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Thursday, May 12, 2016
Africa Oil Corp. saw its contingent resources in Kenya’s South Lokichar Basin increase after an independent assessment by DeGolyer and MacNaughton Canada Ltd. (DMCL). The assessment covered the company’s Blocks 10BB and 13T.
The estimated gross 2C unrisked resources in the South Lokichar Basin have increased by 150 million barrels (or 24%) to 766 million barrels of oil.
Keith Hill, President and CEO, commented, “DMCL’s independent assessment confirms a significant increase in Contingent Resources for the South Lokichar Basin in Northern Kenya. Based on the continuing drilling and testing program over the past year our best estimate is now that the Company’s discoveries in the South Lokichar Basin contain gross unrisked Contingent Resources of 766 million barrels of oil (2C estimate) (Development Pending: 754 million barrels and Development Unclarified: 12 million barrels), an increase of 24% on previous estimates, and may contain as much as 1.63 billion barrels of gross oil Contingent Resources (3C estimate), an increase of 26%. The level of these resources gives us confidence that we will exceed the threshold required for development and we continue to push forward for development sanction during 2017.”
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