Africa Oil Corp. - World-Class East Africa Oil Exploration (Seite 103)
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ISIN: CA00829Q1019 · WKN: A0MZJC · Symbol: AOI
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3D seismic in Kenya’s Block 10BB and 13T to be completed by September
Samuel Kamau M.
The ongoing 3D Seismic surveys over an area of 550 square kilometers in Blocks 10BB and 13T will be through by the end of the third quarter according to Africa Oil.
The seismic program is ongoing over the discoveries and prospects along the Basin Bounding Fault Play in the discovered basin in Northern Kenya.
The Blocks are held by Tullow Oil and Africa Oil on an operated interest of 50% each.
Block 10BB has been among the success stories by the two explorers with successful wells at Loperot 1, Amosing 1 and Etuko 1 while Block 13T has seen discoveries at Ngamia 1, Agete 1, Twiga South 1 and Ekale.
Last year the two companies carried out 2D seismic over approximately 1,128 kilometers of 2D seismic focused on defining prospects in the South and North Kerio Basins, with the aim of defining drilling prospects for the 2014 exploratory drilling program.
The current exploration phase under the Block 10BB PSC expires in July 2014, includes a commitment to drill one exploratory well with the planned work program in Block 10BB will exceed the PSC commitment.
http://oilnewskenya.com/2014/05/17/3d-seismic-in-kenyas-bloc…
Samuel Kamau M.
The ongoing 3D Seismic surveys over an area of 550 square kilometers in Blocks 10BB and 13T will be through by the end of the third quarter according to Africa Oil.
The seismic program is ongoing over the discoveries and prospects along the Basin Bounding Fault Play in the discovered basin in Northern Kenya.
The Blocks are held by Tullow Oil and Africa Oil on an operated interest of 50% each.
Block 10BB has been among the success stories by the two explorers with successful wells at Loperot 1, Amosing 1 and Etuko 1 while Block 13T has seen discoveries at Ngamia 1, Agete 1, Twiga South 1 and Ekale.
Last year the two companies carried out 2D seismic over approximately 1,128 kilometers of 2D seismic focused on defining prospects in the South and North Kerio Basins, with the aim of defining drilling prospects for the 2014 exploratory drilling program.
The current exploration phase under the Block 10BB PSC expires in July 2014, includes a commitment to drill one exploratory well with the planned work program in Block 10BB will exceed the PSC commitment.
http://oilnewskenya.com/2014/05/17/3d-seismic-in-kenyas-bloc…
" An "Oil Major's Guide to Discovery Drilling"
Interesting observations in Offshore magazine online this week. From one of the world's largest oil companies--on what it takes to make giant petroleum discoveries today.
The comments came from French major Total, and its Vice President of New Business, Dominique Janodet. Who recently presented at the Offshore Technology Conference in Houston. With a talk enticingly titled "New Horizons in Frontier Exploration".
The most interesting thing here was Janodet's assertion that oil exploration is far from declining or dead. But rather that a number of recent developments in the sector have produced "outstanding" results. And ushered in an unparalleled period of discovered that has "unveiled giant fields in petroleum provinces".
This of course flies in the face of conventional wisdom. Which says that massive oil discoveries are getting fewer and harder to find. But Janodet offered a number of solid examples on recent, major discoveries. Including potential billion-barrel equivalent finds in Ghana, Mozambique, East Africa and even the island of Cyprus.
Key to this "discovery renaissance" in Total's eyes has been new technologies. Ranging from steadily-improving seismic methods like wide azimuth acquisition, to out-of-the-box ideas like using remote sensing to find massive pools in frontier areas.
But Janodet stressed that promising technology needs to be combined with great professionals. The kind who can think about discovery in the right way.
Specifically, finding ways in which new technology can unlock new plays. Especially in older "mature" areas. Using deeper and better seismic imaging, for example, to unlock huge plays in subsalt and presalt domains globally. An application recognized by enterprising geologists and engineers, who used it to make worldclass discoveries in places like Brazil.
Janodet noted that these kind of new plays--driven by better tech--are only becoming more numerous. Including three-way-dip blocks in rift systems like Uganda, presalt reefs in Angola, and complex thrust structures in foothills settings like the Cordillera of the Americas.
All of which suggests that big prizes are still waiting for the oil and gas industry. Perhaps more so than ever before. It just takes people who understand emerging technology--and have the foresight to go out and get projects where it will have an impact.
Here's to a new age of discovery,
Dave Forest
dforest@piercepoints.com
www.offshore-mag.com/articles/2014/05/total-discusses-new-ho… "
Interesting observations in Offshore magazine online this week. From one of the world's largest oil companies--on what it takes to make giant petroleum discoveries today.
The comments came from French major Total, and its Vice President of New Business, Dominique Janodet. Who recently presented at the Offshore Technology Conference in Houston. With a talk enticingly titled "New Horizons in Frontier Exploration".
The most interesting thing here was Janodet's assertion that oil exploration is far from declining or dead. But rather that a number of recent developments in the sector have produced "outstanding" results. And ushered in an unparalleled period of discovered that has "unveiled giant fields in petroleum provinces".
This of course flies in the face of conventional wisdom. Which says that massive oil discoveries are getting fewer and harder to find. But Janodet offered a number of solid examples on recent, major discoveries. Including potential billion-barrel equivalent finds in Ghana, Mozambique, East Africa and even the island of Cyprus.
Key to this "discovery renaissance" in Total's eyes has been new technologies. Ranging from steadily-improving seismic methods like wide azimuth acquisition, to out-of-the-box ideas like using remote sensing to find massive pools in frontier areas.
But Janodet stressed that promising technology needs to be combined with great professionals. The kind who can think about discovery in the right way.
Specifically, finding ways in which new technology can unlock new plays. Especially in older "mature" areas. Using deeper and better seismic imaging, for example, to unlock huge plays in subsalt and presalt domains globally. An application recognized by enterprising geologists and engineers, who used it to make worldclass discoveries in places like Brazil.
Janodet noted that these kind of new plays--driven by better tech--are only becoming more numerous. Including three-way-dip blocks in rift systems like Uganda, presalt reefs in Angola, and complex thrust structures in foothills settings like the Cordillera of the Americas.
