Africa Oil Corp (AOC) says drilling and testing results from the Venus-1X, Venus-1A, Venus-2A, and Mangetti-1X wells, completed in 2023 and the first half of 2024, support the development of the Venus oilfield.
The Canadian-listed oil and gas company holds a 31.1% shareholding in Impact Oil & Gas, which in turn holds 18.89% and 20% participating interest, respectively, in Block 2912 and Block 2913B in the Orange Basin.
The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%), and state-owned NAMCOR (10%).
“The technical studies to be carried out during 2024 are expected to define the Venus development concept,” African Oil Corp said in its Q2 2024 results.
Africa Oil Corp said in addition to the Venus opportunity, the Company has retained upside exposure to appraisal and exploration opportunities, which could significantly increase the existing discovered resource base on Blocks 2912 and 2913B.
“Processing of data from the 3D seismic data survey that was completed during H1 2024 could better define the prospectivity on Block 2193B to the south of the Venus discovery. The joint venture will consider drilling further high-impact exploration wells on separate fan structures on this block in late 2024 or 2025 once the 3D seismic interpretation work is completed.”
The Mangetti-1X exploration well, located approximately 35 km to the northwest of the Venus-1X well, also intersected hydrocarbon bearing intervals in the Mangetti and Venus fans.
The operator has commenced planning a well to appraise the Mangetti Fan.
This comes as in January 2024, the Company announced a strategic farmout agreement between its investee company Impact Oil and Gas Limited and TotalEnergies that allows the Company to continue its participation in the world-class Venus oil development project.
Furthermore, to follow up on the exploration and appraisal campaign on Blocks 2913B and 2912 with no upfront costs.
“Completion of this transaction will free up the Company’s balance sheet for the pursuit of other growth opportunities and shareholder capital returns. At the date hereof, AOC has an interest in this programme through its 31.1% shareholding in Impact, which in turn has a 20.0% WI in Block 2913B (PEL 56) and 18.9% in Block 2912 (PEL 91),” said AOC.
AOC noted that on closing the farm-out transaction with TotalEnergies, Impact will retain a carried 9.5% WI in each of the two blocks.
Africa Oil plans to complete the purchase of the shareholdings of certain minority shareholders of Impact in Q3 2024.
