Aoi (Regs) Share Discussion Threads

[thelung] 13/5/2013 07:20

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(NASDAQ OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that Tullow Oil Plc, the operator of Block 10BB in Kenya, has commenced drilling at the Etuko (formerly Kamba) prospect. This well will target a new play area in the Lockichar Basin where a working petroleum system has been confirmed by recent discoveries at Ngamia and Twiga. The well will focus on the 'eastern flank play' where oil was discovered in 1992 by Shell at the Loperot-1 well. The primary objectives will be the Lower Lokhone and Auwerwer sands, both of which have been shown to be high quality reservoirs containing oil in existing wells. The gross best estimate of prospective resources for the prospect are 231 million barrels of oil based on a third-party Competent Person's Report*. The well is expected to take approximately 60 days to drill and evaluate.

Testing operations continue on the Ngamia #1 well, also in Block 10BB in Kenya, and drilling operations continue on the Sabisa #1 well in the South Omo Block in Ethiopia. A result for Sabisa is expected in late May and Ngamia testing completed in early June.

Africa Oil CEO Keith Hill commented, "The Etuko prospect is one of the most attractive prospects in our portfolio and has the potential to open up an new play fairway on the eastern side of the already proven Lockichar Basin. A number of additional prospects and leads will be de-risked on this 'eastern flank' play if the Etuko well is successful. With three rigs active and three more on the way, the second half of 2013 promises to be a very exciting period in the continuing growth story of the Company in East Africa."

[eipgam] 09/5/2013 19:19

Thu, May 9, 2013, 06:00

"...Meanwhile, Tullow has announced that it will seek partners to develop oil fields in Kenya, the first to be found in the East African country, saying that it was "too much for any company, even a major company", to do such work on its own."

It will be interesting to see who comes in and how much they may pay.

[thelung] 09/5/2013 18:46

"What we are trying to do is to bring in the right type of partners and we get them to come up with financing."

It would be nice to have a deal like Bowleven has with Petrofac.

[fraserdean] 09/5/2013 12:05

In East Africa, Tullow together with partner Africa Oil Corp. (AOI) plans to drill about 10 wells in Kenya and Ethiopia this year to explore the Turkana Rift Basin that stretches between the two countries. If local roads were improved, Tullow could start producing from Kenya now, possibly trucking crude to the refinery in Mombasa, he said.

Tullow, based in London, has drilled three wells in Kenya with the first oil discovery at the Ngamia well and the first commercial flow from the Twiga well in the South Lokichar Basin. The nation may export its first crude at the same time as Uganda, where Tullow is working with Total SA (FP) and Cnooc Ltd. (883) to develop the Lake Albert fields, Heavey told reporters.

"A few more wells may actually prove it to be a major development" the CEO said. "If that's the case, then the pipeline from Uganda could quite easily go through Lokichar, pick up the oil there" for exports through an Indian Ocean port. "What we are trying to do is to bring in the right type of partners and we get them to come up with financing."

Unlike landlocked Uganda, Kenya doesn't require running an export pipeline across other countries, he said. Tullow will bring a fourth rig to the region to accelerate drilling later this year and will increase the Ngamia well resource estimate "quite significantly" following "encouraging" tests.

[robochubby] 08/5/2013 19:29

Great news from Tullow today, another rig to be contracted and 120 new prospects identified. Onwards and upwards!