All of which suggests that big prizes are still waiting for the oil and gas industry. Perhaps more so than ever before. It just takes people who understand emerging technology--and have the foresight to go out and get projects where it will have an impact.
Here's to a new age of discovery,
Dave Forest
dforest@piercepoints.com
www.offshore-mag.com/articles/2014/05/total-discusses-new-ho… "
NORDEA
Possible discovery on Sala prospect
Africa Oil provided an operational update yesterday. The disappointing
result for the Ekunyuk-1 exploration well in Lokichar seemed to get
investors' attention, sending the share down 2.8%. We valued the
prospect at SEK 1.6 per share pre-drilling, ie 1.5% of our NAV
estimate. However, in our view, the good appraisal-drilling result of the
Twiga discovery and signals that Sala might be a discovery balance out
the dry well news. We keep our Strong Buy recommendation and target
price of SEK 83. There is plenty of news flow expected in the coming
weeks, including two well results from new basins and two well tests.
Positive appraisal well
An appraisal at Twiga discovered 62m of vertical net oil pay in the
Auwerwer formation, with similar quality as the initial Twiga-1 discovery
in November 2012. Twiga-1 had 30m of net pay with good flow rates from
the test. Our initial view is that this is a positive result and leaves upside to
the gross 87 mmboe estimate for Twiga. In our valuation, we up our
estimate to 120 mmboe.
Disappointing exploration result
The Ekunyuk-1 well encountered good reservoir sands so far on the east
flank, but was water-bearing. Additionally, the presence of a thick
extensive oil shale gives us new options to study the basin's substantial
unconventional oil potential. We reduce the value of Ekumyuk to zero and
put no value on oil shale in the block.
Plenty of news in the pipeline
We forecast an extensive news flow from AOI the coming weeks, where the
first update should be at the end of May with results from two tests (Agate
and Ngamia) and one exploration well in a new basin (Shimela in the Chew
Bahir basin). In June, we anticipate drilling results from the Sala well in the
Anza basin and an updated resource report from Gaffney, Cline & A. We
also expect a listing on the NASDAQ OMX Stockholm in July.
Possible discovery on Sala prospect
Africa Oil provided an operational update yesterday. The disappointing
result for the Ekunyuk-1 exploration well in Lokichar seemed to get
investors' attention, sending the share down 2.8%. We valued the
prospect at SEK 1.6 per share pre-drilling, ie 1.5% of our NAV
estimate. However, in our view, the good appraisal-drilling result of the
Twiga discovery and signals that Sala might be a discovery balance out
the dry well news. We keep our Strong Buy recommendation and target
price of SEK 83. There is plenty of news flow expected in the coming
weeks, including two well results from new basins and two well tests.
Positive appraisal well
An appraisal at Twiga discovered 62m of vertical net oil pay in the
Auwerwer formation, with similar quality as the initial Twiga-1 discovery
in November 2012. Twiga-1 had 30m of net pay with good flow rates from
the test. Our initial view is that this is a positive result and leaves upside to
the gross 87 mmboe estimate for Twiga. In our valuation, we up our
estimate to 120 mmboe.
Disappointing exploration result
The Ekunyuk-1 well encountered good reservoir sands so far on the east
flank, but was water-bearing. Additionally, the presence of a thick
extensive oil shale gives us new options to study the basin's substantial
unconventional oil potential. We reduce the value of Ekumyuk to zero and
put no value on oil shale in the block.
Plenty of news in the pipeline
We forecast an extensive news flow from AOI the coming weeks, where the
first update should be at the end of May with results from two tests (Agate
and Ngamia) and one exploration well in a new basin (Shimela in the Chew
Bahir basin). In June, we anticipate drilling results from the Sala well in the
Anza basin and an updated resource report from Gaffney, Cline & A. We
also expect a listing on the NASDAQ OMX Stockholm in July.
Das klingt doch nicht so schlecht als dass man verkaufen müßte/sollte.
Wahrscheinlich sind das ein paar Kurzsichtige, die auf die schnelle auf eine Verdopplung spekuliert haben verursacht durch die Meldung, dass es jetzt schon einen oder zwei neue basin opener gibt. Geduld, die werden noch kommen ... ich wette darauf mein Geld.
Kenya operational update
Africa Oil, Tullow Oil’s partner in Blocks 10BB and 13T in Northern Kenya (Tullow 50% operated interest), today issued the following operational updates in their quarterly results statement.
Twiga-2 sidetrack encounters 62 metres of net oil pay
“The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well. The initial wellbore was drilled near the basin bounding fault and encountered some 18 metres of net oil pay within alluvial fan facies, with limited reservoir quality. A decision was therefore made to sidetrack the well away from the fault to explore north of Twiga-1 and some 62 metres of vertical net oil pay has been discovered in the Auwerwer formation, similar in quality to the initial Twiga-1 discovery. The well is currently being deepened to evaluate the Lower Lokhone potential and a testing program for this successful well is planned to be conducted later this year.”
Ekunyuk-1 finds best sands on eastern flank although lacks trap
“The Ekunyuk-1 well is located on the eastern flank, on trend with recent discoveries at Etuko and Ewoi. The well has now reached a final total depth of 1,802 metres and has encountered some 5 metres of net oil pay, within approximately 150 metres of reservoir quality water-bearing sandstone and an equal thickness of a basin-wide rich oil shale. This rig will now be moved to the Agete-2 location.”
Angus McCoss, Exploration Director, Tullow Oil plc, commented today:
“I am pleased to announce that the Twiga-2 exploratory sidetrack has encountered material oil-bearing sandstone reservoirs north of Twiga-1. The combined results from Twiga-2 and its successful sidetrack confirm the resource potential and have given us valuable insights for the locations of future exploration and development wells. The Ekunyuk-1 well encountered the best developed reservoir sands so far on the east flank, although at this location the trap appears to be incompletely formed. Additionally, the presence of a thick extensive oil shale gives us new options to study the basin’s substantial unconventional oil potential.”
