lets not forget.. our marketcap right now is under 2 billion. If you think of the size and scale of the land package with the prolific oil prone MULTI-Basins, in the right experienced, well funded hands.... The upside is TREMEDOUS! I personally brought a few thousand shares for my kids account ( they are 1 + 3) I figure that should be enough for the college fund and a nice apt in NYC in 15 yrs eh?? We are still at the last private placement price... It looks like we should finally break out of our trading range soon and test 52 week highs.

Warnado,

Yes, likely over estimating our value ( I have no clue how to price these things).. but if we are comparing it to the North Sea.. which has extracted 40 billion bboe and has 20 billion bboe more there.. how much would you pay for that? Looks like trillions to me. AOI 100+ prospects and growing. As long as we keep proving up oil our value will keep going up. I'm sure the Lundins will get top dollar for us. I'll take a few hundred billion .. lol

Scar, just thinking out loud.. so many options.. but Lundins are a million times smarter than me, I'm sure they will pick the best route to max value. They have done it over and over. And I believe they said AOI is the best one yet! I think we are in good hands here.

I was thinking 5 billion one time fee to farmin( company distributes half as a special div to shareholders) and carry cost(no more dilution no more money needed to be raised for any additional wells to be drilled) all the way into production for 50% of our share leaving us with 25% total for every barrel produced. But when reading this.. it seems like a very low valuation. The size of the north sea.. should be worth Trillions once all said and done.

Red,

Cnooc will out bid everyone imo. I would give up 25% of our share and take 5 billion in cash plus 25% paid up to full production.. that would be a sweet dividend every year. This is like investing in apple with ipod came out..and iphone 1 was about to launch.. its the ground floor! I am fully loaded.. and adding on dips. Good luck all.. 24-48 months from now.. some of us can retire on AOI alone! ^_~

FROM SH.

Came from interview with Direkt news agency today.

Published: 2013-09-04 11:50
AFRICA OIL: The oil company Africa Oil plans to bring in millions of dollars around the turn to finance next year's operations.
Africa Oil is aiming to bring in 250-300 $ one million around the turn to finance next year's operations. A directed issue like last year, standing at the bottom of my wish list .

It says oil exploration company's CEO Keith Hill in an interview with news agency Direkt on Wednesday in connection with Pareto Securities Oil Companies days in Oslo.

" The issue is at the bottom of the list. , We have no giant hurry , then we have the money for six months to . We are looking at all possibilities. I'm not the least bit worried about bringing in money , but I know that many others are not. We can very easily get hold of the new money , it's all about timing , however, and to provide minimal dilution for shareholders , "said Keith Hill.

He continues:

" We prefer to get the money before the end of the year , but if we do not have the money until we have still Lundin family in the back that margin of safety ."

How much money do you need?

"Around 250-300 million dollar view" , he says.

What options are you looking at ?

" We are discussing with several large funds about making a strategic investment in the company. Utfarmningsmöjligheter We also discuss some of our blocks. , We have three or four major players who have shown interest to farm in themselves . A private placement , we can always do , but it's like I said our least desirable option. course we remember what happened at last year 's private placement , "says Keith Hill and pointing at the wet blanket issue la the stock price for a while.

As for next year's budget for capital expenditure , capex , is estimated to be slightly higher than that of this year, according to Keith Hill.

Next drill results are expected for the Kenyan *****pit Ekales around the end of this month.

A number of wells expected to commence drilling in September as Kenyan Agete , Bahasi , and Ethiopian Electric Kuran and Tultule , according to CEO .

Africa Oil is aiming to begin the seven - eight wells in the second half of this year , with the results for five wells. Next year, an additional 15 to 20 wells to drill , according to Keith Hill.

" We will have five wells drilled by the end of this month and will be completed this year, but then we will have some that even go into next year even if they start this year ," he says .

Keith Hill is really pleased with Tuesday's resource update despite the market's relatively conservative ratings in the form of exchange reaction:

" The numbers are very robust . A feedback I got from a market participant , however, was that the market is still worried about our funding for next year ," said Keith Hill.

The Kenyan well Etuko deemed to have been tested finished in October, when the test results are expected . The Kenyan well Paipai expected flow tested in the first quarter of next year , according to CEO .

As for the political situation in East Africa is the added card is applicable to Kenya , which has a fairly newly installed president of Uhuru Kenyatta , and what Ethiopia is concerned contract entered conditions and similar to oil companies operating in the area:

" The transition to the new regime has been mighty good and Kenyatta has said he wants to make Kenya the most investment-friendly country in Africa . Ethiopia has not given any indication , although not struck oil yet, that they would change their concluded contract terms , "says Keith Hill.

