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Oil Discovery on Erut Prospect in KenyaAfrica Oil Announces Oil Discovery on Erut Prospect in Kenya
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 17, 2017) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) (TSX:AOI)(OMX:AOI) is pleased to announce that the Erut-1 well in Block 13T, Northern Kenya, has discovered a gross oil interval of 55 meters with 25 meters of net oil pay at a depth of 700 meters. The overall oil column for the field is between 100 and 125 meters. Potential exists for additional pay but will need to be confirmed by laboratory analysis. The objective of the well was to test a structural trap at the northern limit of the South Lokichar basin. The Erut-1 well was drilled ten kilometers north of the Etom-2 well and shares important characteristics. Fluid samples taken and wireline logging all indicate the presence of oil. Erut-1 successfully shows that oil has migrated to the northern limit of the South Lokichar basin and has de-risked multiple prospects in this area which will now be considered as part of the Partnership’s future exploration and appraisal drilling program. The PR Marriott Rig-46 drilled the Erut-1 well to a final depth of 1,317 meters and will now move to the southern part of Block 10BB where it will spud the Amosing-6 appraisal well. Africa Oil CEO Keith Hill commented, “We are very pleased with this result which further confirms the potential of the northern portion of the Lokichar Basin unlocked by the Etom-2 discovery. We are very keen to expand our current drilling program to test additional prospects in the area which have now been de-risked by this discovery. Increasing discovered volumes will further enhance the development and pipeline project planning currently moving forward.” Africa Oil Corp. has a 25% working interest with Tullow (50%) and Maersk Oil (25%) holding the remaining interest. About Africa Oil Corp. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”. Additional Information The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated on January 17, 2017 at 2:00 a.m. Eastern Tim |
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Msg # | Subject | Author | Recs | Date Posted |
1155 | Re: Oil Discovery on Erut Prospect in Kenya | bazilfawlty | 2 | 1/17/2017 7:38:14 AM |