Africa Oil Corp., which has an indirect interest in Blocks 2912 and 2913B in the Orange Basin, says the joint venture partners could drill high-impact exploration wells in 2024 or 2025.
The Canadian company has an indirect interest through its 31.1% shareholding in Impact Oil, which has a 20.0% working interest in Block 2913B and 18.9% in Block 2912.
The other joint venture partners are TotalEnergies, QatarEnergy, and Namcor.
Impact Oil entered the licence as an operator in 2014, acquiring 2D and 3D seismic data that defined the Venus prospect.
TotalEnergies joined Impact Oil in 2017, and QatarEnergy joined in 2019.
In its fourth quarter and full-year report for 2023, Africa Oil says the successful Venus-1X drill stem test and Venus-1A appraisal well, completed in 2023, support the commercial development case for the Venus oilfield.
The appraisal program and the development studies to be carried out in 2024 are expected to define the Venus development concept.
The Mangetti-1X exploration well, located approximately 35km northwest of the Venus-1X well, intersected hydrocarbon bearing intervals in the Mangetti fan prospect, a separate fan system from the Venus oil discovery. Mangetti-1X also achieved its secondary objective of successfully intersecting and appraising the northern area of the Venus discovery.
Drilling continues at the Venus-2A appraisal well, approximately 17 km northwest of the Venus-1X location. The results from these wells will be incorporated into the development studies.
In addition to the Venus opportunity, the company has retained upside exposure to the exploration opportunities that could significantly increase the existing discovered resource base in the event of success.
Furthermore, processing the 3D seismic data currently being acquired could better define the prospectivity of Block 2193B to the south of the Venus discovery.
The company says it made a strong start in delivering its 2024 business plan with the strategic farm-out agreement between its investee company, Impact Oil, and TotalEnergies for the two Orange Basin Blocks.
The farm-out transaction with TotalEnergies leaves Impact Oil with a 9.5% working interest in each of the two blocks.
Africa Oil says the farmout transaction allows the company to continue participating in the world-class Venus light oil development project and the follow-on exploration and appraisal program on the Blocks at no upfront cost.
In its fourth quarter and full-year report for 2023, Africa Oil says the successful Venus-1X drill stem test and Venus-1A appraisal well support the commercial development case for the Venus oilfield.
The appraisal program and the development studies to be carried out in 2024 are expected to define the Venus development concept.
The Mangetti-1X exploration well, located approximately 35km northwest of the Venus-1X well, intersected hydrocarbon bearing intervals in the Mangetti fan prospect, a separate fan system from the Venus oil discovery. Mangetti-1X also achieved its secondary objective of successfully intersecting and appraising the northern area of the Venus discovery.
Drilling continues at the Venus-2A appraisal well, approximately 17 km northwest of the Venus-1X location. The results from these wells will be incorporated into the development studies.
In addition to the Venus opportunity, the company has retained upside exposure to the exploration opportunities that could significantly increase the existing discovered resource base in case of success.
Furthermore, processing the 3D seismic data currently being acquired could better define the prospectivity of Block 2193B to the south of the Venus discovery.
The company says it made a strong start in delivering its 2024 business plan with the strategic farm-out agreement between its investee company, Impact Oil, and TotalEnergies for the two Orange Basin Blocks.
The farm-out transaction with TotalEnergies leaves Impact Oil with a carried 9.5% working interest in each of the two blocks.
Africa Oil says the farmout transaction allows the company to continue participating in the world-class Venus light oil development project and the follow-on exploration and appraisal program on the Blocks at no upfront cost.
Africa Oil’s cash and cash equivalents as of December 31, 2023, were US$232 million.
