AFRICA OIL ANNOUNCES NEW COMPETENT PERSON'S REPORT FOR PROSPECTIVE RESOURCES IN BLOCK 3B/4B, ORANGE BASIN
LONDON, March 8, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that an independent review of the Company's prospective resources has been completed by RISC Advisory (UK) Limited ("RISC"), in accordance with Canadian National Instrument 51-101 – Standards for Oil and Gas Activities ("NI 51-101"), the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and the Petroleum Resources Management System 2018 ("PRMS"). The effective date of RISC's report is March 7, 2023. View PDF version
Highlights
RISC has reviewed the prospective resources and probability of geological success of an inventory of exploration prospects within Block 3B/4B and have reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent ("boe"). Probability of success ranges from 11% to 39% over the 24 prospects identified.
The prospect inventory evaluated by RISC has been identified following completion of the reprocessing of 2,200 km2 of 3D seismic data and knowledge of the regional geology of play-opening discoveries in the Orange Basin, offshore Namibia, including TotalEnergies' Venus discovery and Shell's Graff, La Rona, and Jonker discoveries.
Africa Oil is the operator of Block 3B/4B with a 20% participating interest,
The Company and its partners are progressing plans to conduct a two-well campaign on Block 3B/4B and are in discussions with various potential partners to farm out up to a 55% gross working interest in the Block.
Africa Oil Chief Executive Officer, Keith Hill, commented on the statement of reserves: "Africa Oil is at the forefront of the exciting appraisal and exploration activities in the Orange Basin, probably the most sought-after new petroleum region globally. We are the only publicly-listed Independent E&P company with exposure to the transformational upside of the Venus discovery and its possible westerly extension. We are also excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3D seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange Basin. We are keen to begin drilling our first prospect, possibly as soon as 2024, and we will start the environmental impact surveys this month."
Bullish
