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Africa Oil ( (TSE:AOI) ) has shared an announcement.
Africa Oil Corp. announced an operational update on the Marula-1X drilling operation in Block 2913B, offshore Namibia. The well was drilled to a depth of 6,460 meters but did not encounter hydrocarbons in the primary target, and no drill stem test was performed. The company, through its interest in Impact Oil & Gas, holds an effective interest of approximately 3.8% in the block, which also contains the Venus light oil discovery. The farm down agreement with TotalEnergies ensures that Impact’s exploration and development costs are fully covered, presenting an opportunity to explore different geological plays without upfront costs.
More about Africa Oil
Africa Oil is a full-cycle independent upstream oil and gas company with interests in offshore regions of Nigeria, Namibia, South Africa, and Equatorial Guinea. The company is primarily focused on producing and developing assets in deepwater Nigeria and holds a significant position in the Orange Basin, including an interest in the Venus light oil project offshore Namibia. Africa Oil is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol ‘AOI’.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
See more insights into AOI stock on TipRanks’ Stock Analysis page.