Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
An announcement from Africa Oil ( (TSE:AOI) ) is now available.
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 no hydrocarbons were found in the primary target. This outcome necessitates a comprehensive analysis of the well results. The farm-down agreement with TotalEnergies allows Impact Oil & Gas Limited, in which Africa Oil has a stake, to explore these blocks without upfront costs, presenting opportunities to test different geological plays.
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’s main assets include producing and development assets in deepwater Nigeria, and it holds a significant position in the Orange Basin, including an interest in the Venus light oil project offshore Namibia.
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.