APR 28, 2008 - 15:16 ET
Africa Oil Operations Update
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Africa Oil Corp.
("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that the mobilization
of a seismic crew to the Dharoor Valley block in northern Puntland is proceeding
smoothly. Recording is still planned to start before the middle of May.
Approximately 2600 km of high quality 2D vibroseis data will be acquired as part
of the comprehensive exploration program planned for the Dharoor Valley.
Preparations for drilling in the Nogal Valley block have also been proceeding
well. Although plans to spud the first well in July were well advanced, it has
been decided to delay the start of the drilling program. The recent upsurge in
civil unrest in southern Somalia and piracy around Somalia's coast have given
rise to significant logistical difficulties in shipping large amounts of heavy
equipment and supplies to the drilling location. After close consultation with
the Puntland Government, it has been decided that the prudent course of action
is to delay the drilling program temporarily while local issues are resolved by
relevant authorities.
In a related matter, Africa Oil is pleased to announce that the President of the
Transitional Federal Government, H.E. Abdullahi Yusuf Ahmed, has been fully
briefed on the company's activities. His Excellency has subsequently issued a
broad endorsement of those activities and acknowledged the legitimacy of its
concession agreements, promising full support for our work program.
Having met all other obligations, the Company had initiated an accelerated
drilling schedule at the Nogal Valley block well in advance of the January,
2010 expiry of the first exploration period. The aggressive timing of the
program was to the benefit of the local communities in Puntland and Somalia.
However, under current conditions, it is prudent to relax this operational
schedule. The Company has a strong relationship with the Puntland government and
will cooperate fully with them as they work to resolve the situation. The
company will continue to monitor events and reinstate the drilling program as
soon as practicable.
In addition, the Company will be filing its Audited 2007 Year End Financial
Statements on April 29, 2008. The financial statements will be available
electronically on the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com and
on Africa Oil's website at
www.africaoilcorp.com.
Forward-looking statements: This press release contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as political risk, general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management's capacity to execute and
implement its future plans. Actual results may differ materially from those
projected by management.
ON BEHALF OF THE BOARD
Rick Schmitt, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: africaoilcorp@namdo.com
Website: africaoilcorp.com
April 28, 2008
MAR 26, 2008 - 16:12 ET
Africa Oil Corp.: Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - Africa Oil Corp.
("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to report that
mobilization of casing and camp construction equipment is underway in
preparation for spudding the first of an initial two well program on the Nogal
Block in Puntland, Somalia. The equipment is currently in Djibouti and is
anticipated to arrive in Somalia within the next week. The first well is
expected to spud in July, 2008.
The Company has farmed into an 80% interest in the Nogal and Dharoor blocks. The
concessions encompass two highly prospective hydrocarbon basins and cover an
area of 81,000 square kilometres or more than 20 million acres.
The two sedimentary basins were contiguous with the prolific Marib and Masila
basins in Yemen during the Jurassic and Cretaceous periods. Over 9 billion BOE
have been discovered in Yemen but exploration has been limited to date in
Somalia. Only 3 wells have been drilled in basinal settings in these concessions
before operations ceased in the early 1990's. Those wells confirmed thick
sedimentary sequences, encountered oil in Cretaceous sandstones and proved the
presence of active petroleum systems in both basins.
In the Nogal Basin, Africa Oil has acquired all of the more than 4,000
kilometres of good quality 2D data which was recorded in the late 1980's. This
has enabled the Company to work up an inventory of drilling prospects from which
the first two well locations will be selected.
At the Dharoor Block, the Company has finalised a contract for shooting
approximately 2,600 kilometres of 2D seismic. The seismic crew is expected to be
on the ground in Puntland by the end of April, 2008.
Forward-looking statements: This press release contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as political risk, general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management's capacity to execute and
implement its future plans. Actual results may differ materially from those
projected by management.
ON BEHALF OF THE BOARD
Rick Schmitt, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: africaoilcorp@namdo.com
Website: www.africaoilcorp.com
April 26, 2008 |
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