Africa Oil Provides Update on Namibia Drilling Operations

Africa Oil ( (TSE:AOI) ) just unveiled an announcement.

Africa Oil announced an operational update regarding the Marula-1X drilling operation on Block 2913B offshore Namibia. The drilling, conducted using the Deepsea Mira semi-submersible rig, reached a depth of 6,460 meters but did not encounter hydrocarbons in the primary target. A comprehensive analysis of the well results is underway. Despite this, Africa Oil benefits from a farm down agreement with TotalEnergies, which covers exploration and development costs on Blocks 2912 and 2913B, presenting opportunities to explore different geological plays without upfront costs.

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, particularly in deepwater Nigeria, and holds significant interests in the Orange Basin, including 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

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