VANCOUVER, Nov. 8, 2019 /CNW/ - Africa Energy Corp. (TSX
Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy"
or the "Company"), an oil and gas company with exploration assets
offshore South Africa and
Namibia, is pleased to announce
the award of new 2D and 3D seismic programs on Block 11B/12B offshore
South Africa. The operator of
Block 11B/12B, Total E&P South Africa B.V. ("Total"),
has contracted Shearwater GeoServices Holding AS ("Shearwater") for
the 2D seismic survey and Petroleum Geo-Services ASA ("PGS") for
the second phase of 3D seismic on the block. Both surveys are
expected to begin in December 2019
and continue through April 2020. PDF
Version.
Jan Maier, Africa Energy's VP
Exploration, commented, "The award of the 2D and 3D seismic
contracts demonstrates Total's commitment to move forward quickly
with the exploration and appraisal program on Block 11B/12B offshore
South Africa. Following the major
Brulpadda oil and gas discovery in February this year, the joint
venture partners conducted a 570 square kilometer 3D survey with
Polarcus in March and April. We have now analyzed the coring and
logging data from Brulpadda and integrated the fast-track 3D data
from the Polarcus survey. This data assisted us in choosing the
location of the next exploration well, Luiperd-1, which is expected
to spud in Q1-2020. The 3D data validated the use of seismic as a
direct hydrocarbon indicator, significantly de-risking the
remaining prospects on trend. The first phase of 3D data also gave
us more insight into the geometry and thicknesses of the reservoir
sequences, confirming the large resource potential of the
Paddavissie Fairway."
Total has contracted Shearwater to acquire an initial program of
3,650 linear kilometers of 2D seismic using the Multi-Purpose
Vessel ("MPV") SW Cook with fast-track processing onboard. The 2D
seismic program will attempt to define the lead and prospect
inventory of the large under-explored area in Block 11B/12B to the east
of the Paddavissie prospects.
The operator has contracted PGS to acquire 2,200 square
kilometers of 3D seismic using the PGS Apollo seismic vessel. In
this second phase of 3D seismic work on the block, Total plans to
cover the remainder of the Paddavissie Fairway to better delineate
the prospects and leads identified on the previous 2D and 3D
surveys.
In parallel with the new 2D and 3D seismic programs, Total
remains committed to drilling up to three exploration wells on
Block 11B/12B in 2020. The Luiperd-1 exploration well
is expected to spud with the Odfjell Deepsea Stavanger rig in
Q1-2020 and will target large prospective resources approximately
40 kilometers northeast of the Brulpadda discovery.
Block 11B/12B is located in the Outeniqua Basin 175
kilometers off the southern coast of South Africa. The block covers an area of
approximately 19,000 square kilometers with water depths ranging
from 200 to 1,800 meters. The Paddavissie Fairway in the southwest
corner of the block includes the Brulpadda discovery and several
large submarine fan prospects that have been significantly
de-risked by the discovery and subsequent 3D seismic work.
Africa Energy holds 49% of the shares in Main Street 1549
Proprietary Limited, which has a 10% participating interest in
Block 11B/12B. Total SA is operator and has a 45% interest
in Block 11B/12B, while Qatar Petroleum and Canadian Natural
Resources Limited have 25% and 20% interests, respectively.
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 on TSX Venture Exchange (ticker "AFE") and Nasdaq
First North Growth Market (ticker "AEC"). Africa Energy Corp. 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 November 8, 2019 at
1:00 a.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is Pareto Securities AB, +46 8 402 5000,
certifiedadviser.se@paretosec.com.
Disclaimer
This disclosure includes opinions of Africa Energy Corporation
and not necessarily that of the Block 11B/12B Operator or
the Joint Venture partners.
Forward-looking statements
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 and
opportunities, which are based on assumptions of management.
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 certain 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, including results and costs
of exploratory drilling and seismic activity in Block 11B/12B, uninsured
risks, regulatory changes, defects in title, availability of funds
required to participate in the drilling activity, or of financing
on reasonable terms, availability of materials and equipment,
timeliness of government or other regulatory approvals, actual
performance of facilities, 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.
PGS Apollo
SOURCE Africa Energy Corp.
