VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or "the Company") announces the temporary suspension of the Paipai-1 exploration well in Kenya for ongoing evaluation.
The well, located in the Marsabit County of Kenya Block 10A, was drilled to a total depth of 4,255 metres and successfully logged. The well was drilled to evaluate a large structural closure of Cretaceous age in the Anza Basin.
Light hydrocarbon shows were encountered while drilling a 55 metre thick gross sandstone interval. This sandstone is overlain by a 200 metre thick Cretaceous source rock which forms an effective regional top seal and yielded oil and gas shows throughout the section while drilling. Attempts to sample reservoir fluids were unsuccessful and the hydrocarbons encountered while drilling were not recovered to surface. It was not possible to test the well at this time due to the unavailability in country of testing equipment capable of handling the higher reservoir pressures encountered at this depth. The well has consequently been temporarily suspended pending further data evaluation.
After suspension operations have been concluded at Paipai, the rig will move to the South Lokichar Basin in Block 10BB and drill the Etuko prospect in the undrilled basin flank play. The move is expected to take 3 months.
Tullow has a 50% operated interest in the Paipai-1 well, Block 10A, with Africa Oil holding 30% and Afren holding the remaining 20%.
Keith Hill, President and CEO, commented, "We are very encouraged by the results of the Paipai well which appears to demonstrate a working petroleum system and indicates that the Anza Basin has the makings of a viable Cretaceous hydrocarbon play. This result has positive implications not only for our Block 10A acreage, but also in Block 9 where we are preparing to drill a similar, albeit shallower, prospect with our partner Marathon. If this result is confirmed by testing, it would be a strong addition to our already proven Tertiary rift play to the west."
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia 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 discovery extends 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".
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