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Yeah... Kinda sad, no?. At least the guys got four sons to take his place.
This trend absolutely sucks. C'mon Keith.. Pull a rabbit out of your hat.
21 days to the E.R. That is the earnings report, not emergency room...
I got it. Thanks Tamtam. Slowly he turned, step by step. LOL
Pancon.???ripe for a buyout?? net cash $450K+- on hand.
Thanks Douginil.
Douginil; Do you have the stock symbol for Pancontinental Resources? All I get is a Canadian gold company. Thanks...
Great find douginil. Considering buybacks, acquisitions and more divis. (September)
Interesting info. Thanks Farrell90.
Thanks douginil.. Saw that. What great and timely news. Stop the bleeding, protect the wound and treat the stock (price).
Mine too. So borrowed a little from my apple stock and sold some covered calls.
Thanks douginil. I needed that shot in the arm. Just bot a few more shares of AOC.
OF NOTE:
India's Top Refiner Sees Oil Staying Above $100 This Year
By Tsvetana Paraskova - Jun 24, 2022, 10:00 AM CDT
India Oil Corporation expects oil to continue trading above $100 per barrel this year.
IOC is one of many Indian refiners that have boosted purchases and imports of Russian crude oil.
Russia is even estimated to have overtaken Saudi Arabia to become India's second-largest supplier of crude oil in May.
Oil prices will likely remain elevated at over $100 per barrel for the rest of this year as the Russian invasion of Ukraine roils markets and changes trade flows, according to India's top refiner, Indian Oil Corporation (IOC).
The fallout from the war in Ukraine will also slow down global economic growth significantly this year, IOC's director of finance, Sandeep Kumar Gupta, said at an event on Friday, as carried by Reuters.
IOC is one of many Indian refiners that have boosted purchases and imports of Russian crude oil over the past few months, attracted by the steep discounts of the Russian grades compared to oil from other countries. As of Thursday, the discount at which the flagship Russian crude, Urals, is selling was at a massive $35 a barrel below the international benchmark, Brent, which traded at $111 a barrel early on Friday.
Just a few months ago, India was a small and insignificant buyer of Russian oil. Following the Russian invasion of Ukraine, the steep discounts, at which Russia sells its oil to Asia after the Western bans and sanctions on Moscow, have attracted many Indian buyers.
Since April, India's imports of crude oil from Russia have jumped by more than 50 times, to the point of representing 10 percent of all Indian imports, a senior government official told Business Standard this week.
So far this year, India is estimated to have now imported five times the amount of all the Russian crude it bought in the whole of 2021.
Russia is even estimated to have overtaken Saudi Arabia to become India's second-largest supplier of crude oil in May. The average daily rate of Russian oil exports to India stood at 819,000 barrels last month, compared with 277,000 barrels per day (bpd) in April.
Attracted by cheap prices, India, as well as China, continue to increase their imports of Russian crude, which is now mostly banned in the West.
By Tsvetana Paraskova for Oilprice.com
Great news, douginil. Though agonizingly slow (it seems) progress. But I'll take what we can get.
Korpin. Not one of the catalysts KH talked about included a sale of an asset. So it would be a surprise for me too.
Kenya?
Looking for $4.00+ this year. More dividends from Prime coming and accretive deals on the way. Orange basin and South Africa are looking great. Great management team also.
TD. Probably just weak and impatient hands. Earnings report in a month and a half... Helps to reread last report. We are looking good with six catalysts on the near and medium term horizon.
Wed, May 25, 2022, 11:30 AM
In this article:
AOIFF
+2.39%
VANCOUVER, BC, May 25, 2022 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa Oil" or "the Company") is pleased to announce that it has received a dividend from Prime Oil and Gas Cooperatief UA ("Prime"). The Company has a 50% shareholding in Prime. View PDF version.
Prime has distributed a $50.0 million dividend with a net payment to Africa Oil of $25.0 million related to its shareholding. This is the second Prime dividend distributed this year with Africa Oil having received an aggregate amount of $125.0 million.
