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Africa Oil announces significant increase 2C oil resources

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Oilfield Technology,

Africa Oil Corp. has reported that an independent assessment of the Company's Contingent Resources in the South Lokichar Basin located in Blocks 10BB and 13T in Kenya has been completed by DeGolyer and MacNaughton Canada Ltd (DMCL).

The estimated gross 2C unrisked resources in the South Lokichar Basin, Kenya have increased by 150 million bbls (or 24%) to 766 million bbls of oil (Development Pending: 754 million barrels and Development Unclarified: 12 million barrels).

Keith Hill, President and CEO, commented: "DMCL's independent assessment confirms a significant increase in Contingent Resources for the South Lokichar Basin in Northern Kenya. Based on the continuing drilling and testing program over the past year our best estimate is now that the Company's discoveries in the South Lokichar Basin contain gross unrisked Contingent Resources of 766 million bbls of oil (2C estimate) (Development Pending: 754 million bbls and Development Unclarified: 12 million bbls), an increase of 24% on previous estimates, and may contain as much as 1.63 billion bbls of gross oil Contingent Resources (3C estimate), an increase of 26%. The level of these resources gives us confidence that we will exceed the threshold required for development and we continue to push forward for development sanction during 2017."

Edited from press release by

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