VANCOUVER, BC, Dec. 7, 2020 /CNW/ - Africa Energy
Corp. (TSXV: 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
drill stem test results for the Luiperd-1X well, the second major
discovery on Block 11B/12B offshore South
Africa. View PDF version
Jan Maier, Africa Energy's VP
Exploration, commented, "The Luiperd discovery proves that the
Outeniqua Basin offshore South
Africa is a world-class hydrocarbon province that remains
highly under-explored. Luiperd-1X intersected 85 meters gross sands
of which 73 meters is net good quality pay in the main target
interval and thicker than prognosed. The well reached total depth
of approximately 3,400 meters on October 12,
2020, at which point the drill stem testing program was
initiated. We are very pleased with the positive test results that
show high condensate yield and excellent reservoir connectivity.
These results confirm the joint venture's decision to proceed with
development studies and to engage authorities about
commercialization."
The Luiperd-1X well was opened to flow on November 1, 2020. After several tests at
different choke settings, the well reached a maximum constrained
flowrate through a 58/64" choke of 33 million cubic feet per day of
natural gas ("MMcfpd") and 4,320 barrels of condensate per day
("bcpd"), an aggregate of approximately 9,820 barrels of oil
equivalent per day ("boepd"). The choke configuration could not be
increased due to surface equipment limitations. The absolute open
flow ("AOF") potential of the well is expected to be significantly
higher than the restricted test rates.
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 now includes both the Brulpadda and Luiperd
discoveries, confirming the prolific petroleum system. The original
five submarine fan prospects in the fairway all have direct
hydrocarbon indicators recorded on both 2D and 3D seismic data and
intersected in the wells, significantly de-risking future
exploration.
Africa Energy holds 49% of the shares in Main Street 1549
Proprietary Limited, which has a 10% participating interest in
Block 11B/12B. Total E&P South Africa B.V. is operator
and has a 45% participating interest in Block 11B/12B.
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 in Toronto on
TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy 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 December 7,
2020 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.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information, including the AOF of the Luiperd-1X
well and the future success of drilling on Block 11B/12B. 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", "planned" 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, timing
and costs of seismic, drilling and testing activity in the
Company's area of operations and, uninsured risks, regulatory
changes, defects in title, availability of funds required to
participate in the exploration activities, 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.
SOURCE Africa Energy Corp.
