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Thanks farrell90. Wonder if there is anything there for AOC?
Well!! We are in the Right Neighborhood!
By Sergio Goncalves
LISBON (Reuters) - Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.
Galp said it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it said "significant light oil columns were discovered in high-quality reservoir sands".
The Mopane field is located in the Orange Basin, along the coast of the southern African country, where Shell and France's TotalEnergies have made several oil and gas discoveries.
Galp said flows achieved during the tests reached the maximum allowed limit of 14 thousand barrels per day, potentially positioning Mopane as an important commercial discovery.
"In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher", Galp said.
Galp Energia, SGPS, S.A. (GALP.LS)
Galp holds an 80% stake in Petroleum Exploration Licence 83 (PEL 83), which covers an area of almost 10,000 square kilometres in the Orange Basin.
Namibia could become a new source of revenue for Galp, which currently has strong investments off the coast of Brazil and is also present in a natural gas project in Mozambique's Rovuma basin.
Galp has previously indicated it could launch a process to attract other investors to its projects in Namibia, as they could reach a large scale.
The OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official told Reuters.
Guys: Go to the AOC website and look up the latest presentation on the town hall meeting in Sweden. Looking good.
Apr. 11, 2024 3:49 PM ETAfrica Oil Corp. (AOIFF) Stock, AOI:CA Stock3
The Value Portfolio profile picture
Investing Group Leader
Summary
"Africa Oil Corp. has been aggressively repurchasing shares, indicating strong shareholder returns.
The company's renewal of OML 130 and development of world-class assets like Venus contribute to its strong performance.
Africa Oil Corporation aims to maintain a strong balance sheet and provide future growth in production through strategic asset growth.
I am The Value Portfolio, an experienced analyst specializing in stock research and wealth growth. I run the investing group The Retirement Forum where I focus on ideas to prepare you for retirement.
Africa Oil Corp. (OTCPK:AOIFF) is a small-to-mid capitalization oil company with a market capitalization of around $870 million. The company has been aggressively repurchasing shares, and has repurchased almost 9 million in shares since it started the program in early December 2023. As we'll see throughout this article, the company's cash flow, combined with future assets, means strong shareholder returns for investors with a long horizon.
Africa Oil Corporation 2023 Highlights
Africa Oil Corporation had a strong 2023 that will enable continued shareholder returns.
Africa Oil Corporation Investor Presentation
The biggest deal was the company's renewal of OML 130, which added 20 years and enabled the company to refinance Prime Oil and Gas' debt. This enables the company to make Prime Oil and Gas a cash flow machine, providing reliable cash flow as it scales up other assets. The company hit the midpoint of its guidance and has continued to appraise some world-class assets.
The company is working to maintain a strong balance sheet and provide shareholder returns. It's also working to develop world-class assets such as Venus, which will provide future growth in production.
Africa Oil Corporation early-2024 Performance
The company has had a strong start to 2024, showing its continued performance, as we discussed with share buybacks above.
Africa Oil Corporation Investor Presentation
The biggest deal here is a strategic Impact farm down agreement. This is related to the Venus discovery and the offshore Namibia assets. This will cover all costs through the first production and provide a $100 million reimbursement. Africa Oil Corporation has a 3% stake in these two blocks, which could provide hundreds of thousands of barrels/day in production.
The company has continued to have strong exploration success, especially in Block 3B/4B, where another farm-out agreement could be significant. It's also seen the Akpo West Production start-up, which will add 14k bopd of production. The company has a number of exciting catalysts over the upcoming years that will support growth in attributable production.
Africa Oil Corporation Strategic Asset Growth
Let's delve deeper into Africa Oil Corporation and some of the company's most exciting assets.
Africa Oil Corporation Investor Presentation
The Orange Basin is among the company's most exciting assets as a new petroleum province emerges. The company has stakes in both 2913B/2912 in Namibia and Block 3B/4B in South Africa. The Mangetti discovery is expected to be a third of the size of Venus. Block 3B/4B is particularly exciting due to the size of Africa Oil Corporation's stake.
