Written by: Stephen Gunnion

Africa Oil Corp (TSX:AOI) has announced that investee company Impact Oil and Gas Limited reported positive drill stem test (DST) results for the Venus-1X well, its major light oil discovery on Block 2913B in the Orange Basin, off the coast of southern Namibia.

The company said the operator and its partners are now interpreting the results of the flow test for the well and incorporating them into the development studies, which are expected to be confirmed with the flow test of Venus-1A — the second successful well in the Venus discovery — in the fourth quarter of 2023.

“The successful Venus-1X DST program is a major milestone in the Venus campaign and, if confirmed by Venus-1A DST results, supports the commercial development of this world-class light oil discovery,” commented Africa Oil president and CEO Dr Roger Tucker.

“It is important to highlight that the opportunity here is not just about one discovery, and we expect that further work will be done to mature large-scale targets already identified on Block 2193B, including those to the south of Venus.”

The company noted that the Venus-1A appraisal well, which is about 13 kilometers (km) northwest of the Venus-1X discovery well, was successfully drilled to a total depth of 6,146 meters (m), cored and logged using the Tungsten Explorer drillship. The Deepsea Mira rig will re-enter Venus-1A imminently to undertake a DST program, it added.

The drillship will mobilize shortly to drill the Mangetti-1X well on Block 2913B, targeting a prospect located to the north of the Venus structure, with drilling expected to commence in October 2023.

“We have an exciting work program ahead of us and together with our other interests in the Orange Basin, we have a very exciting and attractive opportunity set,” Tucker added.

Updating investors on Block 2912 in the basin, Africa Oil said the joint venture is still evaluating the results from drilling at the Nara-1X well, roughly 30 km northwest of the Venus-1X well, which was drilled to a total depth of 6,181m.

A full wireline logging program was completed at the well, and a core taken. However, it was not flow tested as it was deemed non-commercial.

Africa Oil holds a 31% shareholding in Impact and has an effective interest of 6.2% in Block 2913B and an effective interest of 5.9% in Block 2912.

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