Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Africa Oil Corp    AOI   CA00829Q1019

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Africa Oil : Provides Kenya Operations Update

share with twitter share with LinkedIn share with facebook
share via e-mail
02/13/2018 | 03:03pm CEST

Africa Oil Corp. is pleased to provide the following update on activities in the South Lokichar basin (Blocks 10BB and 13T in Kenya). AOC has a 25% working interest in Blocks 10BB and 13T with Tullow Oil plc (50% and Operator) and Maersk Olie og Gas A/S (25%) holding the remaining interests (collectively, the "Joint Venture Partners").

The Joint Venture Partners have proposed to the Government of Kenya that the Amosing and Ngamia fields be developed as the initial stage of the South Lokichar development. This phase of the development is planned to include a 60,000 to 80,000 barrels of oil per day (bopd) Central Processing Facility (CPF) and an export pipeline to Lamu, some 750 kilometers from the South Lokichar basin on the Kenyan coast. This approach is expected to bring significant benefits as it enables an early Final Investment Decision (FID) of the Amosing and Ngamia fields taking full advantage of the current low-cost environment for both the field and infrastructure development, as well as providing the best opportunity to deliver first oil in a timeline that meets the Government of Kenya expectations. The installed infrastructure can then be utilized for the optimization of the remaining and yet to be discovered South Lokichar oil fields, allowing the incremental development of these fields to be completed in an efficient and low cost manner post first oil.

The initial stage is planned to include 210 wells through 18 well pads at Ngamia and 70 wells through seven well pads at Amosing, with a planned plateau rate of 60,000 to 80,000 bopd. Additional stages of development are expected to increase plateau production to 100,000 bopd or greater. It is anticipated that Front End Engineering and Design (FEED) for the initial stage will commence in 2018, with FID targeted for 2019 and first oil in 2021/22.

A total of six appraisal wells have been drilled at the Amosing field, ten at Ngamia, three at Etom and two at Ekales. Additionally, extended well tests, water injection tests, well interference tests and water-flood trials have been undertaken, all of which have proved invaluable for planning the development of the oil fields. Tullow Oil plc has released (February 7, 2018) their updated assessment of resources in the South Lokichar basin. Details of Africa Oil's most recent independent assessment of contingent resources in the South Lokichar basin are contained in the Company's press release dated May 10, 2016. The Company intends to have an updated independent resource evaluation in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") completed following the completion of the water injectivity and associated production testing planned for the first half of 2018.

Early Oil Pilot Scheme (EOPS)

An agreement between the Joint Venture Partners and the Government of Kenya was signed on March 14, 2017 allowing all EOPS upstream contracts to be awarded. Initial injectivity testing has started at Ngamia-11 and oil production and water injection facilities are being constructed in the field, which are expected to be ready to commence production/injection in the first quarter of 2018. Oil produced is being initially stored until all necessary consents and approvals are granted and work is completed for the transfer of crude oil to Mombasa by road.

Africa Oil CEO Keith Hill commented, "We are pleased that the Joint Venture has now agreed on an optimized plan to move forward with the South Lokichar Basin development, which will allow acceleration of a crude export pipeline through Northern Kenya. This development will set the stage for additional exploration, appraisal and development, unlocking the vast resources contained within the basin."

For more information about related Opportunities and Key Players visit East Africa Projects

(c) 2018 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
TULLOW OIL -4.09% 234.4 Delayed Quote.13.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on AFRICA OIL CORP
05/27TULLOW OIL : What East Africa’s early oil extraction plans have to overcom..
05/27TULLOW OIL : Several hurdles standing in the way of East Africa’s early oi..
05/24AFRICA OIL : OPEC Secretary General to be honored as 'Africa Oil Man of the Year..
05/11AFRICA OIL : 1Q Earnings Snapshot
05/11AFRICA OIL : 2018 First Quarter Financial and Operating Results
05/10AFRICA ENERGY : Closes USD 45 million Private Placement and Commences Trading in..
05/08AFRICA OIL : Acquires Shares of Africa Energy Corp.
05/05AFRICA OIL CORP. : Acquires Shares of Africa Energy Corp.
04/30AFRICA ENERGY : Closes Books in USD 45 million Private Placement
04/27AFRICA ENERGY : Announces Contemplated Private Placement and Application for Sec..
More news
News from SeekingAlpha
03/08AFRICA OIL CORPORATION : Major Corp. Potential 
02/28Africa Oil reports FY results 
01/08Africa Oil Corporation - Almost Half Billion Dollar Growing Oil Company 
2017AFRICA OIL : Time-Arbitrage For Long-Term Investors 
2017Africa Oil - Top Tier Up-And-Coming Oil Corporation 
Financials ($)
Sales 2018 0,75 M
EBIT 2018 -19,8 M
Net income 2018 -3,93 M
Finance 2018 401 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 98,9x
EV / Sales 2019 55,0x
Capitalization 475 M
Duration : Period :
Africa Oil Corp Technical Analysis Chart | AOI | CA00829Q1019 | 4-Traders
Technical analysis trends AFRICA OIL CORP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1,63 $
Spread / Average Target 62%
EPS Revisions
Keith Charles Hill President, CEO & Non-Independent Director
John Hunter Craig Chairman
Timothy J. Thomas Chief Operating Officer
Ian W. Gibbs Chief Financial Officer
Gary Stephen Guidry Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LTD16.93%74 474
EOG RESOURCES13.97%68 167