VANCOUVER, BC, Oct. 28, 2020 /CNW/ - Africa Energy Corp. (TSX
Venture: AFE, Nasdaq First North Growth Market: AEC)
("Africa Energy" or the "Company"), an oil and gas
company with exploration assets offshore South Africa and Namibia, is pleased to announce a significant
gas condensate discovery on the Luiperd prospect located on Block
11B/12B
offshore South Africa. This
discovery follows the adjacent play-opening Brulpadda discovery in
2019, which proved a significant new petroleum province in the
region. View PDF version.
Garrett Soden, Africa Energy's
President and CEO, commented, "We are thrilled to announce the
second consecutive discovery on Block 11B/12B offshore
South Africa. We congratulate
Total as operator for drilling the Luiperd-1X deepwater well safely
and efficiently during the coronavirus pandemic and austral winter
season. The Luiperd discovery reconfirms this world-class
exploration play with substantial follow-on potential. The net pay
encountered in the Luiperd target objective is significantly larger
than the main reservoir at last year's Brulpadda discovery. The
Block 11B/12B partners are conducting a drill stem test to
measure flow rates over the next few weeks. Due to the success at
Luiperd, the joint venture has decided to proceed with development
studies and engage with authorities on the commercialization of gas
instead of drilling another exploration well in this program."
The Luiperd-1X exploration well was drilled in approximately
1,800 meters of water by the Odfjell Deepsea Stavanger
semi-submersible rig to a total depth of about 3,400 meters. The
well targeted the hydrocarbons potential in a mid-Cretaceous aged
deep marine sequence where fan sandstone systems are developed
within combined stratigraphic/structural closure.
The well encountered 73 meters of net gas condensate pay over a
mid-Cretaceous high-quality reservoir interval and did not
encounter the water contact. Following a comprehensive coring and
logging program, the Block 11B/12B joint
venture is now testing the well to assess dynamic reservoir
characteristics and deliverability.
The Luiperd discovery is located on Block 11B/12B in the
Outeniqua Basin 175 kilometers off the southern coast of
South Africa. The block covers an
area of 19,000 square kilometers with water depths ranging from 200
to 1,800 meters.
Africa Energy holds 49% of the shares in Main Street 1549
(Proprietary) Limited, which has a 10% participating interest in
Block 11B/12B. Total E&P South Africa B.V. is operator
and has a 45% participating interest in Block 11B/12B, while
Qatar Petroleum International Upstream LLC and CNR International
(South Africa) Limited have 25%
and 20% participating interests, respectively, in Block
11B/12B.
About Africa Energy Corp.
Africa Energy Corp. is a Canadian oil and gas company with
exploration assets offshore South
Africa and Namibia. The
Company is listed in Toronto on
TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy is part of the Lundin Group of
Companies.
Important information
Africa Energy is obliged to make this information public
pursuant to the EU Market Abuse Regulation. The information was
submitted for publication through the agency of the contact persons
set out above on October 28, 2020 at
08:15 a.m. CET.
The Company's certified advisor on Nasdaq First North Growth
Market is Pareto Securities AB, +46 8 402 5000,
certifiedadviser.se@paretosec.com.
Forward looking statement advisory
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects or
opportunities including, without limitation, statements with
respect to the satisfaction of closing conditions and proposed
Application Period, which are based on assumptions of management of
the Company.
The use of any of the words "will", "expected" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events.
These forward-looking statements involve risks and uncertainties
relating to, among other things, changes in oil prices, results of
exploration and development activities, uninsured risks, regulatory
changes, defects in title, availability of materials and equipment,
timeliness of government or other regulatory approvals, actual
performance of facilities, failure to satisfy the closing
conditions of the Private Placement, availability of third party
service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual future results may differ materially.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to the Company. The
forward-looking information contained in this release is made as of
the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information.
Neither 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.
SOURCE Africa Energy Corp.
