The Canadian oil and gas company Africa Oil Corp. says the Orange Basin off the Namibian coast was the impactful catalyst for the remainder of 2023.
Africa Oil Corp cited the flow test results from the Venus-1A appraisal well and the outcome of the Mangetti-1X exploration well under PEL 56 on Block 2913B and 2912.
PEL 56 belongs to TotalEnergies, QatarEnergies, Impact Oil and Gas and Namcor.
Africa Oil Corp has an indirect 6% interest in PEL 56 through its 31.1% shareholding in Impact Oil and Gas, which has a 20% working interest in PEL 56, giving Africa Oil a 6.2% interest in the license.
According to Africa Oil Corp, the Deepsea Mira rig performed the DST program for Venus-1X well with positive results achieved, supporting the case for the Venus field’s commercial development as confirmed by TotalEnergies public statements that there will be an oil development on Venus.
“The results for Venus-1X are being incorporated in the development studies and are expected to be confirmed by the Venus-1A DST program, currently being carried out by Deepsea Mira,” Africa Oil Corp said in its third quarter report for 2023.
During the third quarter, Africa Oil Corp also said the Tungsten Explorer rig drilled the Nara-1X exploration well in Block 2912, approximately 30km northwest of Venus-1X.
The company further said the formation was encountered on prognosis, and a thick interval was drilled with oil and gas shows.
“This outcome confirms the presence of a working petroleum system at the Nara-1X location, a considerable distance from Venus-1X and Venus-1A locations,” the company concluded.
Africa Oil Corp pointed out that Impact Oil and Gas raised US$40m in October 2023 to fund its participating share of costs for the remainder of 2023, including the ongoing appraisal of the Venus discovery, drilling of the Mangetti-1X exploration well and further 3D seismic acquisition for the southern part of Block 2913B to cover the Damara and South Damara structures that have been identified on 2D seismic.
