Continental Focus, International Reach

Africa Oil Ready for Seismic in Ethiopia

Friday, January 23, 2015

Africa Oil Corp. saw a seismic crew mobilized in Ethiopia on the Rift Basin Area Block. The acquisition of the 400 to 800 km survey is expected to commence at the end of January. The company said that source rock outcrops and oil slicks on the lakes have been identified in the block where there is no existing seismic or wells. Africa Oil is operator with a 50% stake in the block, partnered with Marathon Oil Ethiopia Limited B.V. with a 50% stake.

The company has also been extremely busy in Kenya in conjunction with its Tullow Oil partnership. Block 10BB has seen a number of wells drilled, including the Epir-1 exploration well and a host of Ngamia appraisal wells.

Moving forward Africa Oil said in light of the current market conditions it had worked closely with its partners to streamline its 2015 work program in Africa, with Keith Hill, Africa Oil president and CEO commenting, “We are well positioned to weather the current downturn in oil prices with no debt, primarily discretionary spending and low operating and development costs. Our goal in 2015 will be to keep the project moving forward while being financially conservative until oil prices show signs of recovery. We are also working closely with partners and host governments to move the pipeline project forward and resolve remaining tax and fiscal issues in the new pricing environment.”


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