Just how worrying is that Uhuru Kenyatta is admissible in the International Criminal Court ?

"The world will closely follow what is going on trial, but no matter what happens, Kenya, with its significant strategic interest to be subject to western countries' interest in the future. This matter what happens in the trial. But it is a concern for everyone in the region and it will be nice when rättegångsproceesen is over , "said the President.

In the case of Africa Oil's Somali associates Horn Petroleum is expected to probably any African acquisition of one-two months. However, outside the countries Africa Oil now operates in , let Keith Hill understand.

Africa Oil is hardly for sale within the next few years even if a really high bid could have lead to think about:

"We see such a big upside in our drilling ahead that we need a more than substantial bids to consider a sale ," says Keith Hill.

As to the first oil from the Kenya pipeline is expected to take around four to five years , according to Keith Hill, while a shorter-term solution to distribute oil through such vehicles could be implemented around 2016 while oil that goes into the pipeline thus may occur around 2018.

In late September arranges Africa Oil a field trip for investors:

" We will have about 60 investors and analysts that follow on this journey with representatives from three of the world's largest mutual funds ," says Keith Hill.

http://www.businessweek.com/news/2013-09-04/tullow-africa-oil-may-sell-half-of-kenyan-fields-to-share-costs

ONE STEP CLOSER. Train is rolling.. ready to go full steam ahead!

RobinT,

Tullow is a great company, based on marketcap.. if you think KENYA + Ethopia have the elephant fields like we think.. AOI will give you more bang for the buck... since tullow has something like 4x bigger marketcap it will take a lot more to move the needle there.,, where as.. AOI could go up 4x and tullow would go up 1x. ( only basing on Kenya and ethopia - Tullow has several other plays out side of this) Love tullow.. but love AOI even more. Been adding AOI with any loose change I have.. imo.. this will be a 10 fold investment return in 2-3 years.

Damm van.. If u brought 100 shared every time u said u did over the past 6 months... U would have 3566755655 shares of hrt ..and 5677777655 shares of charot. LoL. Just busting ur balls. Namibia sucks so far.. But is still in its early days... And we won't out live Namibia's early days of oil in exploration. I'm all out of Namibia plays. Good luck

Hey Warnado.. Enjoy reading your posts on iii .. Glad u made it here. Wanted to ask you what company u were referring to when u compared it to AOI saying it would go up 6x ... Just curious..if u wanted to share. Were u talking about wzr ??

Aoi resource numbers should blow away anyone's estimates... They need that to get the stock price rolling to raise more capital. Should be on the up and up. Good luck all...

After 3 dusters by hrt ..the last post from Feb seems like the over statement of the year.. lol. Namibia is still in the early days... But I can't afford anymore dusters

Excellent update.. within 2 years we will have a SuperMajor partner carrying us to production plus a 1 time fat div to shareholder from the buy in (wishful thinking). That's if the Supermajor doesn't offer us billionSsss and buy us out completely! Pound the table buy of a lifetime here. Buy some for your kids or grandkids.. they will thank ya!

David Dudlyke, Dundee Capital Markets (7/23/13) "WesternZagros Resources Ltd. reported promising log results from Kurdamir-3, with test results expected in August. . .located 5 km southwest and down-dip of the prior well, the Kurdamir-3 well successfully penetrated the Oligocene oil column without encountering the Kurdamir gas cap, thus negating any issues of gas channelling behind casing/liners during testing. . .the Baram-1 well, which is the next key catalyst, is due to spud in August."

David Popowich, Macquarie Capital Markets (7/18/13) "WesternZagros Resources Ltd. announced that the Kurdamir-3 well (40% working interest) has reached total depth and that a cased-hole testing program has commenced. . .initial results from Kurdamir-3 appear positive. . .with operations underway on multiple fronts, the company is entering the busiest period in its history. . .WesternZagros remains one of our top international exploration and production picks."

Dundee Capital Markets (7/15/13) "We take this opportunity to highlight our top picks within our international exploration-and-production coverage universe. . .for funded, high-impact exploration, we include WesternZagros Resources Ltd. . .several private placements, amounting to CA$175M over the past 12 months. . .amply fund the company's exploration and appraisal program into mid/late 2014. The company is thus able to fund additional exploration and/or appraisal drilling beyond the current drilling. . .potential additional exploration targets next year include Qulijan, Chwar, Alyan, Qula or the Zardi complex. The most immediate catalyst is the Kurdamir-3 appraisal well; indeed, testing of the targeted Oligocene reservoir horizon is planned to take place shortly."