Wahrscheinlich sind das ein paar Kurzsichtige, die auf die schnelle auf eine Verdopplung spekuliert haben verursacht durch die Meldung, dass es jetzt schon einen oder zwei neue basin opener gibt. Geduld, die werden noch kommen ... ich wette darauf mein Geld.
Kenya operational update
Africa Oil, Tullow Oil’s partner in Blocks 10BB and 13T in Northern Kenya (Tullow 50% operated interest), today issued the following operational updates in their quarterly results statement.
Twiga-2 sidetrack encounters 62 metres of net oil pay
“The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well. The initial wellbore was drilled near the basin bounding fault and encountered some 18 metres of net oil pay within alluvial fan facies, with limited reservoir quality. A decision was therefore made to sidetrack the well away from the fault to explore north of Twiga-1 and some 62 metres of vertical net oil pay has been discovered in the Auwerwer formation, similar in quality to the initial Twiga-1 discovery. The well is currently being deepened to evaluate the Lower Lokhone potential and a testing program for this successful well is planned to be conducted later this year.”
Ekunyuk-1 finds best sands on eastern flank although lacks trap
“The Ekunyuk-1 well is located on the eastern flank, on trend with recent discoveries at Etuko and Ewoi. The well has now reached a final total depth of 1,802 metres and has encountered some 5 metres of net oil pay, within approximately 150 metres of reservoir quality water-bearing sandstone and an equal thickness of a basin-wide rich oil shale. This rig will now be moved to the Agete-2 location.”
Angus McCoss, Exploration Director, Tullow Oil plc, commented today:
“I am pleased to announce that the Twiga-2 exploratory sidetrack has encountered material oil-bearing sandstone reservoirs north of Twiga-1. The combined results from Twiga-2 and its successful sidetrack confirm the resource potential and have given us valuable insights for the locations of future exploration and development wells. The Ekunyuk-1 well encountered the best developed reservoir sands so far on the east flank, although at this location the trap appears to be incompletely formed. Additionally, the presence of a thick extensive oil shale gives us new options to study the basin’s substantial unconventional oil potential.”
Africa Oil strikes more oil in Northern Kenya
Samuel Kamau M. / 45 mins ago May 15, 2014
Africa Oil has hit some 62 meters of vertical net oil pay in a well drilled towards the north of Twiga 1 and is currently deepening it to evaluate the Lakhone sand reservoirs as a testing program is planned later in the year.
“Some 62 meters of vertical net oil pay has been discovered in the Auwerwer formation, similar in quality to the initial Twiga-1 discovery,” the company announced on its latest update.
This rig will then move to drill a down-dip appraisal of the Amosing discovery, which appears to have high quality reservoir and may be one of the largest discoveries in the basin to date.
The company has earlier sidetracked a well at Twiga 2 which encountered some 18 meters of net oil pay within alluvial fan facies, before being marked as a limited reservoir quality. The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well
Another miss for the company is the Ekunyuk -1 well that reached a final total depth of 1802m encountering 5 metres of oil pay within approximately 150 meters of reservoir quality water-bearing sandstone and an equal thickness of a basin-wide rich oil shale.
Following the unsuccessful well at Ekunyuk -1 is located on the eastern flank play, on trend with recent discoveries at Etuko and Ewoi the company has moved this rig to the Agete-2 location..
The PR Marriott 46 rig is currently drilling ahead on the Ngamia-2 appraisal well which is expected to be completed by the end of the second quarter before drilling the Ngamia-3 appraisal well.
Results from testing operations currently ongoing on the Agete-1 well using the SMP-5 rig are expected to be completed by the end of May. The plan is for this rig to continue testing operations on discovery and appraisal wells in the discovered basin in Northern Kenya.
Africa oil says it plans to drill prospects in three additional new basins this year two in the North and South Kerio basins (Block 10BB) while the last will be drilled in the West Turkana basin in Block 10BA. In both of these basins, as in the discovered basin in Northern Kenya, the Company holds a 50% working interest along with Operator Tullow Oil plc (50%).
According to the company the Dyepa-1 well will spud in the second quarter and will target the South Kerio basin which is proximal and geologically similar to the discovered basin in Northern Kenya in Block 10BB with this well designed to test a basin bounding fault prospect on the western flank of the basin similar to the string of pearls field discoveries such as the initial Ngamia discovery.
The Dyepa well will also offer data on whether the company can proceed with drilling in other additional propects that have been identified.
Once this rig has completed works in South Kerio it will then move to test the Aze prospect which is located in the North Kerio basin and is comprised of a large, four-way dip closed anticline on the southern shore of Lake Turkana.
http://oilnewskenya.com/2014/05/15/africa-oil-strikes-more-o…
Samuel Kamau M. / 45 mins ago May 15, 2014
Africa Oil has hit some 62 meters of vertical net oil pay in a well drilled towards the north of Twiga 1 and is currently deepening it to evaluate the Lakhone sand reservoirs as a testing program is planned later in the year.
“Some 62 meters of vertical net oil pay has been discovered in the Auwerwer formation, similar in quality to the initial Twiga-1 discovery,” the company announced on its latest update.
This rig will then move to drill a down-dip appraisal of the Amosing discovery, which appears to have high quality reservoir and may be one of the largest discoveries in the basin to date.
The company has earlier sidetracked a well at Twiga 2 which encountered some 18 meters of net oil pay within alluvial fan facies, before being marked as a limited reservoir quality. The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well
Another miss for the company is the Ekunyuk -1 well that reached a final total depth of 1802m encountering 5 metres of oil pay within approximately 150 meters of reservoir quality water-bearing sandstone and an equal thickness of a basin-wide rich oil shale.
Following the unsuccessful well at Ekunyuk -1 is located on the eastern flank play, on trend with recent discoveries at Etuko and Ewoi the company has moved this rig to the Agete-2 location..
The PR Marriott 46 rig is currently drilling ahead on the Ngamia-2 appraisal well which is expected to be completed by the end of the second quarter before drilling the Ngamia-3 appraisal well.
Results from testing operations currently ongoing on the Agete-1 well using the SMP-5 rig are expected to be completed by the end of May. The plan is for this rig to continue testing operations on discovery and appraisal wells in the discovered basin in Northern Kenya.
