VANCOUVER, Sept. 24, 2018 /CNW/ -
Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas company with exploration assets offshore Namibia and South Africa, announces that the Cormorant-1 exploration well on Petroleum Exploration License 37 ("PEL 37") offshore the Republic of Namibia encountered non-commercial hydrocarbons. Africa Energy holds a 10% effective interest in PEL 37. View PDF Version
PEL 37 covers 17,295 square kilometers in the Walvis Basin offshore Namibia approximately 420 kilometers south of the Angolan-Namibian border. The Cormorant-1 well, located in 548 meters of water, was drilled safely and efficiently by the Ocean Rig Poseidon drillship to a total depth of 3,855 meters. The well has been plugged and abandoned.
The Cormorant-1 exploration well penetrated a 50-meter fan system within the Cormorant Prospect. Interbedded sandstones were encountered in the primary objective of the Cormorant-1 well but proved to be water bearing. Wet gas signatures, indicative of oil, were encountered in the overlying shale section. Important geological data has been gained from this well, and, in combination with high quality 3D seismic data, will provide valuable insights into the future prospectivity of PEL 37 where several additional prospects with significant resource potential have been mapped.
Jan Maier, Africa Energy's VP Exploration, commented, "While we are disappointed that our first well this year did not discover commercial hydrocarbons, we are encouraged that it confirmed the existence of a mid-Cretaceous aged deep marine fan sandstone system with further potential in the play. Our second well is scheduled for December and will target a larger prospect with a higher chance of success on Block 11B/12B in South Africa."
Africa Energy owns one-third of Pancontinental Namibia (Pty) Ltd, which holds a 30% participating interest in PEL 37, resulting in a 10% effective interest for the Company. PEL 37 is operated by Tullow Namibia Ltd, which holds 35%, with partners ONGC Videsh Ltd. and Paragon Investment Holdings (Pty) Ltd, holding 30% and 5%, respectively.
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