Africa Oil Corp. is a Canadian oil and gas exploration company with producing and development assets in deep-water offshore Nigeria, and development assets in Kenya. The Company also has a portfolio of exploration assets in Guyana, Kenya, Namibia, Nigeria, South Africa and in the Senegal Guinea Bissau Joint Development Zone ("AGC"). The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies including Prime Oil & Gas Coöperatief U.A.("Prime"), Africa Energy Corp., Eco (Atlantic) Oil & Gas Ltd. and Impact Oil and Gas Ltd.
|OML 130 – PSA1||Prime|
|Country||Concession||Gross Acreage (km2)||Working Interests|
|South Africa||3B/4B||17,581||AOI (Operator)|
Ricocure (Pty) Ltd
1. 50% of the production from OML 130 is covered by a PSA, in which Prime owns a 32% Working Interest. Prime’s net Working Interest in OML 130 istherefore 16%.
2. Net working interests are subject to back-in rights or carried working interests, if any, of the respective governments or national oil companies of the host governments.
Africa Oil's long-range plan is to increase shareholder value through the acquisition, exploration, development, and production associated with oil and gas assets. On January 14, 2020, the Company closed the acquisition of a 50% ownership interest in Prime (previously known as Petrobras Oil and Gas B.V.). Through its shareholding in Prime, the Company has exposure to some of the best producing assets offshore West Africa. The Company has actively explored on multiple onshore exploration blocks in various under explored geological settings in East Africa and has acquired a participating interest in a block in South Africa (refer to table below). The Company has made numerous oil discoveries in the South Lokichar Basin (Blocks 10BB and 13T) located in the Tertiary Rift trend in Kenya. The Company will continue to consider acquisition and merger opportunities, focusing on Africa.