RISC completes Reserves reporting for Africa Oil Corp’s Nigerian Assets

RISC was commissioned by Africa Oil Corp. to report on the interests it holds in the reserves and contingent resources of Prime Oil & Gas Coöperatief U.A. as part of its financial reporting to the Toronto Stock Exchange (TSX) for year-ending 2020.

The interests include two world-class deep-water blocks in Nigeria, OML 127 and 130.  The portfolio includes three producing fields (Agbami, Akpo and Egina), one development progressing through FEED prior to expected FID early in 2021 (Preowei), and two undeveloped oil discoveries (Ikija and Egina South).

RISC used its evaluation of the reserves and contingent resources as the basis for reporting. This was in accordance with Canadian National Instrument 51-101 (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (COGE Handbook).

Africa Oil Corp. reported positive news on the Nigerian assets with a 2P reserves replacement ratio of 117% due to strong reservoir performance at all three producing fields.

More information can be found in Africa Oil’s Year End 2020 Statement announcement on their website.

Africa Oil Corp’s Nigerian Assets

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.

RISC has over 25 years of experience delivering Competent Persons Reports (CPRs), independent expert opinion, due diligence, and reserves and resources reports to organisations around the world. Our reserves reports are used worldwide to support project financing and filings to stock exchanges. This includes LSE, AIM, ASX. TSX, OSL, SGX, KLSE and others.

We have a track record of providing comprehensive and independent advice that is relied upon relied upon by leading finance houses for acquisition and project finance.

To view some of our most recent reports please head over to our public reports section of the website.

For more information on our report please contact us.