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Africa Oil's 'basin opener' well underway, notes Dundee

Kenya and Ethiopia focused Africa Oil (CVE:AOI) is rated 'buy', speculative risk, by broker Dundee after an operational update today.

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There are several catalysts coming up, said the broker
Kenya and Ethiopia focused Africa Oil (CVE:AOI) is rated 'buy', speculative risk, by broker Dundee after an operational update today.
 
The broker highlights several upcoming catalysts, including the "basin opening" Emesek 1 well results in the fourth quarter of 2015 and the submission of a draft field devlopment plan at the end of the year.
 
Etom-2 well results are expected in the first quarter of 2016 and a revised CPR is earmarked for the first quarter of 2016.
 
Earlier the firm said that in the third quarter, the Amosing-5A exploratory appraisal well in Block 10BB ncountered an estimated 15 to 28 metres of net pay and sucessfully proved a northern extension to the Amosing field.
 
The firm is now drilling the Emesek-1 basin opening well, which will test the undrilled North Lokichar basin. 
 
The well was spudded on October 15. Following Emesek-1, the Marriot 46 will move to drill the Etom-2 well in an undrilled fault block adjacent to the Etom oil discovery. 
 
Dundee targets C$3.20 for the shares, which are currently unchanged at C$2.09.
 

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TSX-V:AOI
Market: TSX-V
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