Africa Oil Corp. T.AOI

Alternate Symbol(s): AOIFF

Energy Oil & Gas E&P

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.

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Africa Oil Corp. > Shell namibia find upgraded from 400m to 2.0b

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Comment by EGF30on Apr 06, 2022 1:50pm

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Post# 34581340

RE:RE:Shell namibia find upgraded from 400m to 2.0b

Here it is.

Short, but very sweet.

Shell (SHEL) hit oil in Namibia during January, and by mid February Upstream sources indicated the find could hold as much as 400mb of oil; following completion of an appraisal well, Upstream now indicates the find could hold as much as 2.0b barrels.
It's reported that the supermajor is now considering adding a floating LNG vessel, alongside a crude FPSO, as the discovery could hold as much as 5-6tcf of gas.
Shell (SHEL) owns the block in partnership with Qatar Energy and state-owned Namcor.
Importantly, Total (TTE) and Africa Oil (OTCPK:AOIFF) control a neighboring block, where the Venus discovery reportedly holds as much as 3.0b barrels:
Shell (SHEL) and Total (TTE) are unlikely to outperform on the news, given the relative insignificance to the associated market caps; however, a large petroleum system in the area would be a major tailwind for Africa Oil (OTCPK:AOIFF).