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.
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.
Africa Oil’s Shareholding in Prime Oil & Gas B.V. (50%)
| Country | Concession | Working Interest | |
|---|---|---|---|
| Nigeria | OML 127 | Prime Chevron Corporation Famfa Oil |
8% 32% 60% (carried) |
| OML 130 – PSA1 | Prime Total SAPETRO |
16% 24% 10% (carried) |
|
Africa Oil’s Direct Working Interests2
| Country | Concession | Gross Acreage (km2) | Working Interests | |
|---|---|---|---|---|
| Kenya | 10BA | 11,760 | AOI Total Tullow (Operator) |
25% 25% 50% |
| 10BB | 8,835 | AOI Total Tullow (Operator) |
25% 25% 50% |
|
| 13T | 6,296 | AOI Total Tullow (Operator) |
25% 25% 50% |
|
| South Africa | 3B/4B | 17,581 | AOI (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 is therefore 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.