Africa Oil Corp (TSX:AOI) has provided an update on its offshore Namibia operations, following a drilling report from Impact Oil & Gas, in which Africa Oil holds a 39.5% stake.
Impact announced that it has completed drilling and testing at the Tamboti-1X exploration well in Block 2913B (PEL 56).
The well encountered black oil within 85 meters of net reservoir in lower-quality Upper Cretaceous sandstones of the Mangetti fan system.
A drill stem test program has been completed, and data from logs, cores, and testing are now under analysis, per Impact's report.
Meanwhile, drilling has commenced at the Marula-1X exploration well, located in the southern portion of Block 2913B.
Africa Oil CEO Roger Tucker said the company is encouraged by the operator’s updates regarding the commercial potential and quality of the Venus project.
“There is also an exciting exploration program with Marula-1X operations under way and the plan to start drilling Olympe-1X well by the end of 2025,” Tucker said.
“Through our recent strategic initiatives, we have retained the upside to these assets at no upfront cost, with all of Impact's share of development and exploration expenditures on the two blocks being covered by TotalEnergies, until first commercial production from Venus.”
The well is targeting Albian-aged sandstones within the Marula fan complex, an area considered highly prospective due to its position in the Kudu source-rock kitchen.
The joint venture also plans to drill the Olympe prospect on Block 2912 before the end of the year, aiming for Albian sands within a structural closure.
It also continues to advance development plans for the Venus Field in Block 2913B.
Since the Venus-1X discovery in 2022, three additional wells have been drilled, and four drill stem tests have been successfully completed.
The Venus Field is expected to be the first development project in the block, with production anticipated to reach 150,000 barrels of oil per day.
A final investment decision is expected in the first half of 2026.