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An announcement from Africa Oil ( (TSE:AOI) ) is now available.
Africa Oil Corp. announced an operational update on the Marula-1X drilling operation in Namibia’s Orange Basin, where no hydrocarbons were found in the primary target. Despite this, the company benefits from a farm-down agreement with TotalEnergies, which covers exploration and development costs, allowing Africa Oil to explore various 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 in deepwater regions, with a significant presence in the Orange Basin, including interests 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 insights into AOI stock on TipRanks’ Stock Analysis page.