Africa oil says it plans to drill prospects in three additional new basins this year two in the North and South Kerio basins (Block 10BB) while the last will be drilled in the West Turkana basin in Block 10BA. In both of these basins, as in the discovered basin in Northern Kenya, the Company holds a 50% working interest along with Operator Tullow Oil plc (50%).
According to the company the Dyepa-1 well will spud in the second quarter and will target the South Kerio basin which is proximal and geologically similar to the discovered basin in Northern Kenya in Block 10BB with this well designed to test a basin bounding fault prospect on the western flank of the basin similar to the string of pearls field discoveries such as the initial Ngamia discovery.
The Dyepa well will also offer data on whether the company can proceed with drilling in other additional propects that have been identified.
Once this rig has completed works in South Kerio it will then move to test the Aze prospect which is located in the North Kerio basin and is comprised of a large, four-way dip closed anticline on the southern shore of Lake Turkana.
http://oilnewskenya.com/2014/05/15/africa-oil-strikes-more-o…
Trading Spotlight
Antwort auf Beitrag Nr.: 46.984.196 von gabbo62 am 15.05.14 07:23:23
Twiga-2 ist mit 62m net pay nach side track ein großer Erfolg!!
Bei Etunyuk-1 bin ich nicht sicher, wie der Markt das bewertet; 5m net pay ist eigentlich unter den Hoffnungen; andererseits ist das eine "pay zone" - also Porosität, Permiability, Formationsdruck, Öl-Saturation etc. sind so gut, dass daraus produziert werden kann... Und das immerhin rund 20km südlich der ersten discoveries an der east flank....
... insgesamt ist die Tonalität der News irgendwie so, dass man ein wenig darauf hingeführt wird, auf die Ergebnisse der Basin-Opening-Wells Shimela und Sala zu warten... Zumindest ich lese das so ein wenig raus...
Wichtig noch: Jim Phillips ist nun CEO und President von Horn; das ist eine großartige News.... !!
Damit ist einer der engsten Vertrauten der Lundins operativ verantwortlich - ein mehr als deutliches Zeichen, dass HRN das nächste große Projekt für die Lundins nach Africa Oil Corp sein soll...
Ich bin gespannt, was der Markt heute daraus macht....
http://hornpetroleum.mwnewsroom.com/Files/36/36a8f669-2655-4…
Twiga-2 ist mit 62m net pay nach side track ein großer Erfolg!!
Bei Etunyuk-1 bin ich nicht sicher, wie der Markt das bewertet; 5m net pay ist eigentlich unter den Hoffnungen; andererseits ist das eine "pay zone" - also Porosität, Permiability, Formationsdruck, Öl-Saturation etc. sind so gut, dass daraus produziert werden kann... Und das immerhin rund 20km südlich der ersten discoveries an der east flank....
... insgesamt ist die Tonalität der News irgendwie so, dass man ein wenig darauf hingeführt wird, auf die Ergebnisse der Basin-Opening-Wells Shimela und Sala zu warten... Zumindest ich lese das so ein wenig raus...
Wichtig noch: Jim Phillips ist nun CEO und President von Horn; das ist eine großartige News.... !!
Damit ist einer der engsten Vertrauten der Lundins operativ verantwortlich - ein mehr als deutliches Zeichen, dass HRN das nächste große Projekt für die Lundins nach Africa Oil Corp sein soll...
Ich bin gespannt, was der Markt heute daraus macht....
http://hornpetroleum.mwnewsroom.com/Files/36/36a8f669-2655-4…
http://www.ogj.com/articles/2014/05/globaldata-kenya-s-first…
GlobalData: Kenya’s first commercial oil find could generate $10 billion
HOUSTON, May 14
05/14/2014
By OGJ editors
Kenya’s first commercial oil discovery in South Lokichar basin’s Block 10BB/13T could yield $10 billion in revenue over a 30-year production period based on regional geological characteristics and well test results, according to an analyst with research and consulting firm GlobalData.
John Sisa, who covers upstream oil and gas in the sub-Saharan region, stated that the volume of cash flow from Block 10BB/13T would enable Kenya’s gross domestic product to rise at an average rate of 0.83%/year from its current $40.7 billion.
He pointed out that international interest in Kenya’s oil and gas sector has intensified over the past 20 months.
Tullow Oil PLC and Africa Oil Corp. have made five discoveries since 2012 and plan to run six rigs full time for the foreseeable future (OGJ Online, July 5, 2012; Nov. 22, 2013). The companies continue to advance exploration activities on the block (OGJ Online, Mar. 28, 2014).
Although the nation’s first competitive licensing round has been put off until this year’s fourth quarter at earliest, the delay could serve to build interest, Sisa said.
“The delay in Kenya’s first licensing round could prove beneficial to the country’s economy, as international oil companies (IOCs) could make additional, commercial oil and gas discoveries before the end of the year. This would in turn strengthen prospectivity and interest in the country’s oil and gas industry.”
He said, “Additionally, competition among IOCs during the delayed bidding process may be significantly greater than at present, and the round could include higher licensing costs and tougher fiscal terms that would maximize government revenues.”
Infrastructure development
Sisa thinks the Kenyan government has indicated its willingness to develop an early oil production facility by 2016, allowing Tullow to produce oil from Block 10BB/13T at marginal rates until the proper infrastructure is in place for shipment.
“This early monetization of oil reserves would generate more revenue for the Kenyan government’s budget and would therefore act as a crucial component of economic growth,” he said. “Similarly fundamental in accelerating such growth is the proposed development of the Kenya-Uganda crude oil pipeline, which is designed to pass through Block 10BB/13T and South Sudan (OGJ Online, Mar. 30, 2009).”
A new port is being developed in Lamu, Kenya, which would also host a refinery that receives oil from Uganda, South Sudan, and Tullow’s Block 10BB/13T (OGJ Online, July 12, 2010; Jan. 26, 2012). GlobalData expects this refinery to be launched by 2018.
GlobalData: Kenya’s first commercial oil find could generate $10 billion
HOUSTON, May 14
05/14/2014
By OGJ editors
Kenya’s first commercial oil discovery in South Lokichar basin’s Block 10BB/13T could yield $10 billion in revenue over a 30-year production period based on regional geological characteristics and well test results, according to an analyst with research and consulting firm GlobalData.
