Oil Corporation (50%).
Preparations are also underway to conduct a Full Tensor Gradiometry (FTG) survey on the Company’s newly awarded Rift Basin Area Block (previously the Rift Valley Joint Study Area) in Ethiopia. The survey is expected to commence this month and be completed by the end of the third quarter of 2013. The Company currently holds a 100% working interest in this block.
Africa Oil CEO Keith Hill commented “We are pleased to be moving forward on a number of high impact projects that will greatly affect the value of the Company in the coming year. The confirmation of potentially commercially viable oil in the Lower Lokhone sands in the Ngamia well will add to the overall resource potential, but also has positive implications for the upcoming Etuko-1 well on the eastern flank of the Lokichar Basin. We remain convinced that we have only just begun to unlock the potential of what may be one of the largest new oil basins to be opened in recent times.”
About Africa Oil
Africa Oil Confirms Lower Lokhone Oil Discovery in Ngamia-1 Well and Provides Operational Update
1 hour ago - ACQUIREMEDIA
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(NASDAQ OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide the following operational update on its projects in East Africa.
The first of six drill stem tests at the Ngamia-1 well has been concluded. This test was in the Lower Lokhone formation where up to 43m of potential pay had previously been identified by logging and MDT sampling. The well flowed 281 barrels of 30 degree API oil per day with the assistance of a Progressive Cavity Pump (PCP). The remaining 5 tests will be conducted in the Auwerwer (formerly Upper Lokhone) sandstones which are the highest quality reservoirs penetrated in the Ngamia well and which produced very well in the recent tests at the Twiga South-1 well. Results of these remaining Ngamia tests are expected to be announced by early June. The Ngamia-1 well is located in Block 10BB in Kenya and the Company has a 50% working interest in the block along with Tullow Oil Plc which holds the remaining 50% interest and operatorship.
The Sabisa-1 well in the South Omo Block in Southern Ethiopia has been drilled to a preliminary total depth of 1,810 metres. Hydrocarbon indications in sands beneath a thick claystone top seal have been recorded while drilling, but hole instability issues have required the drilling of a sidetrack to comprehensively log and sample these zones of interest. The sidetrack recently commenced and a result is now expected in late May. The hydrocarbon indications are highly encouraging as they provide emerging evidence for a working petroleum system in the previously undrilled South Omo Basin. The Company holds a 30% working interest in the block along with operator Tullow Oil Plc (50%) and partner Marathon Oil Corporation (20%).
The mobilization of the drilling rig from Paipai to the Etuko (previously Kamba) location in Block 10BB in Kenya continues on schedule with a spud date expected in the first half of May.
Drilling preparations are also underway on the El Kuran prospect in Ethiopia. Operator New Age are in the process of mobilizing a drilling rig and related services to the location and the well is also expected to spud in the second quarter of this year. This well is being drilled on a large structure previously confirmed to contain light oil in Jurassic carbonates by two boreholes drilled in the 1970's. The Company holds a 30% working interest along with New Age (40%) and Afren Plc (30%).
The Company is in final negotiations to secure a drilling rig for its upcoming Bahasi-1 exploration well in Block 9 in Kenya. This well will test a large anticlinal feature in the Cretaceous rift trend which has recently been confirmed to contain hydrocarbons at the Paipai well in Block 10A. The well is expected to spud in the third quarter of this year. The Company holds a 50% working interest and operatorship along with partner Marathon Oil Corporation (50%).
Preparations are also underway to conduct a Full Tensor Gradiometry (FTG) survey on the Company's newly awarded Rift Basin Area Block (previously the Rift Valley Joint Study Area) in Ethiopia. The survey is expected to commence this month and be completed by the end of the third quarter of 2013. The Company currently holds a 100% working interest in this block.
Africa Oil CEO Keith Hill commented, "We are pleased to be moving forward on a number of high impact projects that will greatly affect the value of the Company in the coming year. The confirmation of potentially commercially viable oil in the Lower Lokhone sands in the Ngamia well will add to the overall resource potential, but also has positive implications for the upcoming Etuko-1 well on the eastern flank of the Lokichar Basin. We remain convinced that we have only just begun to unlock the potential of what may be one of the largest new oil basins to be opened in recent times."
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its approximate 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil's recent Ngamia-1 and Twiga South-1 discoveries extend the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.africaoilcorp.com
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.
Source: Africa Oil Corp.
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This from the stockhouse board'
Hello,
I am a shareholder of the AOI.
I would kindly like to ask 3 questions:
- Could you please confirm or deny that Sabissa results are expected to be released at the end of May 2013?
- Provided the above is true are intermediate results planned to be released?
- Have Sabissa well encountered any petroleum system so far?
