Key Developments: Africa Oil Corp (AOIFF.PK)

AOIFF.PK on OTC Markets Group

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Latest Key Developments (Source: Significant Developments)

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

BRIEF-Africa oil updates on South Lokichar operations

* The Company is continuing its extensive exploration and appraisal program in the South Lokichar Basin in Blocks 10BB and 13T, which has the objectives of proving reservoir quality and upgrading the resource estimates with the intent of submitting a Field Development Plan ("FDP") to the Government of Kenya around the end of 2015.

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