John Sisa, who covers upstream oil and gas in the sub-Saharan region, stated that the volume of cash flow from Block 10BB/13T would enable Kenya’s gross domestic product to rise at an average rate of 0.83%/year from its current $40.7 billion.
He pointed out that international interest in Kenya’s oil and gas sector has intensified over the past 20 months.
Tullow Oil PLC and Africa Oil Corp. have made five discoveries since 2012 and plan to run six rigs full time for the foreseeable future (OGJ Online, July 5, 2012; Nov. 22, 2013). The companies continue to advance exploration activities on the block (OGJ Online, Mar. 28, 2014).
Although the nation’s first competitive licensing round has been put off until this year’s fourth quarter at earliest, the delay could serve to build interest, Sisa said.
“The delay in Kenya’s first licensing round could prove beneficial to the country’s economy, as international oil companies (IOCs) could make additional, commercial oil and gas discoveries before the end of the year. This would in turn strengthen prospectivity and interest in the country’s oil and gas industry.”
He said, “Additionally, competition among IOCs during the delayed bidding process may be significantly greater than at present, and the round could include higher licensing costs and tougher fiscal terms that would maximize government revenues.”
Infrastructure development
Sisa thinks the Kenyan government has indicated its willingness to develop an early oil production facility by 2016, allowing Tullow to produce oil from Block 10BB/13T at marginal rates until the proper infrastructure is in place for shipment.
“This early monetization of oil reserves would generate more revenue for the Kenyan government’s budget and would therefore act as a crucial component of economic growth,” he said. “Similarly fundamental in accelerating such growth is the proposed development of the Kenya-Uganda crude oil pipeline, which is designed to pass through Block 10BB/13T and South Sudan (OGJ Online, Mar. 30, 2009).”
A new port is being developed in Lamu, Kenya, which would also host a refinery that receives oil from Uganda, South Sudan, and Tullow’s Block 10BB/13T (OGJ Online, July 12, 2010; Jan. 26, 2012). GlobalData expects this refinery to be launched by 2018.
Diesmal nach Börsenschluss:
NEWS RELEASE
AFRICA OIL PROVIDES OPERATIONAL UPDATE AND FIRST
QUARTER RESULTS
May 14, 2014 (AOI–TSX, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the
“Company”) is pleased to provide first quarter 2014 financial results and an update on its operations in
Kenya and Ethiopia.
The Company currently has six rigs operating in Kenya and Ethiopia which are focused on three main
activities; 1) Drilling new basin opening wells; 2) Drilling new prospects in the discovered basin in
Northern Kenya; and 3) appraising and testing existing discoveries.
Two basin opening wells are currently drilling with results expected in the second quarter of 2014. The
Sala prospect, on Block 9, is being drilled in the Cretaceous Anza graben and will test a large anticlinal
feature along the northern basin bounding fault. This well is operated by Africa Oil which holds a 50%
interest and operatorship with partner Marathon Kenya Limited B.V. holding the remaining 50%.
The other new basin opening well is the Shimela well being drilled in the Chew Bahir basin on the South
Omo block in Ethiopia. This basin is located along the Tertiary rift trend and has many similarities to the
recent discoveries in Kenya. The rig will move to the Gardim prospect following the completion of Shimela
which is a basin bounded fault prospect located in the southern portion of this basin. The Company holds
a 30% working interest in this block along with operator Tullow Oil plc (“Tullow”) (50%) and partner
Marathon Ethiopia Limited B.V. (20%).
Plans are also underway to drill prospects in three additional new basins this year. The Dyepa-1 well will
spud in the second quarter and will target the South Kerio basin which is proximal and geologically similar
to the discovered basin in Northern Kenya in Block 10BB. This well is designed to test a basin bounding
fault prospect on the western flank of the basin similar to the string of pearls field discoveries such as the
initial Ngamia discovery. A number of additional prospects have been identified in this basin which would
be de-risked if Dyepa is a discovery. This rig will then move to test the Aze prospect which is located in
the North Kerio basin and is comprised of a large, four-way dip closed anticline on the southern shore of
Lake Turkana.
The last basin to be targeted this year is the West Turkana basin in Block 10BA in Kenya and the first well
in this program is expected to spud later this year. The first prospect to be drilled will be the Engomo
(formerly Kiboko) prospect on the western shore of Lake Turkana. It is also a basin bounding fault
prospect and has similar potential to prove a petroleum system that would lead to accelerated drilling on a
number of identified prospects. In both of these basins, as in the discovered basin in Northern Kenya, the
Company holds a 50% working interest along with Operator Tullow Oil plc (50%).
The only well which is currently being drilled on a new prospect in the discovered basin in Northern Kenya
is the Ekunyuk-1 well which is located on the eastern flank play, on trend with recent discoveries at Etuko
and Ewoi. The well has now reached a final total depth of 1,802 meters and has encountered some 5
meters of net oil pay, within approximately 150 meters of reservoir quality water-bearing sandstone and
an equal thickness of a basin-wide rich oil shale. This rig will now be moved to the Agete-2 location.
Three additional rigs are currently pursuing appraisal and testing activities on the existing discoveries.
The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well. The initial
- 2 -
wellbore was drilled near the basin bounding fault and encountered some 18 meters of net oil pay within
alluvial fan facies, with limited reservoir quality. A decision was made to sidetrack the well away from the
fault to explore north of Twiga-1 and some 62 meters of vertical net oil pay has been discovered in the
Auwerwer formation, similar in quality to the initial Twiga-1 discovery. The well is currently being
deepened to evaluate the Lower Lokhone sand reservoirs and a testing program for this successful well is
planned to be conducted later this year. This rig will then move to drill a down-dip appraisal of the
Amosing discovery, which appears to have high quality reservoir and may be one of the largest
discoveries in the basin to date.
The PR Marriott 46 rig is currently drilling ahead on the Ngamia-2 appraisal well which is expected to be
completed by the end of the second quarter. This rig will then drill the Ngamia-3 appraisal well.
