Operations

Project Overview

FULL CYCLE AFRICA FOCUSED

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.

Africa Oil’s Shareholding in Prime Oil & Gas B.V. (50%)

CountryConcessionWorking Interest 
NigeriaOML 127Prime
Chevron Corporation
Famfa Oil
8%
32%
60% (carried)
OML 130 – PSA1Prime
Total
SAPETRO
16%
24%
10% (carried)

Africa Oil’s Direct Working Interests2

CountryConcessionGross Acreage (km2)Working Interests
Kenya10BA11,760AOI
Total
Tullow (Operator)
25%
25%
50%
10BB8,835AOI
Total
Tullow (Operator)
25%
25%
50%
13T6,296AOI
Total
Tullow (Operator)
25%
25%
50%
South Africa3B/4B17,581AOI (Operator)
Azinam
Ricocure (Pty) Ltd
20%
20%
60%

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.

South Lokichar Development

Kenya

  • Joint Venture Partners: Tullow Oil plc. (50% Operator), Total (25%), Africa Oil (25%)
  • Onshore development of South Lokichar discovery located in Blocks 10BB/13T and associated pipeline to Kenyan Coast
  • JV partners are designing a field development plan in collaboration with the government of Kenya
  • Focus on the use of renewable energy sources for the project's power requirements
  • Efforts underway to bring in a partner with strong financial and operating abilities to move the project into development

Nigeria Deepwater

Nigeria

  • Nigeria key cash flow generating projects: Egina, Akpo and Agbami fields 3 of the top 5 oil producing fields in West Africa
  • 50% equity interest in Prime
  • Prime holds an 8% interest in block OML 127 containing the Agbami Field and a 16% interest in OML 130 containing the Akpo Field and the Egina Field
  • Combined gross field production of 450,000 BOEPD in 2020

Portfolio Equity Investments

Exploration

Multiple portfolio investments providing exposure to high impact exploration areas: Guyana, Namibia, South Africa

Proven Track Record

Africa Oil is lead by a highly successful management with proven exploration and development track record. Extensive experience throughout Africa.