Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia, and an equity interest in Africa Energy Corp.
The East African Rift Basin system is one of the last of the great rift basins to be explored. Africa Oil holds extensive exploration acreage in this exciting new world-class exploration play fairway. Several new significant oil discoveries have been announced in the Lokichar basin of Kenya in which the Company holds a 25% interest along with operator Tullow Oil plc.
The Company is listed on the TSX and on Nasdaq Stockholm under the symbol "AOI".
East Africa operations
Africa Oil Corp. pursues an aggressive exploration strategy with assets positioned along 4 major oil producing provinces in eastern Africa. The Company has accumulated one of the largest holdings of exploration acreage in Africa with operated and non-operated interests in multiple production sharing contracts in Kenya and Ethiopia. Africa Oil began acquiring this large acreage position prior to the heightened activity of recent years and has enjoyed first-mover advantage, building a large and relatively-unexplored acreage position and then attracting strong partners to fund portions of the Company's capital requirements.
The Company's blocks 10BA, 10BB, 12A, 13T, South Omo, and the Rift Basin Area are located in the East African Tertiary Rift trend which is an extension of the productive trend established in the Lake Albert area of Uganda where more than 1 billion barrels of recoverable oil has been discovered to date.
Block 9 provides exposure to the Cretaceous Rift system that is productive in Sudan, where more than 6 billion barrels of recoverable oil have been discovered.
In November 2017, Africa Oil entered into a strategic partnership with Eco (Atlantic) Oil and Gas for exploration in West Africa and Guyana.
As part of the Investment Agreement, the parties have also entered into a Strategic Alliance Agreement (the "SAA"), whereby they will jointly pursue new exploration projects. Pursuant to the terms of the SAA, AOC will be entitled to bid jointly on any new assets or ventures proposed to be acquired by ECO, on the same terms as ECO and for an interest at least equal to the Company's percentage holding of the common shares in ECO from time to time. Additionally, under the terms of the SAA, AOC will also have a right of first offer on the farmout of exploration properties currently held by ECO.
ECO has assembled an extensive exploration portfolio in two countries that are at the forefront of exploration, including four blocks in Namibia and one block in Guyana. The Namibia blocks are located in an area of proven source rocks and large, seismically-defined stratigraphic traps where upcoming wells by neighboring operators will be drilled in the near future to derisk the play. In Guyana, ECO holds a block directly updip from the Stabroek block on which Exxon estimates resources of 2.5 billion to 2.8 billion oil-equivalent barrels, including the supergiant Liza field. The ECO block exhibits good evidence of slope fan prospects and is expected to be fully delineated after processing and interpretation of the 2,550km² 3D seismic survey recently completed in September. ECO also recently announced it has entered into an option agreement for a farmin by TOTAL on this Guyana acreage.