Africa Oil first quarter of 2012 financial and operating results
Tuesday, May 29, 2020
 Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) (“Africa Oil”, “the Company” or “AOC”) is pleased to announce its financial and operating results for the three months ended March 31, 2020.

Keith Hill, President and CEO, commented, “Africa Oil is very encouraged with the results of both the Ngamia-1 and Shabeel-1 wells. The net oil pay encountered to date in the Ngamia-1 well far exceeds pre-drill estimates. We are looking forward to completing the drilling and testing of Ngamia in the coming weeks. In Puntland (Somalia), we are pleased to have confirmed the presence of an active petroleum system in the Dharoor Valley and look forward to drilling the Shabeel-North well to test the sands in the Jesomma Formation. The Company has accumulated exploration acreage of over 300,000 km2 (gross) in this exciting new world-class exploration play fairway and is looking forward to accelerating the pace of exploration drilling with the planned addition of two drilling rigs during the second half of 2012, bringing the number of active rigs to four.”

The Company has recently announced the discovery of over 100 meters of net oil pay in the Ngamia-1 exploration well, located in Block 10BB (Kenya). It is anticipated that drilling of the Ngamia well will be completed and test results announced early in the third quarter of 2012. Upon completion of the Ngamia well, it is anticipated that the rig will commence drilling the Twiga-1 exploration well, located on Block 13T (Kenya). The Twiga-1 well is on trend with the Ngamia well, focusing on a geologic structure similar to Ngamia.

In addition, the Company has recently announced that the Shabeel-1 well, located in the Dharoor Block (Puntland (Somalia)), has encountered a significant zone (12 – 20 meters) of potential hydrocarbon pay in the Upper Cretaceous Jesomma Formation. The Shabeel-1 well has been suspended for future testing. The drilling rig is currently being mobilized to the Shabeel-North location. It is anticipated that the Shabeel-North well will be drilled and potentially tested during the third quarter of 2012.

The Company and its joint venture partner Tullow aim to increase the pace of exploration in East Africa by sourcing an additional two drilling rigs before the end of 2012. One rig is intended to be mobilized to Block 10A (Kenya) and to commence drilling the Pai-Pai prospect and an additional rig is intended to be mobilized to the South Omo Block (Ethiopia) to commence drilling an oil exploration well. This will bring the total number of rigs operating on the Company’s East African acreage to four prior to the end of 2012. In addition, the Company plans to continue aggressively acquiring 2D seismic data focused on Blocks 10BA, 10BB, 13T, South Omo and 12A.

Source: Marketwire

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