Addax Petroleum (fka AXC)

[oil-cowboy]

Posted by Arnim yesterday. I think the highlighted portion is significant... "has confirmed a viable hydrocarbon system in this region". Surrounded by discoveries (Ethiopia to the north, Kenya south and east, Sudan to the west).... so do you think we have a black hole where no oil exists?? I believe the opposite will be true. We will find exactly what our neighbors have been finding.... lots of oil!

Block 10BB in Kenya has now been successfully completed.

Read more at http://www.stockhouse.com/CMSPages/link here#Mwd1MjXEYv83SW8O.99


Africa Oil Corp. (TSX: V.AOI) announced excellent results from its recent drilling operations in Kenya and Ethiopia.

The testing program at the Ngamia-1 oil discovery on Block 10BB in Kenya has now been successfully completed.

According to the Africa Oil press release, the cumulative flow rate from six drill stem tests was over 3,200 barrels of oil per day constrained by completion techniques and surface equipment.

With optimized completion techniques and surface equipment it is estimated that these combined flow rates would increase to a rate of 5,400 barrels of oil per day.

All zones produced dry oil with no water produced and no pressure depletion.

The company is also pleased to announce that oil has been discovered in the Etuko prospect in the Lokichar Basin in Block 10BB in Kenya.

This well was located on a tilted fault block target on the Basin Flank Play on eastern side of the basin.

Net pay of 40 meters has been confirmed in the Auwerwer and Upper Lokhone targets which demonstrate good reservoir properties and oil quality.

Furthermore, the Sabisa-1 well, the most northerly well drilled in the trend to date, has confirmed a viable hydrocarbon system in this region.

The well was drilled on the South Omo Block in Ethiopia in the northern portion of the Turkana Basin, over 300 kilometers north of the Ngamia and Twiga discoveries, to a total depth of 2,082 meters.

The well encountered reservoir quality sands, oil shows and heavy gas shows indicating an oil prone source rock and a thick shale section which should provide a good seals for the numerous fault bounded traps identified in the basin.

Africa Oil is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corp. (TSX: V.HRN)

On Wednesday, Africa Oil rose 3.8% and was trading at $7.37 a share. The company had a market cap of $1.85 billion, based on 253 million shares outstanding.



Read more at http://www.stockhouse.com/CMSPages/link here#xISeDJPpm7sxbw4g.99