The asset is on trend with the Namibian oil discoveries and drilling could start a 2025. A farm-out agreement here could be completely game-changing for the company.
Africa Oil Corporation Investor Presentation
This shows the company's goals for 2024 and where it is. The company is excelling across its set of goals. The most important catalyst for the company is being able to secure a farm-out agreement for Block 3B/4B and the company's other assets here. A farm-out agreement given the company's stake there could be a game changer.
Africa Oil Corporation Shareholder Returns
The company is focused on using its existing cash flow for shareholder returns.
Africa Oil Corporation Investor Presentation
The company has given 2024 guidance that is slightly below 2023 guidance. WI production is expected to be at 18k boepd, down almost 10% from the company's 2023 guidance. More importantly, the company's capital investment is expected to be dramatically higher at $115 million, up from $62 million in 2023 as the company continues to grow.
The company has returned $100 million to shareholders since 2022, a double-digit return in two years. The company has continued to pay a $0.05 / share dividend annually, a ~2.7% dividend yield. The company has already repurchased ~11% of its 2024 share buyback limit, and we'd like to see it use its cash flow to ramp that up.
The company is guiding for $160 million in free cash flow, or FCF, which is a hefty double-digit FCF that will enable strong shareholder returns after continued investment. That makes Africa Oil Corporation a strong investment opportunity.
Thesis Risk
The largest risk to our thesis is crude oil prices. Brent is at more than $90 / barrel, and that's supporting the company's share price and returns. However, there's no guarantee that prices remain high, especially with long-term structural impacts. That could hurt Africa Oil Corporation on the multi-year timeline it needs to develop its next-generation assets.
Conclusion
Africa Oil Corporation has an impressive portfolio of assets. The company has seen its share price go up some in a strong oil price environment, but it does continue to face long-term risks from a potential decline in crude oil prices. The company has numerous exciting assets within its portfolio; however, it needs multiple years to ramp them up.
The company has achieved a massive accomplishment with a farm-out deal for Namibia 2912/2913B. The biggest thing the company could accomplish this year is a farm-out deal for Block 3B/4B, given the company's hefty positioning in those fields. That combined with future drilling could enable hefty long-term shareholder returns. Please let us know your thoughts in the comments below.
LOL...We're in the same boat. Had to unload about 10K at $1.56 to $1.80.. Bummer!
Yeah Farrell...With AOC continuing the buyback plus oil prices climbing, we are seeing a good 30 day move up.I hope the May 10-134 ER shows us something including a divi from Prime...
To whom it may concern:
CNW Group
Wed, Apr 3, 2024, 8:00 PM HST2 min read
In this article:
VANCOUVER, BC, April 4, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that it will host a physical town hall meeting in Stockholm, Sweden, on Wednesday April 17, 2024, at 17:00 CEST (11:00 EDT). This event will be live streamed. View PDF version
Roger Tucker, President and CEO, Pascal Nicodeme, CFO, and Oliver Quinn, CCO, will present an update on the Company's activities and take part in a Q&A session with investors. The physical meeting will take place at: Aulan (Floor 6), Vasagatan 28, 111 20 Stockholm.
Those shareholders wishing to join the event are requested to register their names, and state whether they wish to attend in person or join the webcast, by sending an email no later than Monday April 15 to: events@africaoilcorp.com.
Ahhh! Thank you Africa oil for paying my mortgage this month...Suh Weet!
VANCOUVER, BC, March 25, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,213,100 Africa Oil common shares during the period of March 18, 2024 to March 22, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated March 18, 2024 to March 22, 2024, the Company repurchased 388,100 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 825,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously announced share buyback program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of March 18 to March 22, 2024, see the following link to Nasdaq Stockholm's website:
https://www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including March 22, 2024, a total of 6,943,972 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.
With all the chaos in the world, crude (brent) should be over $100 per barrel. IMO
Thanks to douginil as well. Now at last we are below 460,000,000 shares outstanding. Hopefully next ER will reflect that.
Thanks for the neat recap farrell90...
