Africa Oil ( (TSE:AOI) ) just unveiled an announcement.
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. The company holds an effective interest of approximately 3.8% in the blocks, which include the Venus light oil discovery. The update highlights the strategic advantage of a farm down agreement with TotalEnergies, allowing Impact Oil & Gas Limited to explore and develop these blocks without upfront costs, potentially benefiting Africa Oil’s exploration portfolio.
More about Africa Oil
Africa Oil is an independent upstream oil and gas company with a focus on offshore operations in Nigeria, Namibia, South Africa, and Equatorial Guinea. The company primarily engages in the exploration, development, and production of oil and gas, with significant assets in deepwater Nigeria and a strategic position in Namibia’s Orange Basin. 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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