Many thanks,
Kind regards,
and the answer was:
Good afternoon!
I'm expecting a news release tomorrow morning which will provide a thorough operational update.
Best regards,
Sophia
Perhaps there will be a less uncertain atmosphere in Kenya.
Dr Mutunga says Kenyatta and Ruto were validly elected:
http://www.nation.co.ke/News/politics/-/1064/1734782/-/b0opb6/-/index.html
http://www.africaoilcorp.com/i/pdf/2013-02-25_CP.pdf
New update from Africa oil. • Research coverage from 18 analysts with an average target price of
$11 51
Scarbender: Hopefully someone on this board can answer that question the news is a little cloudy for pai-pai
However great news on Twiga.
Here is the news on Twiga
Africa Oil Corp.
Company Announcement
TWIGA SOUTH-1 WELLTESTS 2,351 BARRELS OF OIL FROM TWO ZONES - FINAL TEST ONGOING
February 13, 2013 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide the following update in respect of its ongoing operations in Kenya.
Four flow tests have been carried out on the Twiga South-1 well in January and early February and a fifth test is ongoing. A cumulative rate of 2,351 bopd was recorded from two separate sands in the Auwerwer formation. One test flowed at a maximum natural flow rate of 1,860 bopd of 37°API oil and the other flowed at a rate of 491 bopd using a Progressive Cavity Pump (PCP). The final flow test in the Auwerwer formation is ongoing using a PCP and we anticipate that the zone will flow over 500 bopd taking the total combined rate to over 2,850 bopd for the well. Two deeper tests were also completed on the tight reservoir rock at the bottom of the well and, as anticipated, both produced at sub-commercial flow rates and reconfirmed the presence of moveable oil.
The reservoir quality of the Auwerwer sands appears to be significantly better than predicted which was also supported by recent core analysis data with several values over 1 darcy permeability. These tests provide the first potentially commercial flow rates achieved in Kenya and provide real encouragement for the forthcoming DST programme at the Ngamia discovery, located approximately 22 kilometres to the south of Twiga South-1. With the conclusion of the Twiga South-1 testing programme, the Weatherford-804 rig will move to Ngamia-1A to re-enter the well and perform at least four flow tests.
The Company also reports that the Paipai-1 well has reached a total depth of 4255 metres, encountering igneous rocks at the base that appear to be basement. Light hydrocarbon shows were encountered in sands in the Lower Cretaceous interval and the well is currently being cased for additional fluid sampling by MDT. Further testing or evaluation of Paipai, if warranted, would follow with a dedicated testing unit. On completion of operations at Paipai, the Sakson PR-5 will mobilise to Kenya Block 10BB to spud the Etuko-1 well in the Lokichar basin. The spud is expected in 2Q 2013.
Africa Oil President and CEO, Keith Hill, stated, “We are extremely pleased at the reservoir quality and resultant flow rates in the shallow Auwerwer sands confirmed by this testing. We will now focus on this section as the primary reservoir in our upcoming exploration program on the western flank of the Lokichar Basin. We remain intrigued by the lower fractured reservoir and Lower Lokhone sands which will be further evaluated in future exploration. Our aggressive 2013 drilling program includes numerous high impact wells on trend with the Lokichar discoveries but also wells in new areas designed to open additional sub-basins in our large acreage portfolio.”
This from Stockhouse board East Africa Oil goes boom
http://www.321energy.com/
tamtam just so you know AOI is trading on the Vancouver venture board not Toronto - RJ
Update from AOI
Good morning!
Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.
Best regards,
Sophia Shane
Ph. 604 689 7842
AFRICA OIL OPERATIONS UPDATE
January 11, 2013 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide the following update on its operations in Kenya and Ethiopia.
With two significant oil finds achieved to date, the Company and operating partner, Tullow Oil plc, continue their very aggressive 2013 drill program on the newly discovered East African play fairway. The partnership currently has three rigs active in the area.
The testing program on the Twiga discovery well is underway with final results expected to be announced in early February. Five zones are being tested. Based on analysis of the electrical logs, conventional and sidewall cores and MDT sampling program, the Company estimates a flow rate of approximately 500 bopd per interval. It is important to note that the test results may be limited by the size and capacity of the pump and testing equipment being used and a number of other factors including reservoir characteristics and pressure.
Drilling operations continue at the Paipai prospect in Kenya Block 10A which is preparing to drill ahead at 3,850 meters after setting 9 5/8" casing. The well has penetrated a shaly interval which is believed to be a potential top seal for the main objective reservoirs of Lower Cretaceous and possibly Jurassic age. The well is expected to reach total depth in the first half of February.
In Ethiopia, the Sabisa well in the South Omo block is expected to commence drilling by the end of January.
