A joint venture between Nexoil Corporation (Nexoil) and Energy Africa Ltd. obtained two onshore oilfield licenses in the Kwanza Basin, according to an announcement by CityView Corporation Ltd. Nexoil, the Angolan business firm, will process documentation from Sonangol, the Angolan state oil company, while Quest Energy Middle East Ltd. will operate the project. CityView Corporation holds 8.3% equity in Quest.
Active rift sequence sediments underlying the Aptian salt is a strong indicator of the presence of oil similar to that of the Mboundi in the south Congo Basin, where a recent billion barrel discovery was made. The Kwanza Basin in Angola exhibits similar oil rich structural history and sedimentation patterns.
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