Africa Oil Corp. (“Africa Oil”, or the “Company”) notes the announcement by its investee company, Impact Oil & Gas Limited (“Impact”), regarding the completion of drilling and testing operations at the Tamboti-1X exploration well and spudding of the Marula-1X exploration in Block 2913B (PEL 56), offshore Namibia.
Impact has advised that the Tamboti-1X well encountered black oil within 85m of net reservoir of lower quality Upper Cretaceous sandstones, belonging to the Mangetti fan system. As reported by Impact, the drill stem test (“DST”) program was concluded at the Tamboti-1X location, and results from the acquired log, core and DST data are currently under analysis.
On February 3, 2025, the Deepsea Mira spud the Marula-1X exploration well within the southern part of Block 2913B. Block 2913B Joint Venture has indicated that the well will target Albian-aged sandstones, within the Marula fan complex and has the potential to unlock further exploration targets across the south, which is an area lying at the heart of the prolific Kudu source-rock kitchen. The Joint Venture also expects to drill the Olympe prospect, targeting Albian sands within a structural closure, on Block 2912 by the end of 2025.
Block 2913B Joint Venture is continuing to progress the proposed development of the Venus Field, with development studies ongoing. Since the 2022 Venus-1X discovery well, three further wells have successfully penetrated the Venus Field, and four drill stem tests have been successfully carried out. The Venus Field is expected to be the first development area in Block 2913B, producing 150k barrels of oil per day (~45o API oil), with final investment decision expected by the end of first half 2026.
Impact has a 9.5% interest in each of Blocks 2912 and 2913B. Africa Oil currently has a shareholding of approximately 39.5% in Impact, which represents an effective economic interest of approximately 3.8% in the two blocks.
Africa Oil President and CEO, Roger Tucker commented: “The Venus project is progressing well and we are very encouraged by the operator’s public statements on the commerciality and the quality of this field. There is also an exciting exploration program with Marula-1X operations under way and the plan to start drilling Olympe-1X well by the end of 2025. Through our recent strategic initiatives, we have retained the upside to these assets at no upfront cost, with all of Impact’s share of development and exploration expenditures on the two blocks being covered by TotalEnergies, until first commercial production from Venus”.