Pretty good news for us....at last
Well...The good news is Africa Oil keeps on buying their shares. So they know more or understand better what they got than the public.
I just read the presentation. It was quite good. Much easier to understand than the video.
Thanks douginil. I have'nt heard the presentation yet. Sounds like they have not learned how to do a video presentation.
AND:
In 2023, the Company recorded a net income attributable to common shareholders of $87.1 million.
This is primarily made up of income from the Company's investment in Prime of $228.0 million offset against losses from the Company's investment in associates of $47.0 million and impairment recognized to its Kenyan intangible exploration assets of $62.2 million writing these assets down to nil. The net income attributable to common shareholders in 2023 of $87.1 million has increased from a loss of $60.3 million in 2022 as the income from Prime has increased by $81.4 million and the impairment recognized in relation to the Company's intangible exploration assets in Kenya has decreased by $108.4 million. This is offset by an increase in the share of loss from investments in associates of $38.8 million.
Net income $87,000,000/approx 462,000,000 shares outstanding = $0.188 cents per share EPS.
If this is wrong, please correct me. If it's right then AOC well done!
Very nice find farrell90; unfortunately one needs to be a geophysical petroleum engineer with ten degrees to interpret subsurface geology. But what little I could understand, is that this is huge. How does it turn into cash flow?
You as well... For me desperation is a virtue. Following AOC like a bloodhound follows scent. LOL
LOL I was faster because the data was published at about 11;30 pm on line here in Kailua..Hawaii
More recent news:
News
AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN BLOCK 3B/4B
January 22, 2024
View PDF
VANCOUVER, BC, Jan. 22, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ( "Africa Oil", or the "Company") is pleased to announce that it has received the final approval from the Government of the Republic of South Africa for the transfer of a 6.25% interest in Block 3B/4B in the Orange Basin from Azinam Limited, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. ("Eco"), to the Company as announced on July 11, 2023. As per the terms of the Assignment and Transfer Agreement with Eco, the Company has made a payment of USD 2.5 million to Eco. View PDF version
Consequently, the Company now holds an operated 26.25% interest in Block 3B/4B with Eco retaining a 20.00% interest and Ricocure (Pty) Ltd with a 53.75% interest.
An independent review of the prospective resources and probability of geological success of the exploration prospects within Block 3B/4B has reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent. Probability of success ranges from 11% to 39% over the 24 prospects identified.
The Company and its Block 3B/4B partners are progressing plans to conduct a drilling campaign on the Block and are in discussions with potential partners to farm out a share of their working interest in the Block. The Company and its partners are also working with an environmental consulting firm in conducting an Environmental and Social Impact Assessment process, in preparation for permitting and drilling activity on the Block.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "I am pleased we have received final approval for the increase of our interest in Block 3B/4B. Africa Oil has a significant opportunity set in the Orange Basin, probably the most sought-after new petroleum region globally. We are excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3D seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange Basin."
About Block 3B/4B
Block 3B/4B covers an area of 17,581 km2 within the Orange Basin, offshore South Africa in water depths ranging between 500m and 2,500m. This block lies to the southeast and on trend with number of oil discoveries including Venus and Graff. Africa Oil has approximately 14,000 km of 2D seismic and 10,800 km2 of 3D seismic over Block 3B/4B and has identified a large opportunity set of exploration prospects, with the majority of the prospects lying in approximately 1,500m of water.
An independent review of the block's prospective resources has been completed by RISC Advisory (UK) Limited ("RISC"), in accordance with Canadian National Instrument 51-101 – Standards for Oil and Gas Activities ("NI 51-101"), the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and the Petroleum Resources Management System 2018 ("PRMS"). The effective date of RISC's report is March 7, 2023, and can be found on the Company's website: https://africaoilcorp.com/operations/project-overview/
RISC has reviewed the prospective resources and probability of geological success of 24 exploration prospects within Block 3B/4B in accordance with the PRMS. The report provides an evaluation of prospective resources from a prospect inventory identified using 3D seismic data and follows completion of the reprocessing of 2,200 km2 of 3D seismic data and play-opening discoveries in Namibia including TotalEnergies' Venus discovery and Shell's Graff, La Rona, and Jonker light oil discoveries. These discoveries prove the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in Block3B/4B. Prospects in Block 3B/4B are identified using 3D seismic data to assess the presence of seismic attributes including amplitude-variation-with-offset ("AVO") or direct hydrocarbon indicators ("DHI's").
