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The latest announcement is out from Africa Oil ( (TSE:AOI) ).
Africa Oil Corp. announced an operational update on its Marula-1X drilling operation in Namibia’s Orange Basin, where no hydrocarbons were found in the primary target. Despite the lack of discovery, the company remains optimistic due to its farm-down agreement with TotalEnergies, which covers exploration and development costs, allowing Africa Oil to explore geological plays without upfront expenses. This strategic move could enhance the company’s exploration capabilities and market positioning in the region.
More about Africa Oil
Africa Oil is an independent upstream oil and gas company with operations in Nigeria, Namibia, South Africa, and Equatorial Guinea. The company focuses on deepwater assets, particularly in Nigeria, and holds significant interests in the Orange Basin, including the Venus light oil project offshore Namibia. Africa Oil is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol ‘AOI’.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
See more insights into AOI stock on TipRanks’ Stock Analysis page.