VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") announces that the testing program at the Twiga South-1 oil discovery in Kenya has now been successfully completed. The fifth and final Drill Stem Test ("DST") flowed at a rate of 461 bopd bringing the cumulative flow rate up to 2,812 bopd, constrained by surface equipment. With optimised equipment these flow rates would increase to a cumulative rate of around 5,200 bopd.
High quality 37 degree API waxy sweet crude was flowed from all three zones in the Auwerwer formation with good quality reservoir sands encountered. The well has been suspended as a potential future production well.
As with DST 4A, a Progressive Cavity Pump (PCP) was used to artificially lift at DST 5, whilst DST 3 flowed naturally. Two additional zones were tested in the tight reservoir rock at the base of the well and, as anticipated, both produced at sub-commercial rates but confirmed the presence of movable oil.
These results provide encouragement for the forthcoming testing program at Ngamia-1A where at least four zones are planned to be tested using the Weatherford 804 rig. Testing activities are expected to commence in March and complete by the end of May.
Keith Hill, President and CEO of Africa Oil Corp., commented, "By demonstrating the good reservoir quality of the Auwerwer sands, we take a large step forward in our program to establish a commercially viable oil development project in Kenya. We look forward to the upcoming tests at Ngamia which we believe will also give similar flow rates and provide evidence on the lateral distribution of these key reservoir sands."
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its approximate 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil's recent Ngamia-1 and Twiga South-1 discoveries extend the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward- looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.
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