Key Developments: Africa Oil Corp (AOI.V)

AOI.V on TSX Venture Exchange

7.60CAD
21 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Africa Oil Corp announces Farmouts in Rift Basin Area and Adigala Blocks in Ethiopia
Tuesday, 4 Mar 2014 02:00am EST 

Africa Oil Corp:Receives Ethiopian government approval in respect of two farmout agreements.Marathon Oil Corporation through its wholly-owned subsidiary Marathon Ethiopia Limited B.V., will acquire a 50 pct interest in Rift Basin Area.New Age Ethiopia Limited will acquire 40 pct interest in the Adigala Block.In consideration for assignment of this interest, Marathon Oil will pay Africa Oil entry payment of $3 mln in respect of past costs.Agreed to fund $15 mln of Africa Oil's working interest share of joint venture expenditures in the Rift Basin Area.  Full Article

Africa Oil Corp in partnership with Tullow Oil PLC announce two additional oil discoveries in Kenya - All Africa
Thursday, 16 Jan 2014 07:00pm EST 

Africa Oil Corp:Announces that the Amosing-1 and Ewoi-1 exploration wells in Block 10BB, onshore Northern Kenya, have resulted in the discovery of two new oil fields.Says these two wells continue the 100 percent success rate in the South Lokichar Basin with seven out of seven discoveries to date.Says based on results of drilling, wireline logs and samples of reservoir fluid, the Amosing-1 well has intersected potential net oil pay of 160 to 200 meters.Says on the eastern side of the basin known as the rift flank play, the Ewoi-1 well has encountered potential net pay of 20 to 80 meters and has continued to de-risk the basin flank play opened up by the Etuko-1 well in 2013 located 4 kilometers to the east.Says following completion of logging operations, the wells will be suspended for future flow testing which will confirm the net pay counts. These two rigs will mobilize to drill the Emong-1, and the Twiga South-2 appraisal well, both located in Block 13T.Says that the company has a 50 percent interest in both discoveries with operator Tullow Oil PLC holding the remaining 50 percent interest.  Full Article

Tullow Oil PLC's and Africa Oil Corp's Agete-1 Exploration Well Discovers Moveable Oil in Kenya
Friday, 22 Nov 2013 02:00am EST 

Tullow Oil PLC (Tullow) announced that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in sandstone reservoirs. The Agete-1 wildcat well is part of an exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow's acreage in the region. The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. Tullow operates the Agete-1 well with a 50% interest and Africa Oil Corp (50%) has a non-operated interest.  Full Article

Africa Oil Corp Closes USD 450 Million Brokered Private Placement
Monday, 28 Oct 2013 02:35pm EDT 

Africa Oil Corp announced that the Company has closed the USD 450,000,000 brokered private placement, previously announced on October 16, 2013. An aggregate of 56,505,217 common shares, issued at a price of SEK 51.75 (Cdn $8.25 equivalent) per share for gross proceeds of SEK 2,924,144,980, or USD 450,000,000 equivalent, (the Offering) have been released to investors. The common shares were placed through a syndicate comprising Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together acted as joint bookrunners (the Joint Bookrunners). A cash commission equal to 3% of the gross proceeds of the Offering was paid to the Joint Bookrunners. Net proceeds of the private placement will be used to fund the Company’s future exploration, appraisal and development program in East Africa, as well as for corporate development and general working capital purposes.  Full Article

Africa Oil Corp Announces USD450 Million Brokered Private Placement
Wednesday, 16 Oct 2013 12:55pm EDT 

Africa Oil Corp. (Africa Oil or the Company) announced that it has agreed to sell, on a brokered, private placement basis, an aggregate of up to 56,505,217 common shares at a price of SEK 51.75 (CAD8.25(1) equivalent), per share for gross proceeds of up to SEK 2,924,144,980, or USD450,000,000 equivalent (the Offering). The common shares will be placed on a basis by a syndicate comprising of Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together will act as joint bookrunners (the Joint Bookrunners). Net proceeds of the private placement will be used to fund the Company's future exploration, appraisal and development program in East Africa, as well as for corporate development and general working capital purposes.  Full Article