FYI More Buyback purchases:
News
AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM
January 22, 2024
View PDF
VANCOUVER, BC, Jan. 22, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,298,784 Africa Oil common shares during the period of January 15, 2024 to January 19, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated January 15, 2024 to January 19, 2024, the Company repurchased 477,200 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 821,584 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including January 19, 2024, a total of 1,820,784 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.
Thank you douginil.. Long Player seems like a very good analyst. Always right on and prudent.
IN ADDITION, AOC is continuing the share repurchase program.
Although a reverse stock split would save them money.
VANCOUVER, BC, Jan. 15, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 522,000 Africa Oil common shares during the period of January 11, 2024 to January 12, 2024 under the previously announced share buyback program. View PDF version.
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated January 11, 2024 to January 12, 2024, the Company repurchased 192,000 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 330,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including January 12, 2024, a total of 522,000 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.
Thanks Farrell90, Upstream is an expensive subscription I think. But good news and hope its gonna be great news.
Thanks for the info contribution guys...
Thanks douginil. Yeah I agree, Venezuela could be a problem. Sure would like to see more aggressive buybacks. Haappy New Year, I hope.
Same to you douginil. I decided to re-read the third quarter earnings report. Dr. Tucker and Amini have stated that their partners ( Total and others) will not release any information on Nara and Venus drilling results until Mid-February. Why? I don't know. I will hold until they produce information that is pertinent to us. I think next ER in March 20234 I'm gonna call and ask questions. GL
Douginil. Do you have any insight into whether or not AOC should or could do a 1 for 5 reverse stock split? It would allow the company to avoid spending its cash on buybacks by synthetically reducing the number of shares available to the public and raise the share price so that institutions and mutual funds that are unable to participate in stocks under $2.00 to get involved.
Yeah... Thanks douginil. Preferably before I take a dirt nap.
On January 6-9 22023 the share price was $1.70. Now $1.90 Slow and painful.. Only good news will save this company. Still faithfull.
About r. Keith Hill, I concur.
I'm bullish still and sticking to this no matter what wifey says.
Additionally: A commenter said:
puffnstuff
Today, 2:52 PM
Investing Group
Comments (387)
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The biggest risk imho is nationalization, and it doesn’t seem likely. The price of oil could fall to $40, and the stock would still make 15-20% returns per year. They pull oil out of the ground for $7/barrel and pay 35% taxes and royalties. The infill drilling on OML 127 should keep production rising next year, though the company hasn’t guided for this yet.
OML 128(Equinor’s 20.2% stake in Agbami) was sold last year. Prime has the option sometime next year of preempting that sale. This is effectively a cost free call on the price of oil. The company made statements in the Q3 call that make it sound like the RBL will automatically increase with the purchase of this additional stake in Agbami. I expect that this will occur and increase production by 10k barrels/day next year.
Preowei will produce on a 5 year tax holiday once it’s developed and tied in.
Venus should produce at $20/barrel according to Total employees on linked in.
We bought 6.25% of 3B/4B for $5M. It’s not that valuable. ECO Atlantic was talking about 3 majors being interested 6 months ago in their CEO’s presentation on YouTube. EG31 looks like it has a much higher chance of being developed.
The company seems to want to sit on $200M of cash as a baseline(makes sense to me as they are an opportunistic investment company). This seems to be a major point of friction with a lot of investors.
Thanks douginil. Thought I'd add more SA comments here:
The largest discovery here was the Venus-1x wells. The company has a 6% stake in that block. It also has a 26.25% interest in the much larger block 3B/4B off of South Africa, where prospective resources for the block are 4 billion barrels. We'd like to see the development here proceed with FPSOs to get additional production for the company.