Testing operations are ongoing on the Agete-1 well using the SMP-5 rig and expected to be completed by
the end of May. The plan is for this rig to continue testing operations on discovery and appraisal wells in
the discovered basin in Northern Kenya.
Additionally in Ethiopia, the Company has recently completed the drilling of the El Kuran-3 appraisal well
on Block 8. El Kuran-3 was an appraisal of a discovery made by Tenneco in the 1970’s, and encountered
a significant but tight gas-condensate zone in Jurassic Hammanlei carbonates. The well has been
suspended pending a decision on conducting a fracture stimulation, which will be required to assess the
long-term productivity of the formation. Discussions are ongoing with the Government of Ethiopia to
secure an extension to the Exploration Period under the PSC to assess the economic viability of the
discovery.
Africa Oil CEO Keith Hill stated “We are looking forward to the results of the new basin opening wells
which have the potential to unlock significant value in terms of new prospects and resources. The
ongoing drilling in the discovered basin in Northern Kenya has been quite helpful in understanding the
distribution of the best reservoir facies and will no doubt be enhanced by the ongoing 3D seismic survey.
We remain very bullish in not only the existing discoveries but in the remaining prospects in the
discovered basin in Northern Kenya such as Etom, the largest remaining prospect along the Western
‘String of Pearls’ trend, which will be drilled in the third quarter of this year. Our goal is to open up at least
one new basin and to move a significant number of barrels from prospective to contingent resources by
the end of 2014 as we move the field development program forward.”
The Company is also actively pursuing development studies in the Block 10BB/13T area including
commencement of the pre-front end engineering design (pre-FEED) and environmental and social impact
assessment (ESIA) studies for the pipeline, export terminal and field facilities. It is the goal the
Government of Kenya and the joint venture partnership to achieve project sanction, including the approval
of an export pipeline, by the end of 2015/early 2016.
As was previously announced, the company has now graduated to the main board of the TSX and plans
to apply for graduation to the NASDAQ OMX Stockholm main board.
Further Significant Events During The First Quarter of 2014:
· Africa Oil ended the quarter with cash of $434.3 million and working capital of $360.1 million.
· In January, the Company announced a new oil discovery at Amosing-1 located seven kilometers
southwest of the Ngamia-1 discovery along the Basin Bounding Fault Play in Block 10BB. Logs
indicated 160 to 200 meters of potential net oil pay in good quality sandstone reservoirs.
· In January, the Company announced a new oil discovery at Ewoi-1 located four kilometers to the
east of the Etuko-1 discovery in the Basin Flank Play on the eastern side of the discovered basin
in Northern Kenya in Block 10BB. Logs indicated potential net pay of 20 to 80 meters to be
confirmed by well testing.
· In February, the Company announced the results of five well tests conducted on five Lokhone pay
intervals at Etuko-1 located on the Basin Flank Play in Block 10BB. Light 36 degree API waxy
crude oil was successfully flowed from three zones at a combined average rate of over 550
barrels of oil equivalent per day. In March, the Company announced the results of the Etuko-2
exploration well drilled to test the upper Auwerwer sands overlying the previously announced
- 3 -
Etuko discovery. Etuko-2 penetrated a potential significant oil column identified from formation
pressure data and oil shows while drilling and in core, with good quality reservoir but flowed only
water on drill stem test. The results are considered inconclusive and analysis is underway to
consider further options to evaluate this reservoir.
· In March, the Company announced the results of a well test on the Ekales-1 discovery drilled in
2013 and located on the Basin Bounding Fault Play between the Ngamia-1 and Twiga South-1
discoveries. Testing operations on the Ekales-1 well confirmed this significant oil discovery. Two
drill stem tests were completed and flowed at a combined rate of over 1,000 bopd from a
combined 41 meter net pay interval. The upper zone had a very high productivity index of 4.3
stb/d/psi.
· In March, the Company announced the results of the Emong-1 well located four kilometers
northwest of Ngamia-1 field discovery in Block 13T (Kenya). The well encountered oil and gas
shows while drilling, however the Auwerwer sandstones that are the primary reservoirs in the
Ngamia field were thin and poorly developed in Emong-1 and the well was plugged and
abandoned. It is believed that the reservoir was poorly developed due to its proximity to the basin
bounding fault and its location within what appears to be a local isolated slumped fault margin.
This well, which was trying to establish an additional play, has no impact on the potential of the
Ngamia oil accumulation or any other prospectivity in the discovered basin in Northern Kenya.
· In Blocks 10BB and 13T, the acquisition of a 550 square kilometer 3D seismic program over the
discoveries and prospects along the Basin Bounding Fault Play in the discovered basin in
Northern Kenya is ongoing and is scheduled to complete at the end of the third quarter.
· In March, the Company completed a farmout transaction with Marathon whereby Marathon
acquired a 50% interest in the Rift Basin Area leaving the Company with a 50% working interest.
In accordance with the farmout agreement, Marathon was obligated to pay the Company $3.0
million in consideration of past exploration expenditures, and has agreed to fund the Company's
working interest share of future joint venture expenditures to a maximum of $15.0 million with an
effective date of June 30, 2012. Upon closing of the farmout, Marathon paid the Company $3.0
million in consideration of past exploration expenditures. Subsequent to the quarter end,
Marathon paid the Company $10.2 million being Marathon’s and the Company’s share of
exploration expenditures from the effective date to the closing date of the farmout.
· In March, the Company completed a farmout transaction with New Age whereby New Age
acquired an additional 40% interest in the Company's Adigala Block leaving AOC with 10%
working interest. In accordance with the farmout agreement, New Age is obligated to fund the
Company's 10% working interest share of expenditures related to the acquisition of a planned
1,000 kilometer 2D seismic program to a maximum expenditure of $10.0 million on a gross basis,
following which the Company would be responsible for its working interest share of expenditures.
· The Company has a significant exploration and appraisal program set out for 2014 which will see
over 20 wells completed. The program is focused on drilling out the remaining prospect inventory
in the discovered basin in Northern Kenya, appraising existing and future discoveries with the aid
of the new 3D Seismic survey, drilling six new basin opening wells and progressing development
studies towards project sanction in the discovered basin in Northern Kenya. This significant
program in 2014 is fully funded.
