Africa Oil is an international oil and gas exploration and development company, based in Canada, with oil and gas interests in Kenya. The Company has also made equity investments in a number of international oil and gas exploration companies and has announced a proposed transaction to acquire an interest in a Company holding interests in producing and developing oilfields in deep-water Nigeria.
The Company's long-range plan is to increase shareholder value through the acquisition, exploration, development and production associated with oil and gas assets. Africa Oil has actively explored on multiple onshore exploration blocks in various under-explored geological settings in East Africa. The Company has made numerous oil discoveries in the South Lokichar Basin (Blocks 10BB and 13T) located in the Tertiary Rift trend in Kenya. Appraisal activities are ongoing with the goal of sanctioning development of the oil fields in the South Lokichar Basin.
In July, 2019, Africa Oil announced that its wholly-owned subsidiary, Africa Oil SA Corp., had entered into a definitive farmout agreement with Azinam Limited, whereby Africa Oil acquires a 20% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa.
Africa Oil also continues to evaluate potential acquisition and mergers, focusing on Africa.
Detailed project descriptions are available in the Company's Financial Reports
and Annual Information Form