Africa Oil Corp Spuds Ekales Well in Kenya
Wednesday, 24 Jul 2013 05:01pm EDT 

Africa Oil Corp announced the commencement of drilling operations on its Ekales prospect located in Block 13T in the Lokichar Basin in Kenya. The well was spud on July 22, 2013 and has a planned total depth of 2500 metres and is expected to approximately 2 months to drill and evaluate. The primary objectives are the Auwerwer and Lower Lokhone sandstones already established to be productive reservoirs at the nearby Ngamia and Twiga discoveries.  Full Article

Africa Oil Corp and Tullow Oil Plc Announce Etuko-1 Well Spud in Kenya
Monday, 13 May 2013 02:00am EDT 

Africa Oil Corp announced that its partner Tullow Oil Plc, the operator of Block 10BB in Kenya, has commenced drilling at the Etuko (formerly Kamba) prospect. The well will target a new play area in the Lockichar Basin where a working petroleum system has been confirmed by recent discoveries at Ngamia and Twiga. The primary objectives will be the Lower Lokhone and Auwerwer sands, both of which have been shown to be high quality reservoirs containing oil in existing wells. The gross best estimate of prospective resources for the prospect are 231 million barrels of oil based on a third-party Competent Person’s Report. The well is expected to take approximately 60 days to drill and evaluate.  Full Article

Africa Oil Corp Announces Commencement Of Drilling Operations In South Omo Permit In Ethiopia
Monday, 14 Jan 2013 02:00am EST 

Africa Oil Corp announced the commencement of drilling operations on the Sabisa-1 well in the South Omo Block in Ethiopia. The well was spud on January 13, 2013 by the Operator, Tullow Oil Plc (Tullow) and is currently drilling ahead. The well is expected to take approximately 60 days to reach the planned total depth of 2,600 meters. Africa Oil holds a 30% working interest in the block with Tullow holding a 50% interest and Agriterra Limited (Agriterra) holding the remaining 20% interest. Marathon Oil Ethiopia B.V. (Marathon) has announced a transaction to purchase Agriterra's interest in the South Omo Block.  Full Article

Africa Oil Corp Closes Final Tranche of $232.5 Million Private Placement
Friday, 14 Dec 2012 02:00am EST 

Africa Oil Corp announced that it has closed the second and final tranche of its private placement, previously announced on November 28, 2012. The second tranche, comprising 2,118,009 common shares issued at $7.75 per common share for gross proceeds of $16,414,569.75, has been released to the investors. The Company in total sold on a non-brokered, private placement basis an aggregate of 30 million common shares of the Company at a price of $7.75 per share for gross proceeds of $232.5 million. The common shares issued pursuant to the closing of the first tranche of the private placement on December 7, 2012 are subject to a hold period expiring on April 8, 2013. The shares issued pursuant to the closing of the second tranche of the private placement are subject to a hold period expiring on April 14, 2013. Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes.  Full Article

Africa Oil Corp Closes First Tranche of $232.5 Million Private
Monday, 10 Dec 2012 02:00am EST 

Africa Oil Corp announced that it has closed the first tranche of its $232.5 million private placement, previously announced on November 28, 2012. The first tranche, comprising 27,881,991 common shares issued at $7.75 per common share for gross proceeds of $216,085,430, has been released to the investors. These shares are subject to a hold period expiring on April 8, 2012. The second tranche comprising the remaining common shares is expected to close early next week. A 4% finder's fee is payable on a portion of the private placement. Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes.  Full Article

BRIEF-Africa Oil Q3 net loss per share $0.01

Nov 22 - Africa Oil Corp : * Third quarter of 2013 financial and operating results * Q3 net loss per share $0.01 * Q3 earnings per share view $-0.01 -- Thomson Reuters I/B/E/S * Source text for Eikon * Further company coverage

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