Africa Energy Corp. (AFE) (nasdaq first north:AEC) (“Africa Energy” or the “Company”), an oil and gas company with exploration assets Offshore South Africa and Namibia, is pleased to announce spud of the Brulpadda-1AX re-entry well on Block 11B/12B offshore South Africa. Africa Energy holds a 4.9% effective interest in Block 11B/12B. View PDF version.
Garrett Soden, Africa Energy’s President and CEO, commented, “The Brulpadda-1AX exploration well is a world-class, basin-opening opportunity in one of the last under-explored regions offshore Africa. We look forward to drilling results in the first quarter of 2019.”
Block 11B/12B is located in the Outeniqua Basin approximately 175 kilometers off the southern coast of South Africa. The area has a proven petroleum system from the nearby Sable and Oryx oil fields. The Brulpadda Prospect is one of five similar submarine fan prospects with direct hydrocarbon indicators defined utilizing 2D seismic surveys acquired across the Paddavissie Fairway in 2001 and 2005. The Brulpadda Prospect has gross prospective resources of more than 500 million barrels with significant follow-on potential in the success case.
The Brulpadda-1AX exploration well is being drilled in 1,432 meters of water by the Odfjell Deepsea Stavanger semi-submersible rig to a total depth of 3,420 meters subsea. The well will test the oil potential in a mid-Cretaceous aged deep marine fan sandstone system within combined stratigraphic/structural closure. Drilling and evaluation of the well is expected to take approximately 85 days with a gross budget of approximately US$154 million, including contingency for downtime due to weather.
Africa Energy holds 49% of the shares in Main Street 1549 Proprietary Limited, which has a 10% participating interest in Block 11B/12B. Total SA is operator and has a 45% interest in Block 11B/12B, while Qatar Petroleum and Canadian Natural Resources Limited have 25% and 20% interests, respectively.
Source: Africa Energy Corp.
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