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September 14, 2009 (AOI – TSXV) … Africa Oil Corporation (“Africa Oil”
or the “Company”) is pleased to provide an update on its East African
oil and gas operations. The Company has assembled a highly prospective
portfolio of oil and gas exploration assets in Kenya (Blocks 9, 10A and
10BB), Ethiopia (Adigala, Ogaden 2/6 and 7/8) and Somalia (Dharoor and
Nogal) as well as attracting an excellent group of joint venture
partners. The Company is the operator of all blocks except Block 9 in
Kenya. Preparations for an aggressive drill campaign over the next two
years have advanced significantly with the first well anticipated to
spud by the end of October.
Kenya
The Bogal-1-1 well in Block 9 is expected to spud at the end of October,
2009. The rig, materials and other equipment are currently being
mobilized from China. The Bogal well will target Jurassic reefal
limestone and Cretaceous sandstones with a projected total depth of
approximately 5000 meters. Numerous additional prospects have also been
identified within Block 9 and are being evaluated for possible future
drilling. CNOOC is the operator of Block 9.
Interpretation of reprocessed vintage seismic data from Block 10A is
currently underway. The new data has provided a clearer image of vast
sub-basins within the block. To supplement the existing data,
approximately 750 kilometres of new 2D seismic will be acquired.
A technical re-evaluation of newly acquired Block 10BB is underway. As
the block has an existing oil discovery (Loperot), various exploration
strategies such as appraisal drilling, offset exploration drilling, and
conventional 2D or 3D seismic exploration are being considered. Seismic
acquisition is anticipated to commence in the second quarter of 2010.
Ethiopia
A 500 kilometre, 2D seismic acquisition program commenced in August on
the Adigala block. Approximately 100 kilometres of data have been
recorded to date with the balance expected to be completed in October,
2009. Preliminary evaluation of the Adigala seismic data acquired so far
indicates that a prospective sedimentary basin exists within the
Company’s acreage. Sedimentologic and geochemical analyses of outcrops
along the periphery of the basin have shown the existence of reservoir
rocks and oil prone source rock.
Upon completion of the seismic survey at Adigala, the contractor will
mobilize to Ogaden Blocks 2/6 and 7/8 where a 500 kilometre, 2D seismic
program is scheduled to commence towards the end of the year. The
seismic program will target previously identified robust leads with a
goal of maturing these leads to drillable prospects. The seismic program
at Ogaden is expected to be completed by the end of the first quarter of
2010.
Somalia
Following Africa Oil’s successful acquisition of 775 kilometres of
2D seismic in the Dharoor Block, prospects for 2010 drilling are being
finalized. Preliminary interpretations indicate the presence of robust
prospects which have the potential to contain large reserve volumes.
The Company’s interpretation in the Nogal Block is complete. Excellent
prospects have been identified and the first drill site has been firmed
up on the Nogal South Prospect.
All preparations for the Somali drilling campaign are complete. However,
drilling will only commence after agreement is reached in ongoing
discussions with the new Puntland Government.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Somalia and Ethiopia. Africa Oil's East African holdings are in what is
considered a truly world-class exploration play fairway. The Company's
total gross land package in this prolific region is in excess of 200,000
square kilometers - an area roughly the size of Great Britain. The East
African Rift Basin system is one of the last of the great rift basins to
be explored. New discoveries have been announced on all sides of Africa
Oil's virtually unexplored land position including the major Heritage/Tullow
Albert Graben oil discovery in neighbouring Uganda. Similar to the
Albert Graben play model, Africa Oil's concessions have older wells, a
legacy database, and host numerous oil seeps indicating a proven
petroleum system. Good quality existing seismic show robust leads and
prospects throughout Africa Oil's project areas. The Company is listed
on the TSX Venture Exchange under the symbol “AOI”.
ON BEHALF OF THE BOARD
“Rick Schmitt”
President
For further information, please contact: Sophia Shane, Corporate
Development (604) 689-7842
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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