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Africa Oil ( (TSE:AOI) ) has provided an announcement.
Africa Oil announced an operational update regarding the Marula-1X drilling operation on Block 2913B, offshore Namibia, where no hydrocarbons were found in the primary target. Despite this, the company remains optimistic due to its farm down agreement with TotalEnergies, which covers exploration and development costs, allowing Africa Oil to explore different geological plays without upfront expenses. This development could influence the company’s strategic positioning in the Orange Basin and potentially impact stakeholders involved in these projects.
More about Africa Oil
Africa Oil is an independent upstream oil and gas company involved in exploration and production activities. It operates primarily offshore in regions such as Nigeria, Namibia, South Africa, and Equatorial Guinea. The company holds significant interests in deepwater assets, including the Venus light oil project in Namibia’s Orange Basin, and is listed on the Toronto Stock Exchange and Nasdaq Stockholm.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
For detailed information about AOI stock, go to TipRanks’ Stock Analysis page.