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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, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. 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 Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). 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 Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.


TSX:AOI - Post by User

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Post by trader3000on Nov 27, 2012 4:12pm
240 Views
Post# 20651237

Good news all around

Good news all around

Tullow Oil latest discovery derisks Kenyan acreage Join our daily free Newsletter

MENAFN - - 11/26/2012 11:24:53 AM
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Tullow Oil latest discovery derisks Kenyan acreage

Nov 26, 2012 (Menafn - M2 PRESSWIRE via COMTEX) --The bigger an oil company gets, the more difficult it becomes to excite the market.

Tullow Oil (lon:TLW) knows this only too well. However, its success today in Kenya, where its second well has found over 30 metres of net pay oil, has ramifications for all of the companies looking to make their fortune from this new frontier.

The Twiga South 1 well was drilled to a depth of 3,250 metres and three reservoir zones with moveable oil were encountered.

Additionally the well hit a thick section of tight fractured rock which had extensive hydrocarbon shows. Tullow says this is a new play-type for the region and it will need further evaluation.

Oriel Securities analyst Richard Griffith highlights that Twiga South was a 90 million barrel target, but there were no pre-drill estimates for the tight rock.

The discovery follows Tullow's earlier discovery in the Ngamia well this year.

Today's comments from Tullow's exploration director, Angus McCoss, will have heartened all those following the unfolding story.

"This immediate follow-on discovery reaffirms the considerable prospectivity of the Lokichar Basin," he said.

"Having significantly expanded our plans in Kenya and Ethiopia, there is much to look forward to as the exploration campaign and testing programme move ahead."

Simon Hawkins, analyst at N1 Singer, says while it was not a surprise the result is good news that further de-risks the Kenyan assets.

In a note to clients Hawkins highlights that the success is largely priced in already following local press speculation.

He reckons the Twiga South result will help Tullow define the significant potential of its acreage in the Kenyan rift basin.

Tullow now expects results from two further wells within the East African Rift basin - the Paipai well in Block 10a in Kenya, and the Sabisa 1 well in the South Omo block in Ethiopia.

The outcome of the Paipai well is due before the end of the year, and by then it is expected that drilling will have begun on Sabisa.

Tullow shares dropped 1.7% today trading at GBP13.69 each.

((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at https://www.presswire.net on the world wide web. Inquiries to info@m2.com.

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