David Dudlyke, Dundee Capital Markets (7/2/13) "WesternZagros Resources Ltd. completed the sale of CA$30M 4% convertible senior unsecured notes. . .the company is now well funded into mid/late 2014, and thus able to fund additional exploration and/or appraisal drilling beyond the current drilling program—Kurdamir-3, Hasira-1, Baram-1 and Upper Bakhtiari wells."

David Dudlyke, Dundee Capital Markets (6/19/13) "WesternZagros Rescources Ltd. completed the sale of CA$70M 4% convertible senior unsecured notes. . .these convertible notes arranged with Paulson supplant the Crest loan (US$44.5M balance) and provide more favorable terms. . .given the pace at which WesternZagros and its partners need to explore and appraise prospects ahead of the 2014 exploration deadline (Kurdamir: September 1, Garmian: December 31), this removal of a financial overhang during this exploration period is to be welcomed. . .the company is now funded into mid-2014."

Now is IMO is the time to stock up on horn shares with any extra cash you have and add a long the way until she blossoms. That's how u play Lundin companies .. They will find a way to make this work. Buy now and wait for the thunder to come, not the other way around. Good luck ..will be here for the long haul.

touched 1.50 today.. nice day! Looking forward to a blitz of news by winter. It will be a very merrrrry christmas for WZR holders! Pound the table buy here! Holding 103k shares and growing!

BREAKOUT BABY! STRAP ON THE SEATBELTS! WE ARE SET TO ROCK N ROLL

Lesson learned... U see the CEO leave a few days before a MAJOR announcement.... U should run first and ask questions later. Van what r your thoughts... You were one of the biggest supporters of hrt... Will you sell or hold on for the long term?

from Dundee Capital and an analyst Recommendation. GLTA

We maintain our overall 2013, 2014 and long-term Brent estimates of $110/bbl, $105/bbl and $98/bbl respectively.
Top International E&P Picks:
Africa Oil (BUY, C$14.00 target)
Commerciality of the Lokichar basin appears increasingly likely given success at Ngamia and Twiga, upcoming wells could deliver 'tipping point';
Frontier exploration well, Sabisa-1, confirmed key components for future exploration success are in place - potentially opening up a new basin.
Our 'floor' valuation (Blocks 10BB/13T) stands at C$7.40/share, providing a compelling risk/reward profile at current levels;

WesternZagros (BUY, C$3.10 target)
Gross contingent oil resources of 569 mmbbls valued at ca. C$3.30/share;
High-impact drilling program funded to mid-late 2014 - upcoming Kurdamir-3/Baram-1 wells target up to 1 bnboe of prospective resource;
Despite fraught Iraqi politics, KRG export infrastructure complete by year-end; Turkey pursuing increased political/energy ties with KRG.

Coastal Energy (BUY, C$27.00 target)
Recent operational/logistic issues are essentially transitory in nature;
Trading 10% below ‘core’ 2P reserve valuation of C$17.58/share despite strong record of exploration & swift, cost-effective field development;
Prospective resource inventory of 480 mmbbls - 3X 2P reserve base - matched with high-impact two-rig drilling program;

Parex Resources (BUY, C$9.00 target)
Strong exploration/appraisal record - reserves up 40% - 57% year-to-date;
RLI up from 3.5 to 4.2 years - mid-way toward strategic goal of 5 years - substantial 2P & 3P reserve growth presages further growth of RLI;
With RLI growth, we would expect a rerating of Parex' EV/DACF multiple - a 'peer group' 2014E EV/DACF would indicate a share price of C$5.60.

Bankers Petroleum (BUY, C$7.20 target)
The 'turnaround' of Bankers is well underway - supporting evidence being record production, well count and fewer well failures/ workovers;
Water & polymer flood programs offer material upside potential;
Bankers trades at material 14% and 57% discounts to 1P and 2P reserve valuations and material 10% discount to peers on cashflow metrics

