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Africa Oil ( (TSE:AOI) ) just unveiled an update.
Africa Oil Corp. announced an update on its drilling operations in Namibia, revealing that the Marula-1X well did not encounter hydrocarbons in its primary target. Despite this, the company remains optimistic about its prospects in the region, supported by a farm down agreement with TotalEnergies that covers exploration and development costs, providing a strategic advantage in testing various geological plays at no upfront cost.
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 in Namibia.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
Find detailed analytics on AOI stock on TipRanks’ Stock Analysis page.