Update for Project Oil Kenya
Over the past year, Africa Oil and its JV Partners (Tullow Oil and Total Energies) have completed the redesign of the Project Oil Kenya to ensure it is technically, commercially and environmentally robust. A higher oil production plateau of 120,000 barrels of oil per day is now planned with expected gross oil recovery of 585 million barrels of oil (“MMbbl”) over the life of the field1. This resource position has been audited by external independent auditor, Gaffney, Cline & Associates (“GaffneyCline”). Africa Oil’s best (2C) development pending contingent resource on a net working interest basis, derived from GaffneyCline’s report is 93 MMbbl2. The estimated unrisked3 post-tax net present value, using a 10% discount rate (“NPV10”), of $577 million is attributable to Africa Oil’s net 2C development pending contingent resource base.
Africa Oil and its JV Partners have presented a draft Field Development Plan (“FDP”) to the Government of Kenya (“GoK”) ahead of the plan to submit a finalised FDP by the end of 2021, in line with licence extension requirements provided by the GoK in December 2020. Africa Oil and its JV Partners continue to work collaboratively with the GoK on land and water access and on the necessary commercial agreement and are waiting on the final approval of the Environmental and Social Impact Assessment (“ESIA”) from the regulatory authorities.
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