CALGARY, ALBERTA — (Marketwired) — 11/22/13 — Africa Hydrocarbons Inc. (TSX VENTURE: NFK) (“AHI” or the “Company”) announces an operational update regarding its BHN-1 exploration well on the Bouhajla Permit in northeastern Tunisia where the Company has a 47.5% working interest.
The Operator, DualEx Energy International Inc., has attempted to complete three separate intervals of the Abiod formation. These intervals were chosen based on log data interpretations suggesting the intervals had the highest occurrence of natural fractures, higher matrix porosity and hydrocarbon saturations. Following perforating, attempts were made to inject acid into the formation to clean up the near wellbore zone and enhance the reservoir–s natural permeability. The acid injections could not be completed suggesting the perforation of the wellbore was ineffective. As a result, the Operator acquired additional log data and is planning further diagnostic measures to ascertain whether the wellbore was perforated as expected. The wellbore will now be suspended while awaiting the arrival of wellbore imaging equipment into the country, which is expected within 30 days.
The operational issues regarding the completion will delay the evaluation of BHN-1 however the Company believes this unexpected result needs to be thoroughly investigated in order to resolve the problem for the next completion attempt if the analysis indicates the absence of effective perforations.
About the Company
AHI is a Canadian based international oil and natural gas company involved in the acquisition, exploration and development of energy assets, with an emphasis on Africa. The key asset of the Company is its 47.5% owned Bouhajla Block, located onshore in Tunisia within the productive Pelagian Basin.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
ON BEHALF OF THE BOARD OF AFRICA HYDROCARBONS INC.
John Nelson, CEO
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “schedule”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company–s future operations. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company–s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Africa Hydrocarbons Inc.
John Nelson
CEO
(403) 265-8011
Africa Hydrocarbons Inc.
200, 521-3rd Ave SW
Calgary, Alberta T2P 3T3