Since acquiring its 50% interest in Prime for a cash consideration of $519.5 million in January 2020, Africa Oil has received 12 dividends from Prime for a total amount of $525.0 million.
As of March 31, 2022, Prime's cash and debt positions net to Africa Oil's 50% shareholding were $265.7 million and $501.0 million respectively. These compare with corresponding cash of approximately $70.0 million and debt of $912.5 million at the time of Prime deal closing in January 2020.
Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
This information is information that Africa Oil Corp. is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out below on May 25, 2022 at 5:30 p.m. ET.
AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND (CNW Group/Africa Oil Corp.)
SOURCE Africa Oil Corp.
So you're saying Apple's PE should be 16???
Guys! please read latest message (cut and paste) from Seeking Alpha.
From Seeking Alpha:
Africa Oil Corp.: Set Up Like A Much More Valuable Company
May 23, 2022 11:03 AM ETAfrica Oil Corp. (AOIFF)12 Comments11 Likes
The Value Portfolio profile picture
The Value Portfolio
Marketplace
Summary
Africa Oil Corp. has outperformed since the start of COVID-19, however, the company continues to have a unique asset base.
The company has seen strong potential with its various exploration assets and some like the Venus-1 well have substantial growth potential.
The company has an incredibly strong portfolio of financial assets. It has the ability to generate hundreds of millions of dollars in cash flow, which can grow consistently.
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Khartoum: Jewel Of The Desert
Marco Di Lauro/Getty Images News
Africa Oil Corp. (OTCPK:AOIFF) has seen its market capitalization more than triple from its pandemic lows, with a more than $900 million market capitalization. However, the company had incredibly strong financial results in the 1Q 2022, and as we'll see throughout this article, it has the ability to continue generating substantial returns.
Africa Oil Corp. Overview
Africa Oil Corp. has a diverse portfolio of assets relative to the company's size.
Africa Oil Corp. Investor Presentation
Africa Oil Corp. is now a full cycle E&P company with an impressive portfolio of distributed assets relative to its size. The company has 82 million barrels of reserves and roughly 27.4 thousand barrels / day of production. The company has a substantial cash position of $140 million and announced successful exploration with Venus (which we'll discuss in more detail).
Africa Oil Corp. has generated a strong start to the year showing the company's portfolio strength.
Africa Oil Corp. Investor Presentation
Africa Oil Corp. had an incredibly strong start to the year. The company's Venus light oil discovery found a substantial 84m of net oil pay. This well was led by TotalEnergies and could be a major development from TotalEnergies perspective making it an even more significant development overall.
The discovery was forecasted to hold at least 3 billion barrels, implying 250 thousand barrels / day in first phase production, of which 6% would be attributable to Africa Oil Corp. That could imply roughly 15 thousand barrels / day in production attributable to the company or a 50% increase from current levels. Of course there's more exploration potential.
The company is debt free and has more than 15% of its market capitalization as cash worth $140 million. The company's Prime Oil and Gas has also substantially improved its financial position as we'll discuss. The company continues to have standby credit and has the potential to either increase dividends or share buybacks.
Africa Oil Corp. Discoveries
Africa Oil Corp. has the potential for numerous discoveries across its entire portfolio.
Africa Oil Corp. has a unique and distributed portfolio of assets with numerous potential discoveries. Commercialization for the company is roughly 5-10 years away here, however, we think the company's managed to do everything right. It invested at a low price, it has numerous small stakes in impressive assets, and its financial aren't tied to their success.
We'd like to see the company use its financial strength here to potentially take over some of these companies presuming opportunistic valuations.
Africa Oil Corp. Prime Oil and Gas
Africa Oil Corp. has continued to maintain strong performance from Prime Oil and Gas.
Africa Oil Corp. has managed to more than replace production since YE 2019, although it's worth noting that oil reserves have decreased slightly while natural gas reserves have gone up. The company has continued to explore, and OML 130 is expected to see 2 exploration / appraisal wells in addition to 9 development wells.
The company is continuing to opportunistically expand developments here, but the real takeaway investors should care about, given how much money the asset has generated, is simply maintaining production.
