- Africa Oil (AOI) has shared an update regarding the start of a multi-well evaluation and drilling program on the Venus discovery in Namibia
- the program is meant to start before the end of this month
- It will target up to four wells for appraisal wells and re-entry of the discovery well
- Drilling and potential flow tests will be done on the Venus and Nara prospects
- Africa Oil (AOI) is up 1.78 per cent, trading at $2.86 per share as of 11:11 a.m. EST
Africa Oil (AOI) has shared an update regarding the start of a multi-well evaluation and drilling program on the Venus discovery in Namibia.
According to the company, the program is meant to start before the end of this month. It will target up to four wells, including the re-entry of the Venus-1X discovery well in Block 2913B, to assess the discovery, as well as investigate a potential extension of Venus and the Nara prospect on Block 2912.
The first well drilled will be Venus-1A, on Block 2913B, and is the first appraisal well on the Venus discovery. A drill stem test will also be completed. Following this, the Venus-1X exploration well will be re-entered and side-tracked to conduct a second drill stem test.
Additionally, the Nara-1X, an exploration well on Block 2912, will be drilled and potentially flow tested. If the well proves successful, the Nara-1A appraisal well could then be drilled, and flow tested.
Only public company vested in large prospect
Africa Oil President and CEO Keith Hill, commented,
“We are the only publicly listed independent oil and gas company with an interest in Venus, and our material Orange Basin acreage presents a very attractive opportunity for investors looking for exposure to its potentially transformational upside.”
The Venus discovery is a light oil and associated gas field located nearly 300 kilometres off the southern coast of Namibia. The well was previously drilled and encountered a high-quality light oil-bearing reservoir. Africa Oil owns an indirect interest in the blocks through its investee company, Impact Oil & Gas.
Africa Oil (AOI) is up 1.78 per cent, trading at $2.86 per share as of 11:11 a.m. EST.