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Africa Oil Corp.
TSX VENTURE: AOI
Feb 27, 2008 12:46 ET
Africa Oil Corp.: Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) - Africa Oil Corp.
("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that it
has entered into a contract for a drilling rig to begin drilling in our Puntland
concessions during 2008. The contract effective date is February 19th, 2008 and
covers the drilling of two wells with a two well option. It is a standard day
rate contract and was negotiated at competitive rates. Drilling will begin
before the commencement deadline date of August 1st, 2008.
The contract was signed with Energi Tata Persada Pte Ltd (ETP), a Singaporean
registered company. ETP is a wholly owned subsidiary of Catur Khita Persada, an
Indonesian oil and gas service company. They own four land drilling rigs and
perform extensive turn key drilling projects in Indonesia. ETP have employed
Roger Boyco to manage the Puntland project. He has over 30 years experience
managing land drilling projects around the world.
The ETP rig No 3 is a brand new package currently being constructed in the
Shengli fabrication plant in Dongying, China. Shengli currently have nine
drilling units under construction for international drilling contractors. The
ETP rig is scheduled for delivery in mid May, 2008 and will immediately mobilize
to Jebel Ali, Dubai. The mobilization into Somalia will be via chartered vessel
and the current plan is to spud the first well during July.
The ETP No 3 is a 1,500 HP unit, equipped with the latest drilling technology,
including a top drive and three 1,600 HP pumps. The camp facility will house up
to 150 persons and will also be brand new. ETP will also provide the trucking
and hoisting equipment as part of their contractual obligations.
President and CEO, Rick Schmitt, commented, "I am delighted that we have been
able to secure a rig which is fully capable of conducting our drilling
campaign."
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 more 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
Source:
http://www.marketwire.com/mw/release.do?id=826277
Africa Oil to use new rig for Puntland wells
By OGJ editors
HOUSTON, Feb. 28 -- Africa Oil Corp., Vancouver, BC, will use a new rig
under contract from Energi Tata Persada Pte. Ltd. (ETP), Singapore, for its
drilling program in the Puntland area of Somalia (OGJ, Sept. 3, 2007, p. 34).
ETP Rig. No. 3, under construction in the Shengli fabrication yard in
Dongying, China, is scheduled for delivery in mid-May. It's a 1,500-hp top-drive
unit with three 1,600-hp pumps.
Africa Oil's day-rate contract covers two wells with a two-well option. Under
a farmout from Range Resources Ltd., Perth, it will earn an 80% participating
interest by drilling two wells each in the Puntland area's Nogal and Dharoor
basins (OGJ, Mar. 26, 2007, p. 33).
It plans to spud the first Somali well in July.
ETP, a wholly owned subsidiary of Catur Khita Persada of Indonesia, owns four
land rigs.
http://www.ogj.com
Range Resources says partner Africa Oil contracts rig for Puntland drilling
LONDON (Thomson Financial) - Range Resources Ltd said its 80 pct joint venture
partner, Africa Oil, has contracted a rig to begin drilling the Puntland oil and
gas concession this year.
Africa Oil said the drilling will begin before Aug 1 and the contract -- signed
with Singapore's Energi Tata Persada Pte Ltd -- covers the drilling of two wells
with a two well option.
No financial details were provided, but the company said the deal was negotiated
at competitive rates.
Puntland is a semiautonomous region of northeast Somalia.
TFN.newsdesk@thomson.com jro/slm
http://www.asx.com.au/asxpdf/20080228/pdf/317qn2q499hmpy.pdf
http://www.asx.com.au/asxpdf/20080131/pdf/3177dlb7bcp8xb.pdf
Faafin: SomaliTalk.com | Feb 29, 2008 |