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News Release Issued: Aug 12, 2019 (2:00am EDT)

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manuel06   Monday, 08/12/19 07:14:23 AM
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News Release Issued: Aug 12, 2019 (2:00am EDT)

Africa Oil Announces Major Oil Discovery Offshore Guyana
VANCOUVER, Aug. 12, 2019 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) … Africa Oil Corp. ("Africa Oil" or the "Company") is pleased to announce a significant oil discovery on the Orinduik Block, offshore Guyana. The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil-bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs. The well has been cased and is now awaiting further evaluation to determine the appropriate appraisal activity. View PDF version

The Jethro-1 well confirms the continuance of the petroleum system onto the Orinduik Block, up dip from the prolific discoveries on the neighbouring Exxon operated Stabroek Block. The well has resulted in a mitigation of risk in terms of the presence of quality reservoir sands, seal and trap. There are multiple drilling targets on the block with similar geophysical characteristics and the Stena Forth drill ship is moving immediately to its next target, Joe-1. The Joe-1 location is a short move to a shallower target, and is expected to spud mid-August.

Keith Hill, President and CEO of Africa Oil, commented, "This discovery is a further confirmation of our exploration portfolio strategy. For a limited financial commitment, we have been able to gain significant exposure to some of the hottest exploration areas in the world. First with the Brulpadda-1AX well on Block 11B/12Boffshore South Africa and now this major oil discovery announced today at Jethro-1 on the Orinduik Block, offshore Guyana. The Company has assembled an equity investment exploration portfolio that is second to none in addition to our world class development/production assets. We look forward to additional discoveries in Guyanaas well as the drilling of the massive Venus prospect and at least two additional low risk prospects in the Paddivesse Block in South Africa in 2020."

Partners on the Orinduik Block comprise Tullow Guyana B.V. ("Tullow", Operator, 60% Working Interest ("WI"), Total EP Guyana BV ("Total", 25% WI) and Eco (Atlantic) Oil & Gas Ltd. ("Eco", 15% WI). Africa Oil holds an approximately 18.8% equity interest in Eco

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