|Moderated By: bcjt -- (Moderated) -- Started: 10/20/2009 1:10:04 PM Revision History|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2009) - Africa Oil Corporation ("Africa Oil" or the "Company") (TSX VENTURE:AOI) is pleased to provide an update on its East African oil and gas operations. The Company has assembled a highly prospective portfolio of oil and gas exploration assets in Kenya (Blocks 9, 10A and 10BB), Ethiopia (Adigala, Ogaden 2/6 and 7/8) and Somalia (Dharoor and Nogal) as well as attracting an excellent group of joint venture partners. The Company is the operator of all blocks except Block 9 in Kenya. Preparations for an aggressive drill campaign over the next two years have advanced significantly with the first well anticipated to spud by the end of October.
The Bogal-1-1 well in Block 9 is expected to spud at the end of October, 2009. The rig, materials and other equipment are currently being mobilized from China. The Bogal well will target Jurassic reefal limestone and Cretaceous sandstones with a projected total depth of approximately 5000 metres. Numerous additional prospects have also been identified within Block 9 and are being evaluated for possible future drilling. CNOOC is the operator of Block 9.
Interpretation of reprocessed vintage seismic data from Block 10A is currently underway. The new data has provided a clearer image of vast sub-basins within the block. To supplement the existing data, approximately 750 kilometres of new 2D seismic will be acquired.
A technical re-evaluation of newly acquired Block 10BB is underway. As the block has an existing oil discovery (Loperot), various exploration strategies such as appraisal drilling, offset exploration drilling, and conventional 2D or 3D seismic exploration are being considered. Seismic acquisition is anticipated to commence in the second quarter of 2010.
A 500 kilometre, 2D seismic acquisition program commenced in August on the Adigala block. Approximately 100 kilometres of data have been recorded to date with the balance expected to be completed in October, 2009. Preliminary evaluation of the Adigala seismic data acquired so far indicates that a prospective sedimentary basin exists within the Company's acreage. Sedimentologic and geochemical analyses of outcrops along the periphery of the basin have shown the existence of reservoir rocks and oil prone source rock.
Upon completion of the seismic survey at Adigala, the contractor will mobilize to Ogaden Blocks 2/6 and 7/8 where a 500 kilometre, 2D seismic program is scheduled to commence towards the end of the year. The seismic program will target previously identified robust leads with a goal of maturing these leads to drillable prospects. The seismic program at Ogaden is expected to be completed by the end of the first quarter of 2010.
Following Africa Oil's successful acquisition of 775 kilometres of 2D seismic in the Dharoor Block, prospects for 2010 drilling are being finalized. Preliminary interpretations indicate the presence of robust prospects which have the potential to contain large reserve volumes.
The Company's interpretation in the Nogal Block is complete. Excellent prospects have been identified and the first drill site has been firmed up on the Nogal South Prospect.
All preparations for the Somali drilling campaign are complete. However, drilling will only commence after agreement is reached in ongoing discussions with the new Puntland Government.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Heritage/Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange under the symbol "AOI".
ON BEHALF OF THE BOARD
Rick Schmitt, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corporation
(604) 689-4250 (FAX)
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