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Africa Oil ( (TSE:AOI) ) has shared an announcement.
Africa Oil announced an operational update on the Marula-1X drilling operation offshore Namibia, revealing that no hydrocarbons were found in the primary target. Despite this, the company remains optimistic due to a previous farm down agreement with TotalEnergies, which covers exploration and development costs, allowing Africa Oil to explore geological plays without upfront expenses.
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 the Orange Basin, where it holds a significant position, including an interest in the Venus light oil project offshore Namibia.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
See more data about AOI stock on TipRanks’ Stock Analysis page.