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Africa Oil ( (TSE:AOI) ) just unveiled an announcement.
Africa Oil Corp. announced an operational update regarding the Marula-1X drilling operation on Block 2913B, offshore Namibia. The well, drilled to a depth of 6,460 meters, did not encounter hydrocarbons in its primary target, and no drill stem test was performed. The company is conducting a comprehensive analysis of the results. Despite the lack of immediate success, the farm-down agreement with TotalEnergies allows Impact Oil & Gas, in which Africa Oil holds a stake, to explore and develop these blocks without upfront costs, presenting opportunities to test different geological plays.
More about Africa Oil
Africa Oil is an independent upstream oil and gas company with operations in Nigeria, Namibia, South Africa, and Equatorial Guinea. The company focuses on producing and developing assets in deepwater Nigeria and holds a significant position in the Orange Basin, including interests in 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
Learn more about AOI stock on TipRanks’ Stock Analysis page.