NEWS RELEASE
AFRICA OIL PROVIDES OPERATIONAL UPDATE AND FIRST
QUARTER RESULTS
May 14, 2014 (AOI–TSX, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the
“Company”) is pleased to provide first quarter 2014 financial results and an update on its operations in
Kenya and Ethiopia.
The Company currently has six rigs operating in Kenya and Ethiopia which are focused on three main
activities; 1) Drilling new basin opening wells; 2) Drilling new prospects in the discovered basin in
Northern Kenya; and 3) appraising and testing existing discoveries.
Two basin opening wells are currently drilling with results expected in the second quarter of 2014. The
Sala prospect, on Block 9, is being drilled in the Cretaceous Anza graben and will test a large anticlinal
feature along the northern basin bounding fault. This well is operated by Africa Oil which holds a 50%
interest and operatorship with partner Marathon Kenya Limited B.V. holding the remaining 50%.
The other new basin opening well is the Shimela well being drilled in the Chew Bahir basin on the South
Omo block in Ethiopia. This basin is located along the Tertiary rift trend and has many similarities to the
recent discoveries in Kenya. The rig will move to the Gardim prospect following the completion of Shimela
which is a basin bounded fault prospect located in the southern portion of this basin. The Company holds
a 30% working interest in this block along with operator Tullow Oil plc (“Tullow”) (50%) and partner
Marathon Ethiopia Limited B.V. (20%).
Plans are also underway to drill prospects in three additional new basins this year. The Dyepa-1 well will
spud in the second quarter and will target the South Kerio basin which is proximal and geologically similar
to the discovered basin in Northern Kenya in Block 10BB. This well is designed to test a basin bounding
fault prospect on the western flank of the basin similar to the string of pearls field discoveries such as the
initial Ngamia discovery. A number of additional prospects have been identified in this basin which would
be de-risked if Dyepa is a discovery. This rig will then move to test the Aze prospect which is located in
the North Kerio basin and is comprised of a large, four-way dip closed anticline on the southern shore of
Lake Turkana.
The last basin to be targeted this year is the West Turkana basin in Block 10BA in Kenya and the first well
in this program is expected to spud later this year. The first prospect to be drilled will be the Engomo
(formerly Kiboko) prospect on the western shore of Lake Turkana. It is also a basin bounding fault
prospect and has similar potential to prove a petroleum system that would lead to accelerated drilling on a
number of identified prospects. In both of these basins, as in the discovered basin in Northern Kenya, the
Company holds a 50% working interest along with Operator Tullow Oil plc (50%).
The only well which is currently being drilled on a new prospect in the discovered basin in Northern Kenya
is the Ekunyuk-1 well which is located on the eastern flank play, on trend with recent discoveries at Etuko
and Ewoi. The well has now reached a final total depth of 1,802 meters and has encountered some 5
meters of net oil pay, within approximately 150 meters of reservoir quality water-bearing sandstone and
an equal thickness of a basin-wide rich oil shale. This rig will now be moved to the Agete-2 location.
Three additional rigs are currently pursuing appraisal and testing activities on the existing discoveries.
The Sakson PR5 rig is continuing drilling operations on the Twiga-2 up-dip appraisal well. The initial
- 2 -
wellbore was drilled near the basin bounding fault and encountered some 18 meters of net oil pay within
alluvial fan facies, with limited reservoir quality. A decision was made to sidetrack the well away from the
fault to explore north of Twiga-1 and some 62 meters of vertical net oil pay has been discovered in the
Auwerwer formation, similar in quality to the initial Twiga-1 discovery. The well is currently being
deepened to evaluate the Lower Lokhone sand reservoirs and a testing program for this successful well is
planned to be conducted later this year. This rig will then move to drill a down-dip appraisal of the
Amosing discovery, which appears to have high quality reservoir and may be one of the largest
discoveries in the basin to date.
The PR Marriott 46 rig is currently drilling ahead on the Ngamia-2 appraisal well which is expected to be
completed by the end of the second quarter. This rig will then drill the Ngamia-3 appraisal well.
Testing operations are ongoing on the Agete-1 well using the SMP-5 rig and expected to be completed by
the end of May. The plan is for this rig to continue testing operations on discovery and appraisal wells in
the discovered basin in Northern Kenya.
Additionally in Ethiopia, the Company has recently completed the drilling of the El Kuran-3 appraisal well
on Block 8. El Kuran-3 was an appraisal of a discovery made by Tenneco in the 1970’s, and encountered
a significant but tight gas-condensate zone in Jurassic Hammanlei carbonates. The well has been
suspended pending a decision on conducting a fracture stimulation, which will be required to assess the
long-term productivity of the formation. Discussions are ongoing with the Government of Ethiopia to
secure an extension to the Exploration Period under the PSC to assess the economic viability of the
discovery.
Africa Oil CEO Keith Hill stated “We are looking forward to the results of the new basin opening wells
which have the potential to unlock significant value in terms of new prospects and resources. The
ongoing drilling in the discovered basin in Northern Kenya has been quite helpful in understanding the
distribution of the best reservoir facies and will no doubt be enhanced by the ongoing 3D seismic survey.
We remain very bullish in not only the existing discoveries but in the remaining prospects in the
discovered basin in Northern Kenya such as Etom, the largest remaining prospect along the Western
‘String of Pearls’ trend, which will be drilled in the third quarter of this year. Our goal is to open up at least
one new basin and to move a significant number of barrels from prospective to contingent resources by
the end of 2014 as we move the field development program forward.”
The Company is also actively pursuing development studies in the Block 10BB/13T area including
commencement of the pre-front end engineering design (pre-FEED) and environmental and social impact
assessment (ESIA) studies for the pipeline, export terminal and field facilities. It is the goal the
Government of Kenya and the joint venture partnership to achieve project sanction, including the approval
of an export pipeline, by the end of 2015/early 2016.
As was previously announced, the company has now graduated to the main board of the TSX and plans
to apply for graduation to the NASDAQ OMX Stockholm main board.
