Africa Oil ( (TSE:AOI) ) has shared an update.
Africa Oil Corp announced that the Marula-1X well, drilled offshore Namibia, did not encounter hydrocarbons in its primary target. Despite this, the company remains optimistic due to a farm-down agreement with TotalEnergies, which covers exploration and development costs, allowing them to explore different geological plays without upfront expenses. This development could impact their strategic positioning in the Orange Basin, potentially influencing future exploration activities and stakeholder interests.
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, with significant interests in the Orange Basin and the Venus light oil project offshore Namibia. It is publicly traded on the Toronto Stock Exchange and Nasdaq Stockholm.
YTD Price Performance: -1.87%
Average Trading Volume: 175,237
Technical Sentiment Signal: Buy
Current Market Cap: $889.5M
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