There are definitely positive proceedings for this block, and Namibia currently sees first oil for the block by 2030. Whether that happens remains to be seen along with the timeline for FPSOs, but a single FPSO could add 15 thousand barrels / day of high profit production for the company. The breakeven for the company there could be $30-40 / barrel.
Africa Oil Corporation Financials
The company's core financial picture, as we discussed above, remains incredibly strong.
Africa Oil Corporation Investor Presentation
It also shows the company's dramatic financial improvement, as a result of higher oil prices. From the start of 2021, the company had more than $500 million in net debt, counting the parent company. At this point, combined net debt is now $50 million, a $500 million improvement in less than 3-years. That's massive for a $850 million market cap company.
That cash flow shows how the company can provide substantial shareholder returns.
Africa Oil Corporation Future
The future for the company is maintaining its existing production and finding new sources of high margin production as it focuses on Africa.
Africa Oil Corporation Investor Presentation
The company's first focus is to retain maximum optionality over Venus. Liza Phase 1 had a capital cost of $3.5 billion, and that's after ExxonMobil's impressive capital reductions. It wouldn't be surprising to see a $3.5-5 billion cost to get an FPSO at Venus. Africa Oil Corporation, with a 6% stake and a 30% stake in Impact, could afford the attributable $250 million.
However, whether the remainder of Impact could afford the remaining $500 - $600 million cost remains to be seen. The company has had a number of private placements, and Africa Oil Corporation has participated in all of them, however, whether it works remains to be seen. On Block 3B/4B, depending on the cost and cash flow, Africa Oil Corporation likely needs a farmout.
At the end of the day, the company will maintain its several % dividend, and we'd like to see additional share buybacks.
Thesis Risk
The largest risk to the thesis here is crude oil prices.
And I might add however, AOC has one of the lowest extraction costs around.
Thanks douginil. PCGOF .008 per share and 8BB shares outstanding +- and huge debt. Will be interested to watch this baby.
Pardon my ignorance, but what is pancon?
Douginil; From Upstream Magazine. Could not get full article as not a subscriber. But food for thought.
Spare capacity: Marathon Oil’s Equatorial Guinea LNG project on Bioko Island. Photo: BECHTEL
‘Staggering’ industry interest in West Africa exploration block close to LNG plant
Africa Oil extends bid deadline for prime Equatorial Guinea acreage as data room overwhelmed
24 November 2023 12:07 GMT Updated 29 November 2023 14:38 GMT
By Iain Esau in London
Africa Oil has received “staggering” interest from oil companies keen to farm into an offshore exploration block near gas facilities in Equatorial Guinea, according to recently installed chief executive Roger Tucker.
As a result, the Toronto and Stockholm-listed independent has extended the bid submission deadline to give suitors more time in the data room.
Marathon Oil talks up $1 billion earning potential of 'ugly duckling' African gas assets
Read more
Early this year, as part of a delayed licensing round, Africa Oil signed a production sharing contract for Block EG-31, which has generated much excitement.
Well I hope the company defends the share price as well as us shareholders. It's P/E ratio is now like 11.74 and it's book value is still $2.12. Price is back to where my average buy price of $1.78 20. Still many catalysts, $200 MM in the bank Stand by Bank syndicate of another $200 MM and no debt. Guess I'll hold.
Huge volume. Implication is AOC is buying shares. They need to do this everyday till the earnings rep.
Fabulous!!!
From Upstream magazine
Three majors in last-minute dash to enter race for slice of Orange basin hotspot
Coveted South African exploration tract attracts more big suitors
27 November 2023 13:12 GMT Updated 29 November 2023 11:53 GMT
By Iain Esau in London
A last-minute burst of interest by multiple supermajors in a sought-after exploration block in South Africa’s sector of the prolific Orange basin will delay the conclusion of a farm-out process.
Block 3B/4B — an asset that could host 4 billion barrels of recoverable resources — is operated by Stockholm-listed independent Africa Oil, which together with its two partners are keen to farm out a combined 55% stake in the deep-water acreage.
No further info available.