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Africa Oil ( (TSE:AOI) ) has issued an update.
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. Despite this, the company remains optimistic due to a farm down agreement with TotalEnergies, which covers exploration and development costs on these blocks, allowing Africa Oil to explore different geological plays without upfront expenses. This strategic move could enhance the company’s exploration potential and industry positioning in the Orange Basin.
More about Africa Oil
Africa Oil is an independent upstream oil and gas company engaged in exploration and production activities. The company has interests in offshore regions of Nigeria, Namibia, South Africa, and Equatorial Guinea, with key assets in deepwater Nigeria and a significant position 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
For an in-depth examination of AOI stock, go to TipRanks’ Stock Analysis page.