Africa Oil Corp.  has disclosed that an independent review of the Company’s prospective resources has been completed by RISC Advisory (UK) Limited, in accordance with Canadian National Instrument 51-101 – Standards for Oil and Gas Activities (NI 51-101), the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and the Petroleum Resources Management System 2018 (PRMS). The effective date of RISC’s report was dated March 7, 2023.

Highlights

According to the report, RISC reviewed the prospective resources and probability of geological success of an inventory of exploration prospects within Block 3B/4B and have reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent (“boe”). Probability of success ranges from 11% to 39% over the 24 prospects identified.

The prospect inventory evaluated by RISC has been identified following completion of the reprocessing of 2,200 km² of 3D seismic data and knowledge of the regional geology of play-opening discoveries in the Orange Basin, offshore Namibia, including TotalEnergies’ Venus discovery and Shell’s Graff, La Rona, and Jonker discoveries.

Africa Oil is the operator of Block 3B/4B with a 20% participating interest, and its partners have progressing plans to conduct a two-well campaign on Block 3B/4B as discussions are in top gear with various potential partners to farm out up to a 55% gross working interest in the Block.

About Block 3B/4B

Block 3B/4B covers an area of 17,581 km² within the Orange Basin offshore of the Republic of South Africa. Africa Oil is the Operator with a 20.00% participating interest, Ricocure Pty. Limited holds a 53.75% interest and Azinam South Africa Limited, a subsidiary of Eco Atlantic Oil & Gas Ltd., has a 26.25% interest.

RISC has reviewed the prospective resources and probability of geological success of 24 exploration prospects within Block 3B/4B in accordance with the PRMS. The report provides an evaluation of prospective resources from a prospect inventory identified using 3D seismic data and follows completion of the reprocessing of 2,200 km² of 3D seismic data and play-opening discoveries in Namibia including TotalEnergies’ Venus discovery and Shell’s Graff, La Rona, and Jonker light oil discoveries. These discoveries prove the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in the AOC 3B/4B Exploration Right. Prospects in Block 3B/4B are identified using 3D seismic data to assess the presence of seismic attributes including amplitude-variation-with-offset (AVO) or direct hydrocarbon indicators (DHI’s).   “Africa Oil is at the forefront of the exciting appraisal and exploration activities in the Orange Basin, probably the most sought-after new petroleum region globally. We are the only publicly-listed Independent E&P company with exposure to the transformational upside of the Venus discovery and its possible westerly extension. We are also excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3D seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange Basin. We are keen to begin drilling our first prospect, possibly as soon as 2024, and we will start the environmental impact surveys this month,” Africa Oil Chief Executive Officer, Keith Hill, commented.