Africa Oil Corp. T.AOI

RE:RE:RE:RE:good news

[hikari]

Another significant exploration prospect is under way in Namibia

TotalEnergies and its partners have spudded the much-anticipated next exploration well offshore Namibia in the same permit that hosts the huge Venus light oil discovery. The Tamboti-1X well was spudded on 20 October using the semi-submersible drilling rig DeepSea Mira, and is targeting significant additional resources in the north of Block 2913B, according to Africa Oil whose investee company Impact Oil & Gas has a 9.5% interest in the block. Two 3D seismic acquisition programmes have been completed in the area this year, and a number of additional drilling prospects are being matured for follow-on potential high-impact exploration wells.

Africa Oil chief executive Roger Tucker said there is "tremendous exploration upside on the blocks starting with the recently spud Tamboti-1X well". Venus is a giant light oil and associated gas field that was discovered by the Venus-1X well in 2022, and has been appraised with the Venus-1X side-track plus three additional appraisal wells Venus-1A, Venus-2A, and Mangetti-1X. Planning is currently progressing for the first development area, with a phase one development scheme expected to be finalised by the end of 2025, according to Westmount Energy which is an investor in Africa Oil.

Block 2913B (PEL 56) and the Venus discovery are located offshore southern Namibia and cover 8215 square kilometres in water depths between 2450 metres and 3250 metres. TotalEnergies has just increased its equity in Blocks 2912 and 2913B via a deal with Impact. The partnership now comprises TotalEnergies (50.5%), QatarEnergy (30%), the Namibian state oil company Namcor (10%) and Impact (9.5%).