WesternZagros Resources (WZR CN) - C$3.10 Target, BUY
Several private placements, amounting to ca. $175 million over the past 12 months, from principal shareholders Crest Energy International, Richard Chandler Corporation, Paulson & Co Inc, as well as the receipt of net back costs of C$56 million from Gazprom Neft, amply fund the company's exploration and appraisal program into mid/late 2014.
The company is thus able to fund additional exploration and/or appraisal drilling beyond the current drilling program – Kurdamir-3, Hasira-1, Baram-1 and Upper Bakhtiari wells. Such additional funding is of particular importance given the pace at which WesternZagros and its partners need to explore and appraise prospects ahead of the 2014 exploration deadlines (Kurdamir: September 1st 2014, Garmian: December 31st 2014).
Potential additional exploration targets next year include Qulijan, Chwar, Alyan, Qula or the Zardi Complex.
The most immediate catalyst is the Kurdamir-3 appraisal well - indeed, testing of the targeted Oligocene reservoir horizon is planned to take place shortly.
Located on the SW flank of the Kurdamir structure, some 3 – 5 kilometres from the two prior wells - the objective is to further appraise the extent of the Oligocene oil leg.
Having already proved up 545 mmbbls of gross contingent oil resource (943 mmboe including gas) – Kurdamir-3 targets 150 - 250 mmboe of the overall 1.3 bnbbls of gross unrisked mean prospective resources (1.6 bnboe including gas).
We also keenly anticipate results from the Baram-1 well - scheduled to spud in early August, with completion by year-end or shortly thereafter. If Baram-1 successfully demonstrates an extension of the Oligocene oil leg of the Kurdamir discovery into the Garmian block, this well could add gross mean unrisked contingent resources of up to 300 mmboe on the Garmian block and up to 600 mmbboe on the Kurdamir block.
Our 'base case' risked NAV, predicated upon a gross recoverable oil resource of 500 mmbbls, is valued at C$3.11/share.
By way of context, our 'base case' resource assumptions lies below the company's independently audited gross contingent oil resources of 569 mmbbls and completely discounts the company's independently audited gross unrisked mean prospective oil resource of 3.4 bnbbls as well as any gas resources, contingent or prospective.
Our 'high case' risked NAV, predicated upon a gross recoverable oil resource of 800 mmbbls, is valued at C$4.14/share.
We remain BUY rated with a C$3.10/share target, the latter based on 1X our 'base case' risked NAV.
Key Upcoming Catalysts:
Kurdamir-3: testing scheduled for July
Baram-1: spud early August, results by YE13/early 1Q14
Hasira-2: results late 2013

Not sure if this was posted already. :Dundee buy rec $$14 CAD target$$

""Africa Oil (AOI CN)
-
C$ 14.00 Target, BUY
The commerciality of the Lokichar basin appears increasingly likely, underpinned by
recent analysis of well testing and log data from Ngamia and Twiga South-thicker net pay coupled with greater permeability within the upper sands contribute to a revised gross mean
unrisked estimate of 250 mmbbls for these two discoveries.
Note that this estimate excludes the western fault block at Ngamia, currently attributed 137
mmbbls on a gross, unrisked best-case basis.
Furthermore, the conspicuous success at Ngamia and Twiga has clearly derisked the Lokichar
basin, and in particular other prospects that abut the basin bounding fault, such as Ekales¿a 64 mmbbls(best case, unrisked)prospect due to spud in August.
Both Tullow Oil (TLWLN, not covered) and Africa Oil now both refer to ¿advancing towards
the commercial threshold for development¿. Indeed, Africa Oil has assembled a technical
team to commence planning for an early development scheme and large-scale pipeline.
On the eastern flank of the Lokichar basin, the ongoing Etuko-1 exploration well
encountered 40 metres of net pay within the Auwerwer and Upper Lokhone sands; results
from the main objective-the Lower Lokhone sands, assigned 231 mmbbls (gross, best-case,
unrisked) on the basis of 50 metres of net pay-are expected by end-July.
Elsewhere,Africa Oil's fully-funded2013 exploration drilling programcontinues to offer significant
near-term upside potential: whilst the recently drilled Sabisa-1 frontier exploration well
on Ethiopia¿s South Omo block is not a discovery itself, it has demonstrated that the key components for future exploration success are in place¿an oil-prone source rock, reservoir-quality sands and a thick shale section.
Tultule,a nearby prospect,offers a horst-block structural trap¿thus potentially completing
the ¿jigsaw¿ required for a successful discovery.
Tultule-1 is expected to spud in late 3Q13.
With four active 2D seismic crews and a 3D seismic crew being mobilised to the Lokichar
basin, three rigs in operation and three further rigs about to mobilise, Africa Oil's forward
exploration campaign should deliver newsflow on a near-monthly basis.
Our overall ¿base case¿
risked NAV stands at C$13.95/share¿which equates to 500 mmbbls
of net recoverable oil, or a 5.3% chance of success across the company's entire unrisked
resource base (excluding Somalia).
We remain BUY rated with a C$14.00/share target, the latter based on 1X our 'base case' risked
NAV.
Key Upcoming Catalysts: Etuko-1 Well, Block 10 BB: reach TD late July Ekales, Block 13T: spud late July Tultule exploration well, South Omo Block: spud late 3Q13
Updated CPR: 3Q13"

