AFRICA OIL ANNOUNCED that an independent assessment of the companys contingent and prospective resources has been completed by Gaffney, Cline & Associates. The effective date of the report is December 1, 2009.
p>AFRICA OIL ANNOUNCED that an independent assessment of the companys contingent and prospective resources has been completed by Gaffney, Cline & Associates. The effective date of the report is December 1, 2009.
The company's assets in East Africa contain major oil resource potential. Africa Oil operates Production Sharing Contracts in Kenya, Ethiopia and Puntland (Somalia). The company also has a non-operated block in Kenya (Block 9). These blocks contain under-explored plays in basins that have proven and productive analogues, or where the petroleum system is calibrated by existing well and seismic data.
Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "We are very pleased that this independent assessment confirms the company's view that we have assembled a highly prospective pool of East African exploration properties. The impact of a discovery in any of these countries would be of major significance to us. The aggressive seismic and drilling programs planned across all geographic areas of interest over the next two years are designed to convert these large potential resources into reserves."
