RISC completes YE2021 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 2021.

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 (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 102% due to strong operational performance at the producing fields.

More information can be found via the links:

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 is a recognised technical specialist with over 25 years’ experience delivering CPRs and Independent Expert services to organisations around the world. Internationally, RISC has completed Competent Person’s Reports and Independent Valuations for interests a variety of countries including the UK, Denmark, Ukraine, Indonesia, China, Vietnam, Senegal, Tunisia, Nigeria, Kurdistan, Madagascar, and Myanmar.

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.

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