- Africa Oil Corp. participated in a $40.0 million equity placement by Impact after the period ended.
- Prime distributed a dividend of $125.0 million, $62.5 million net to the company’s 50% shareholding.
Africa Oil Corp. has announced its operating and interim condensed consolidated financial results for the three and nine months ended September 30, 2023. The press release also contains the completed Venus-1X drill stem testing (DST) program after flowing oil at positive rates, supporting the Venus commercial development case. The operator’s public statements confirmed that there will be an oil development on Venus.
The release read in part, “Prime distributed a dividend of $125.0 million, $62.5 million net to the company’s 50 per cent shareholding. In Q3 2023, OML 127 was voluntarily converted to operate under the new Petroleum Industry Act from March 1, 2023, and is now subject to a 30% Corporate Income Tax regime compared to the previous 50% Petroleum Profit Tax regime. The OML 130 drilling campaign continues with two water injection wells and one production well on the Egina oil field completed and put online. Q3 2023 average daily WI production rate of 20,300 boepd was approximately 4% higher than Q2 2023 average of 19,500 boepd.”
The Africa Oil President and CEO, Roger Tucker, stated, “Third quarter 2023 was a positive period for the company with notable achievements for our two main assets offshore Namibia and Nigeria. The Venus-1X testing program achieved positive flow rates for the world-class Venus light oil discovery offshore Namibia. I want to note the public statements by the operator, TotalEnergies, that there will be a development on the Venus field.