I am a little surprised the way AOI has traded, although it was a major holiday here in the U.S.. doubt that had anything to do with it. AOI as a company within 4 years ( already been a year since Ngamia ) will be concluded imo. The endgame plan has been hatched already ... CNOOC or another Chinese supermajor will take us out.. the only question is how much for... and AOI has 3-4 year to prove up as much as possible before putting a number ( >$85 /share ) on the table and let the bidding take place. I think if we prove up a few more basins.. that number will look very low. I have been buying hand over fist with any funds that become available to me ( holding over 40k shares and growing) I believe this is a pound the table buy of a lifetime.. I am riding 2 horses to the finish line in 4-5 years and I plan on making at least 10x on both AOI and WRZ from todays prices. Good luck all.. day in and day out prices are hard to justify.. its just the law of demand.. macro picture here is clear cut, ... fortune favors the bold. Good luck all

Excellent news ... etuko upper part already 40 meters net pay, still drilling lower part. 275 meters total so far from ngamia n twiga. 250 million barrels so far n growing. Ngamia flows ... Hits keep coming... Aoi over 10 on this news with in 5 days.

Good or great news... We are about to find out how big our elephant is... Can't wait for tomorrow!!

Looks like they will release everything at Tullows update on july 3rd. Not too thrilled with the wait. K.Hill should stop promising the world and not delivering. Middle of june is not july. But.. it is africa and things are slower and don't go as planned. 2nd half of 2013 should be what we are waiting for... lots of news flow, lots of drilling, lots of deals in the works.

In the presentation posted by stockbrain, Hill said something like in 2014 we will need additional financing after we prove up more resources.. That means it SHOULD be at much much higher prices (15+)after Ngamia and string of pearls are confirmed and hopefully a few more new basins opened up. We have so much real estate, by drilling 10 wells we won't even know how big the tip of the iceberg is! This will be one of the best stocks to own the next 5 years.

Next year this time we will be I'm the high teens and ready for another round of financing... I'm sure Lucas n Hill want to get AOI as high as possible for that next funding round in 2014.

It's almost time to run again .. We went from 1 to 11 last time... How hard will we run after Ngamia confirms huge elephant and etko comes in better than Ngamia! I brought 5k more shares today .. Holding a boatload.

Well.. This sucks doesn't it... I see this floating down until the next drill results. At least they found some source rocks.. We all know why MM left now eh? 2 dusters ... Blah ..

Thank u

Van, where did u find that NR? Couldn't find the release relating to we'll 11.

Ugly open .. Hope we calm down n float back up

Bottom line.. Markets like the news. I personally didnt like it... and Yes, it's bad timing... I think MM was standing in the way of deals private money wanted to increase shareholder value .. IMO... And MM was in the way. Regardless .. News of well-11 should be out this week.. Followed by Wingat... Good luck to us all.. God knows we need it.

Yes, I think this play has legs .. At 1/share I think it's a impressive risk/reward ratio offered. Good News on any front would increase share price many fold(5-6x) imo. Duster and it would take. 35-45% haircut.

I can't believe I brought more .. But I did. 100k bet on mello... Hope I don't look foolish when it's all said and done. Lets see what becomes if this. Good luck all!

Kind of shocked there has been no PRE run up in sp. Announcement of #11 n Namibia due really soon.. Fingers crossed!

Well put r&r ... Was thinking the same.

Adding 5k more shares to my massive holdings here on the dip. I am very confident we will be A LOT higher in 24 months ... Buy low, sell high!

Finally.. A nice move yesterday. News of the 2nd farm-in partner should be the next catalysis.

We hit we are rich.. We miss .. We are screwed... Life is all about chances eh??

Thx Dat.. Will look into it. If you are looking for a homerun swing.. HRT just started drilling for a big one.. And trading below cash on hand. Dollar invested returns at least 20 if they hit.

Dat.. I held snm also.. Then swapped it out for westernzargos .. It looks like there is much more going there.
Me: AOI , hrtpy , Ecaof , wzr. I am still keeping an eye on snm .. If she becomes too cheap.. I will rebuy . Smells like this will be sold soon.

I'm guessing we get news of Namibia spud this week... Will be a interesting summer!