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AFRICA OIL ANNOUNCES ENTRY INTO EQUATORIAL GUINEA FOR LOW COST, INFRASTRUCTURE-LED EXPLORATION OPPORTUNITIES
AFRICA OIL ANNOUNCES ENTRY INTO EQUATORIAL GUINEA FOR LOW COST, INFRASTRUCTURE-LED EXPLORATION OP...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES ENTRY INTO EQUATORIAL GUINEA FOR LOW COST, INFRASTRUCTURE-LED EXPLORATION OPPORTUNITIES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 20, 2023\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n – Africa Oil Corp.\n \n (\"Africa Oil\", \"AOC\" or the \"Company\") is pleased to announce that it has signed two production sharing contracts (\"PSCs\") with the Republic of\n \n Equatorial Guinea\n \n for offshore Blocks EG-18 and EG-31. These PSCs are subject to ratification by the country's government. Africa Oil will hold eighty per cent (80%) operated interests in each block with the balance to be held by GEPetrol, the national oil company of\n \n Equatorial Guinea\n \n . GEPetrol has the option of acquiring an additional fifteen percent (15%) participating interest in each block. Both blocks are covered by 3D seismic data and the total minimum work commitment for both blocks in the initial exploration periods is a combined total of\n \n USD 7 million\n \n , with no drilling commitment.\n \n View PDF version\n \n \n \n In Block EG-31 the Company has identified several gas-prone prospects in shallow water depths of less than 80 meters and close to existing infrastructure, including the offshore Alba gas field and the onshore Punta Europa  Liquefied Natural Gas (\"LNG\") Terminal. Potential future discoveries could present low-cost, low-risk gas development opportunities targeting international LNG markets.\n \n \n In Block EG-18 the Company has identified a potentially large and highly prospective basin floor fan prospect of Cretaceous age, that is similar to those within the Company's exploration portfolio in\n \n Namibia\n \n and\n \n South Africa\n \n .\n \n \n \n Africa Oil President and CEO\n \n Keith Hill\n \n commented\n \n : \"I am pleased to announce our entry into\n \n Equatorial Guinea\n \n with two highly-prospective offshore blocks. While we continue our primary focus on cash flowing production assets in order to underpin ...