Dual-listed oil and gas investing company Westmount Energy Limited (AIM:WTE, OTCQB:WMELF) has noted the recent update from Africa Oil Corp (TSX:AOI). (AOC) regarding ongoing exploration and appraisal activities in the Orange Basin, offshore Namibia.
The update marks significant progress in the appraisal of the Venus light oil discovery on Blocks 2913B and 2912.
The Venus-1X discovery well has been successfully re-entered, sidetracked, and undergone drill stem testing, a crucial step towards the development of the first commercial oil production in Block 2913B.
This development is a part of the ongoing efforts to assess the potential of the Venus light oil discovery. The Venus-1A appraisal well, located approximately 13km north of Venus-1X, has also been successfully drilled, cored, and logged.
In the coming days, Venus-1A will to undergo a drill stem testing program using the Deepsea Mira rig.
Westmount has a 0.065% stable in AOC.
Chairman Gerard Walsh commented: "Today's positive update by our investee AOC confirms our view that the Orange basin is a major emerging, prolific, hydrocarbon province which offers Westmount shareholders continuing exposure to high-impact drilling outcomes, including the imminent Magnetti-1 exploration well.
“We also note the commentary provided yesterday at the TotalEnergies Investor Day presentations, with the operator of the giant Venus Discovery sufficiently confident, after the initial testing program of the Venus-1X discovery well, to declare that there will be an oil field development at Venus, thereby underpinning the forward appraisal and exploration program on Block 2913B.
“So an exciting program of testing and drilling lies ahead and we look forward to further newsflow in this regard."