Further Significant Events During The First Quarter of 2014:
· Africa Oil ended the quarter with cash of $434.3 million and working capital of $360.1 million.
· In January, the Company announced a new oil discovery at Amosing-1 located seven kilometers
southwest of the Ngamia-1 discovery along the Basin Bounding Fault Play in Block 10BB. Logs
indicated 160 to 200 meters of potential net oil pay in good quality sandstone reservoirs.
· In January, the Company announced a new oil discovery at Ewoi-1 located four kilometers to the
east of the Etuko-1 discovery in the Basin Flank Play on the eastern side of the discovered basin
in Northern Kenya in Block 10BB. Logs indicated potential net pay of 20 to 80 meters to be
confirmed by well testing.
· In February, the Company announced the results of five well tests conducted on five Lokhone pay
intervals at Etuko-1 located on the Basin Flank Play in Block 10BB. Light 36 degree API waxy
crude oil was successfully flowed from three zones at a combined average rate of over 550
barrels of oil equivalent per day. In March, the Company announced the results of the Etuko-2
exploration well drilled to test the upper Auwerwer sands overlying the previously announced
- 3 -
Etuko discovery. Etuko-2 penetrated a potential significant oil column identified from formation
pressure data and oil shows while drilling and in core, with good quality reservoir but flowed only
water on drill stem test. The results are considered inconclusive and analysis is underway to
consider further options to evaluate this reservoir.
· In March, the Company announced the results of a well test on the Ekales-1 discovery drilled in
2013 and located on the Basin Bounding Fault Play between the Ngamia-1 and Twiga South-1
discoveries. Testing operations on the Ekales-1 well confirmed this significant oil discovery. Two
drill stem tests were completed and flowed at a combined rate of over 1,000 bopd from a
combined 41 meter net pay interval. The upper zone had a very high productivity index of 4.3
stb/d/psi.
· In March, the Company announced the results of the Emong-1 well located four kilometers
northwest of Ngamia-1 field discovery in Block 13T (Kenya). The well encountered oil and gas
shows while drilling, however the Auwerwer sandstones that are the primary reservoirs in the
Ngamia field were thin and poorly developed in Emong-1 and the well was plugged and
abandoned. It is believed that the reservoir was poorly developed due to its proximity to the basin
bounding fault and its location within what appears to be a local isolated slumped fault margin.
This well, which was trying to establish an additional play, has no impact on the potential of the
Ngamia oil accumulation or any other prospectivity in the discovered basin in Northern Kenya.
· In Blocks 10BB and 13T, the acquisition of a 550 square kilometer 3D seismic program over the
discoveries and prospects along the Basin Bounding Fault Play in the discovered basin in
Northern Kenya is ongoing and is scheduled to complete at the end of the third quarter.
· In March, the Company completed a farmout transaction with Marathon whereby Marathon
acquired a 50% interest in the Rift Basin Area leaving the Company with a 50% working interest.
In accordance with the farmout agreement, Marathon was obligated to pay the Company $3.0
million in consideration of past exploration expenditures, and has agreed to fund the Company's
working interest share of future joint venture expenditures to a maximum of $15.0 million with an
effective date of June 30, 2012. Upon closing of the farmout, Marathon paid the Company $3.0
million in consideration of past exploration expenditures. Subsequent to the quarter end,
Marathon paid the Company $10.2 million being Marathon’s and the Company’s share of
exploration expenditures from the effective date to the closing date of the farmout.
· In March, the Company completed a farmout transaction with New Age whereby New Age
acquired an additional 40% interest in the Company's Adigala Block leaving AOC with 10%
working interest. In accordance with the farmout agreement, New Age is obligated to fund the
Company's 10% working interest share of expenditures related to the acquisition of a planned
1,000 kilometer 2D seismic program to a maximum expenditure of $10.0 million on a gross basis,
following which the Company would be responsible for its working interest share of expenditures.
· The Company has a significant exploration and appraisal program set out for 2014 which will see
over 20 wells completed. The program is focused on drilling out the remaining prospect inventory
in the discovered basin in Northern Kenya, appraising existing and future discoveries with the aid
of the new 3D Seismic survey, drilling six new basin opening wells and progressing development
studies towards project sanction in the discovered basin in Northern Kenya. This significant
program in 2014 is fully funded.
Quelle: Africa Energy Intelligence <noreply@africaintelligence.co…
13/05/2014
Africa Energy Intelligence N°722
KENYA
Kenyatta prepares for country’s oil boom
A year after he came to power Kenya’s new president, Uhuru Kenyatta, is seeking to speed up development of Kenya’s oil sector. The officials who oversee the branch are coming under strong pressure from Kenya’s leader to ensure production begins (...) [641 words] [€8,2]
13/05/2014
Africa Energy Intelligence N°722
KENYA
Kenyatta prepares for country’s oil boom
A year after he came to power Kenya’s new president, Uhuru Kenyatta, is seeking to speed up development of Kenya’s oil sector. The officials who oversee the branch are coming under strong pressure from Kenya’s leader to ensure production begins (...) [641 words] [€8,2]
China agrees to build East African rail line - CER/R - May 12, 2014
www.chinaeconomicreview.com/node/65684
"Chinese and East African leaders agreed to build a railway from Mombasa to Nairobi and on to neighboring African states, Reuters reported.
China Road and Bridge Corporation has been appointed to construct the initial Kenyan leg of the new line. The new railway will cut freight costs to US$0.08 US a metric ton per km from US$0.20 now. Officials previously put the price for the railway from Mombasa to Kenya's western border with Uganda at US$5 billion, including financing costs. The deal is part of a regional effort to cut the high costs of trade between east African nations. "
www.chinaeconomicreview.com/node/65684
"Chinese and East African leaders agreed to build a railway from Mombasa to Nairobi and on to neighboring African states, Reuters reported.
China Road and Bridge Corporation has been appointed to construct the initial Kenyan leg of the new line. The new railway will cut freight costs to US$0.08 US a metric ton per km from US$0.20 now. Officials previously put the price for the railway from Mombasa to Kenya's western border with Uganda at US$5 billion, including financing costs. The deal is part of a regional effort to cut the high costs of trade between east African nations. "
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