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Africa Oil Corp. T.AOI

Alternate Symbol(s):  AOIFF

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria and an exploration/appraisal portfolio in west and south of Africa, as well as Guyana. The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime), Impact Oil and Gas Ltd (Impact), Africa Energy Corp (Africa Energy) and Eco (Atlantic) Oil & Gas Ltd. (Eco). Prime is a Nigeria-focused company with interests in OML 127 and OML 130 that account for all of the Company's reserves and production. Eco is an oil and gas exploration company with interests in Guyana, Namibia and South Africa. Impact has interests in Namibia and South Africa.


TSX:AOI - Post by User

Bullboard Posts
Post by hhlfanon Nov 27, 2012 6:17pm
350 Views
Post# 20651685

Kenya is 6 Times the Size of Uganda

Kenya is 6 Times the Size of Uganda

Per Tullow (below).  Tullow believes we have a major oil province.

In 2010, Tullow signed agreements with Africa Oil and Centric Energy to gain a 50% operated interest in five Kenyan licences; Blocks 10BA, 10BB, 10A, 12A and 13T covering over 67,000 sq km (six times the size of the licences in Uganda). In addition, Tullow gained a 50% operated interest in the South Omo Block in Ethiopia. The combined acreage covers the Turkana Rift Basin which is similar in character to the Lake Albert Rift Basin and also a south-east extension of the geologically older Sudan rift basins trend. On 23 July 2012, Tullow completed the acquisition of an additional 15% interest in Block 12A from Africa Oil, taking the interest in that block to 65%.

In 2011, Tullow completed a farm-in to Block L8, offshore Kenya, and holds a 15% equity position with a 5% additional equity option. More recently, Tullow farmed in to Block 12B in Kenya in February 2012.

The first onshore well in the basin, Ngamia-1, in Block 10BB, commenced drilling in January 2012 and discovered over 100m of net oil pay opening up this entire rift basin as a potential major oil province.

Bullboard Posts