Replies to post #18610 on Research Pit

[ariadndndough]

aoiff spuds there well today. and taoif should be bought

AFRICA OIL SPUDS NGAMIA-1 WELL IN KENYA

News release issued this morning:

January 25, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce the spudding of the Ngamia-1 well on Block 10BB, Kenya. Tullow Oil plc is the operator with a 50% working interest and Africa Oil holds the remaining 50%. Please see attached map.

The Ngamia-1 well will be drilled to a projected depth of 2,700 meters to test the oil potential in Miocene age sandstones. The well is located in the Lokichar basin, a north-south trending rift basin that is part of the East African Rift System. Live oil was encountered in the Lokichar basin by the Loperot-1 well which was drilled in 1992 and recovered 29 degree API crude from Miocene sandstones.

The Ngamia-1 well will test a prospect that is similar to oil prospects drilled by Tullow and its partners early in the exploration efforts in the Lake Albert Rift Basin of Uganda. Drilling and evaluation of the well is expected to take between 60 and 90 days. A number of prospects and leads have been mapped and would be prospective following a success of the Ngamia prospect. The Ngamia-1 will be the first well drilled on the block by the partnership and will mark the start of a multi-well drilling program in Block 10BB and adjacent blocks.

Keith Hill, President and CEO of Africa Oil, commented, “We are very excited to be drilling our first well with Tullow. They’ve had enormous success with the Lake Albert Rift Basin project where in excess of 1 billion barrels have been discovered and this shares many geological similarities with our Kenyan assets. Our Ngamia prospect could be a play opener for another great success in the region.”