07:42 AM EST, 02/06/2025 (MT Newswires) -- Africa Oil ( AOIFF ) earlier on Thursday said that its investee company Impact Oil & Gas has completed drilling and testing operations at the Tamboti-1X exploration well and spudding of the Marula-1X exploration well in Block 2913B (PEL 56) offshore Namibia.

A statement noted the Tamboti-1X well encountered black oil within 85 meters of net reservoir of lower quality Upper Cretaceous sandstones, belonging to the Mangetti fan system. Results of the concluded drill stem test program are currently under analysis.

The Marula-1X well will target Albian-aged sandstones within the Marula fan complex and has the potential to unlock further exploration targets across the south.

The Olympe prospect on Block 2912 will also be drilled, targeting Albion sands within a structural closure by the end of 2025.

Development studies are ongoing at the Venus Field. Since the 2022 Venus-1X discovery well, three further wells have successfully penetrated the Venus Field. Four drill stem tests have been carried out.

The Venus Field is expected to be the first development area in Block 2913B, producing 150,000 barrels of oil per day, with final investment decision expected by the end of the first half of 2026.

Impact has a 9.5% stake in each of Blocks 2912 and 2913B. Africa Oil ( AOIFF ) holds a 39.5% stake in Impact, representing an effective economic interest of 3.8% in the two blocks.

AOI was down more than 3% on the TSX yesterday.