VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE: AOI) (OMX: AOI) is pleased to announce the commencement of drilling operations on the Sabisa-1 well in the South Omo Block in Ethiopia. The well was spud on January 13, 2013 by the Operator, Tullow Oil Plc ("Tullow") and is currently drilling ahead. The well is expected to take approximately 60 days to reach the planned total depth of 2,600 meters. Africa Oil holds a 30% working interest in the block with Tullow holding a 50% interest and Agriterra Limited ("Agriterra") holding the remaining 20% interest. Marathon Oil Ethiopia B.V. ("Marathon") has announced a transaction to purchase Agriterra's interest in the South Omo Block. This transaction is subject to Ethiopian Government approval.
The South Omo Block is located in the northern portion of the Tertiary East African Rift trend where Africa Oil and their partner, Tullow, have made two significant discoveries in the Lokichar Basin of Kenya. The Sabisa well is located on a similar structural feature as those two discoveries, along a major basinal fault trend. The basin that this well is located in is slightly younger in age than the Lokichar Basin. One of the primary goals of this well is to prove that the petroleum system extends to the north which could open up a new sub-basin if successful. There are numerous prospects and leads on trend with Sabisa. Partners are currently acquiring 1,000 km of 2D seismic data in the Chew Bahir Basin, located in the eastern portion of the block. Prospects identified from this newly acquired survey could provide future drilling candidates that would test another sub-basin within the Tertiary rift trend.
Africa Oil President Keith Hill commented, "This is an exciting well which has the potential to de-risk a large portion of our current portfolio of prospects. With the aggressive exploration campaign planned with our partners Tullow and Marathon in 2013, we will have the opportunity to dramatically change the profile of the Company in the upcoming year. With our recent financing completed, we are well situated to execute one of the most exciting exploration campaigns in the world class East African play fairway."
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.
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