Africa Oil Corp (TSX:AOI) reported on the Marula-1X well, offshore Namibia, which was unsuccessful in its primary target.
The company – which has an interest in the project via Impact Oil & Gas, a 9.5% stakeholder in Marula – told investors that no hydrocarbons were encountered in the primary target and no drill stem test was carried out.
A comprehensive analysis of the well results is now in progress.
"The farm down agreement between Impact and TotalEnergies that completed last year, provides full carry of Impact's exploration and development costs on Blocks 2912 and 2913B through to first commercial production from these blocks,” Africa Oil chief executive Roger Tucker said in a statement.
"This presents us with an attractive opportunity set to test different geological plays on these blocks at no upfront cost."
The Marula-1X well was drilled to a total measured depth of 6,460 metres on Block 2913B. It targeted Albian aged sandstones in the Marula fan complex, located approximately 47 kilometres south of the Venus-1X well.
Africa Oil has a 39.5% interest in Impact, giving it an effective 3.8% interest in the project.