Africa Oil announces spud of Sabisa well in South Omo Permit in Ethiopia
Monday, Jan 14, 2013Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI) (OMX:AOI) is pleased to announce the commencement of drilling operations on the Sabisa-1 well in the South Omo Block in Ethiopia. The well was spud on January 13, 2013 by the Operator, Tullow Oil Plc ("Tullow") and is currently drilling ahead. The well is expected to take approximately 60 days to reach the planned total depth of 2,600 meters. Africa Oil holds a 30% working interest in the block with Tullow holding a 50% interest and Agriterra Limited ("Agriterra") holding the remaining 20% interest. Marathon Oil Ethiopia B.V. ("Marathon") has announced a transaction to purchase Agriterra's interest in the South Omo Block. This transaction is subject to Ethiopian Government approval.
The South Omo Block is located in the northern portion of the Tertiary East African Rift trend where Africa Oil and their partner, Tullow, have made two significant discoveries in the Lokichar Basin of Kenya. The Sabisa well is located on a similar structural feature as those two discoveries, along a major basinal fault trend. The basin that this well is located in is slightly younger in age than the Lokichar Basin. One of the primary goals of this well is to prove that the petroleum system extends to the north which could open up a new sub-basin if successful. There are numerous prospects and leads on trend with Sabisa. Partners are currently acquiring 1,000 km of 2D seismic data in the Chew Bahir Basin, located in the eastern portion of the block. Prospects identified from this newly acquired survey could provide future drilling candidates that would test another sub-basin within the Tertiary rift trend.
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