Africa Oil Provides Update on Namibia Drilling Operations

The latest announcement is out from Africa Oil ( (TSE:AOI) ).

Africa Oil Corp. announced an operational update on the Marula-1X drilling operation in Block 2913B, offshore Namibia, where no hydrocarbons were found in the primary target. Despite this, the company remains optimistic due to a farm down agreement with TotalEnergies that covers exploration and development costs, allowing further geological testing at no upfront cost. This agreement enhances Africa Oil’s strategic position in the Orange Basin, potentially benefiting stakeholders by mitigating financial risks associated with exploration.

More about Africa Oil

Africa Oil is an independent upstream oil and gas company with a full-cycle operation, primarily engaged in offshore exploration and production. The company has significant interests in deepwater Nigeria, Namibia, South Africa, and Equatorial Guinea, with a leading position in the Orange Basin, including the Venus light oil project offshore Namibia. Africa Oil is publicly traded 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

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