Africa Energy Corp (HPMCF)

[douginil]

AFRICA OIL ANNOUNCES SECOND SIGNIFICANT DISCOVERY ON BLOCK 11B/12B OFFSHORE SOUTH AFRICA

October 28, 2020

Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce a significant gas condensate discovery on the Luiperd prospect located on Block 11B/12B offshore South Africa. This discovery follows the adjacent play-opening Brulpadda discovery in 2019, which proved a significant new petroleum province in the region. The Company holds an indirect interest in the project as a result of its equity interests in Africa Energy (31.3%) and Impact Oil & Gas Limited (31.1%).

Garrett Soden, Africa Energy’s President and CEO, commented, “We are thrilled to announce the second consecutive discovery on Block 11B/12B offshore South Africa. We congratulate Total as operator for drilling the Luiperd-1X deepwater well safely and efficiently during the coronavirus pandemic and austral winter season. The Luiperd discovery reconfirms this world-class exploration play with substantial follow-on potential. The net pay encountered in the Luiperd target objective is significantly larger than the main reservoir at last year’s Brulpadda discovery. The Block 11B/12B partners are conducting a drill stem test to measure flow rates over the next few weeks. Due to the success at Luiperd, the joint venture has decided to proceed with development studies and engage with authorities on the commercialization of gas instead of drilling another exploration well in this program.”

Read more at:
https://mma.prnewswire.com/media/1321632/Africa_Oil_Corp__Africa_Oil_Announces_Second_Significant_Discove.pdf