Africa Oil Corp (AOIFF)

[douginil]

Africa Oil

Venus-1X Exploration Well Spuds in Offshore Namibia Block 2913B

November 30, 2021

VANCOUVER, BC, Dec. 1, 2021 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa Oil" or "the Company") is pleased to note the press release by its investee company Impact Oil & Gas Limited ("Impact") regarding Venus-1X exploration well.

Impact has announced the spud of the Venus-1X offshore exploration well in Namibia Block 2913B (PEL 56). This, together with the adjacent Block 2912, are held through Impact's wholly owned subsidiary, Impact Oil and Gas Namibia (PTY) Ltd. Both blocks are operated by TotalEnergies EP Namibia B.V.; a wholly owned subsidiary of TotalEnergies.

The well is being drilled in 3,000m water depth by the Maersk Voyager drillship.

Impact holds a 20% interest in Block 2913B, was joined by TotalEnergies as operator in 2017, bringing significant deep-water drilling expertise to the Joint Venture, and in 2019 by Qatar Energy. TotalEnergies holds a 40% interest in Block 2913B, Qatar Energy holds a 30% interest, NAMCOR, the Namibian state oil company, holds a 10% interest.

Impact also holds an 18.89% working interest in the adjacent Block 2912, where it is partnered with TotalEnergies (Operator 37.78%), Qatar Energy (28.33%) and NAMCOR (15%).

Siraj Ahmed, Chief Executive Officer of Impact, commented: "This is an exciting moment for Impact and our shareholders. Impact, together with our partners in the Government of Namibia, have been working to mature and drill the Venus prospect since 2014. Venus-1X is a world-class, basin opening well which, if successful, could be transformative for Namibia."

Keith Hill, Africa Oil's President and CEO, commented: "I am very pleased that drilling operations for Venus-1X have commenced. As a potential basin opening well, if successful, this could be a high-impact catalyst for our shareholders."


[[ Africa Oil ownes 20% if Impact Oil ]]


Read at:
https://africaoilcorp.com/news/venus-1x-exploration-well-spuds-in-offshore-namibi-122820/