Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, April 25, 2013 
April 25, 2013 09:00 ET
Africa Hydrocarbons Updates Operations in Tunisia
CALGARY, ALBERTA--(Marketwired - April 25, 2013) - Africa Hydrocarbons Inc. (TSX VENTURE:NFK) ("AHI" or the "Company") is pleased to announce operations in Tunisia continue to progress toward a commencement date for the drilling of the BHN-1 well to test the Bouhajla North prospect on its Tunisia acreage. The Operator, DualEx Energy International Inc., reports that the CTF-6 drilling rig is expected to be released from its current location within the next week, at which time it will begin moving to the Company's BHN-1 exploration well on the Bouhajla permit. Rig move and set-up is anticipated to be completed around the middle of May, with drilling to start immediately thereafter.
As previously announced by the Operator in February, the Operator and the Tunisian state oil company, Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), applied for a one-year extension of the first exploration period of the Permit due to the possibility that the BHN-1 well would not be completed by the original expiry date of April 29, 2013. The Hydrocarbon Committee, which issues the formal approvals for such matters, has not met since the application was submitted. The Company is continuing its planned operations despite delays in the receiving a formal extension, which is expected to be granted shortly.
The BHN-1 well will be drilled to a total depth of 2500 metres and is planned to test a Cretaceous Abiod target, analogous to the Sidi el Kilani field twenty-five kilometers east of the Bouhajla North prospect. The well is expected to take four to six weeks to reach total depth.
"We are excited to know our contracted drill rig is close to being released and will be mobilized to our drill location in the coming weeks" states John Nelson, CEO of the Company. "We are looking forward to getting this key well drilled and test the first potential high impact play on our acreage."
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.
ON BEHALF OF THE BOARD OF AFRICA HYDROCARBONS INC.
John Nelson, CEO
Certain statements included in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Although AHI believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because AHI can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on AHI's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including general business and economic conditions, the political, regulatory and economic regime in the Republic of Tunisia and actions of competitors and prospective partners. Additional risks and uncertainties affecting AHI and its business and affairs are described in further detail in the Company's revised Annual Information Form for the year ended September 30, 2011, which is available at [ www.sedar.com ]. The forward-looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date of this press release and AHI assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law. Readers are advised not to place undue reliance on forward-looking statements or information.
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.
