|By Marketwired .||
|May 29, 2014 09:01 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/29/14 -- Africa Hydrocarbons Inc. (TSX VENTURE: NFK) ("AHI" or the "Company") today provided the following update regarding the Company's BHN-1 exploration well on the Bouhajla Permit (47.5% WI) in northeastern Tunisia.
Africa Hydrocarbons has been advised by the Tunisian Department of Energy that, pursuant to the newly adopted Tunisian Constitution, all issues relating to natural resources contracts must be approved by the National Constituent Assembly. This is applicable to the Company's Bouhajla Permit in Northeast Tunisia and specifically to the second one-year extension, applied for pursuant to the Hydrocarbons Code by the operator and the state oil company, ETAP, in February 2014. The relevant government departments are developing procedures for implementing this new protocol. AHI will provide an update on the approval process by the National Constituent Assembly as soon as known.
The Company had completed preparations for the re-completion of the BHN-1 exploration well and was preparing to commence the rig move when notified by the authorities of the new requirement for National Constituent Assembly approval. As a result, the workover rig contracted for this operation will move to a storage site until such time as the now-required approvals are in place. Once initiated, the re-completion will entail pulling the existing production tubing from the wellbore and re-perforating the Abiod formation using a casing gun and deep penetrating charges, followed by selective acidization of the individual perforation intervals.
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
Africa Hydrocarbons Inc.