In addition, the Company reports that it has terminated its interest in Blocks 7 and 11 in Mali and been released from all future obligations in relation to these Blocks. The Company previously wrote-off its capitalized costs related to Mali during the first quarter of 2012, recognizing a $3.1 million impairment.
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.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its approximate 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil’s recent Ngamia-1 discovery extends the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
ON BEHALF OF THE BOARD
“Keith C. Hill”
If this play requires fracture stimulation, then it will not be economic.
From what information do you base this on?
Actually I am in AOI for the longer term I have not sold a single share thow I suppose one could have been trading this I bought very low 3's and will be selling 14.00+
Dreamwaverider I was being facitious
I agree WildcatDriller - but sell on this news - I am also in for the longterm.
I can't understand the sell off in Sweden the results from Twiga look very promising.
From Sophia:
Good morning!
Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.
Best regards,
Sophia Shane
Ph. 604 689 7842
AFRICA OIL ANNOUNCES SECOND SIGNIFICANT OIL DISCOVERY
IN KENYA AT TWIGA SOUTH-1 WELL
November 26, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce the second significant oil discovery in Kenya at the Twiga South-1 well. The Twiga South-1 exploration well, located in Block 13T, onshore Kenya, has encountered 30 metres of net oil pay in Tertiary sandstone reservoirs with further potential to be assessed by testing. In addition, the well has also encountered a thick sequence of fractured rock section exhibiting oil and wet gas shows over a gross interval of 796 metres.
Twiga South-1 has been drilled to a total depth of 3,250 metres and has been successfully logged and sampled. Three sandstone reservoir units, analogous to Ngamia-1, were encountered and moveable oil, with an API greater than 30 degrees, has been recovered to surface from all three zones. Further potential exists up dip of the well and will be subsequently appraised.
In addition to the net pay in shallower reservoirs, the well also penetrated a thick section of lower porosity fractured rocks below 2,272 metres that had extensive hydrocarbon shows over a gross interval of 796 metres. Moveable oil with an API greater than 30 degrees was also successfully sampled from this section. This fractured rock section is a new play-type for the region that will be further evaluated by testing to understand its extent and any productive potential.
The Twiga South structure is the second prospect to be tested in the Lokichar Basin as part of a multi-well drilling campaign in Kenya and Ethiopia and is the first oil discovery in Block 13T. It is located over 22km to the north of the Ngamia-1 discovery and further de-risks a number of other similar features on the western margin of the basin.
A series of flow tests will now be conducted on the well over the next 4-8 weeks. Following completion of the testing program, the rig will move back to flow test the Ngamia-1 well.
Elsewhere in Africa Oil’s East African Rift basin portfolio, the Paipai-1 well in Block 10A in Kenya is drilling as planned and results are expected to be released by the end of the year. Mobilization of the drilling rig for the Sabisa-1 well in the South Omo Block in Ethiopia is proceeding and the well is expected to commence drilling by the end of December.
Keith Hill, President and CEO of Africa Oil commented, “This second discovery, immediately following the basin-opening Ngamia-1 well result earlier this year, reaffirms the considerable prospectivity of the Lokichar Basin. Of notable interest, is the new fractured play opportunity which has been encountered for the first time in East Africa. We are very pleased with these exciting results to date and have significantly expanded our plans in Kenya and Ethiopia. With over 100 significant prospects and leads identified and an active drilling program with at least 3 drilling rigs operational, there is much to look forward to in 2013 as the exploration campaign and testing programs move ahead.”
The Twiga South-1 well is operated by Tullow Oil plc who hold a 50% working interest. Africa Oil holds the remaining 50% interest.
Hopefully this will take care of it.
http://www.reuters.com/article/2012/11/13/kenya-security-idUSL5E8MD60X20121113
redinvest
I also believe they will get burnt on the short.
Nagami and Twiga soon.
This from Stockhouse board:
Lansdowne hedge fund takes huge 'short' on Tullow
Wed Nov 7, 10:15 AM :
http://sharecrazy.com/beta/newsflow
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31748708&l=0&r=0&s=AOI&t=LIST#lTpUr5Q9mRjc37fE.99
Africa Oil Presented award
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=528348&lang=en
From a post on Stockhouse. anyone smell a buy out coming.
http://www.thisismoney.co.uk/money/markets/article-2226547/Lower-oil-gas-prices-toll-Shell-profits.html#ixzz2BHyR6If5
tamtam9042 looks to me that Business Daily in Africa spilt the beans er oil lol nothing firm from Tullow or Africa oil I believe they were going to anounce at there summit on thurs.
So can't confirm the article however as one can see they halted in Sweden. GLTA