Africa Oil Corp. Kenya
Even before Prime Oil and Gas, Kenya was supposed to be the crown jewel in the company's portfolio.
Africa Oil Corp. Kenya - Africa Oil Corp. Investor Presentation
Africa Oil Corp. is still working on its Kenya development plan. The quality of the asset has never been in question, however, the issue has consistently been selling that oil. Pipeline has always been the preferred route cost wise, however, at more than a billion dollars none of the involved companies had the capital they're willing to deploy.
At current prices, the project is of course incredibly profitable. The company just needs to bring it into fruition. However, we still need a FID and a true timeline for the project which remains to be seen.
Africa Oil Corp. Financials
Africa Oil Corp. has become a financial powerhouse with its impressive asset portfolio.
Africa Oil Corp. Financials - Africa Oil Corp. Investor Presentation
The company has consistently generated roughly $50 million in net income although its financials have been supported with Prime Oil and Gas dividends. However, it's worth noting the $500 million in received Prime dividends over the last 2.5 years don't paint the entire picture (and we expect that to expand significantly at current oil prices).
Specifically, Prime Oil and Gas as a holding company for the assets has seen its own financial portfolio expand significantly. At the start of the acquisition, Prime Oil and Gas had $842.5 million in net cash. Since then, that has improved to a net cash position of roughly $250 million attributable to the company's 50% shareholding.
That means in a mere 2.5 year timeframe, with a weaker price environment, the company not only paid out significant cash but it retained almost $600 million in cash internally. That means two things. First, it will soon have significant additional cash to deploy as dividends. Second, interest and financial expenses will go down.
Both these things will support Africa Oil Corp. substantially enabling increased shareholder returns. The company has announced a 2.5% annual dividend (~$20 million annually) that it can comfortably afford. We'd like to see the company buyback shares to help improve additional long-term shareholder returns.
Thesis Risk
The largest risk to our thesis is crude price. For the company to achieve its high potential, it needs $100+ / barrel. With $7.5 / barrel in lifting costs in the company's only production asset (Nigeria) that means the company is incredibly profitable. The record breaking dividend showed the same thing. However, overall, there's substantial risks for the company to note.
Conclusion
Africa Oil Corp. might have a market capitalization of less than $1 billion; however, the company is set up like a much more valuable company. It has incredibly strong profit from its existing asset portfolio. It has achieved a strong net cash position with its core assets and, at the same time, its Prime Oil and Gas is improving its financial strength substantially.
The company has numerous potential exploration assets which potentially enables the company to improve its shareholder returns substantially. The Venus-1 discovery could result in thousands of barrels / day of production attributable to the company. The company has started a new dividend and is focused on increasing shareholder returns, which will be valuable.
The dog days of summer are upon us. Where is my cold beer? Beer to help numb myself against the useless rhetoric that needs a guide dog.
Can't pull up article from Scotiabank. They have a near term price target of $3.00 on AOC. I missed first 30 minutes of the conference call. Too bad the sound system is so screwed up. But all very positive. I missed the FID on Kenya. Anything new douginil.
Incredible, isn't it
Incredible performance by AOC. Please look up Africa Oil web site. Click on news. Net Earnings for quarter 9 Cents p/s for this quarter. ???.36 cents for this year?
Tue, May 10, 2022, 11:30 AM
In this article:
VANCOUVER, BC, May 10, 2022 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") will publish its financial and operating results and related management's discussion and analysis for the three months ended March 31, 2022, after Toronto market close on Thursday, May 12, 2022. View PDF version.
Senior management will hold a conference call to discuss the results on Friday, May 13, 2022 at 10:00 (ET) / 16:00 (CET). The conference call may be accessed by dial in or via webcast:
Canada, Toronto
+1 647 484 0472
North America toll free
800-207-0148
Sweden
+46 (0)8 5664 2754
Sweden toll free
0200 898 697
UK
+44 (0)330 165 3641
Participant Passcode
858894
Webcast URL
https://event.webcasts.com/starthere.jsp?ei=1549259&tp_key=fea75ba35e
Please join the event conference 5-10 minutes prior to the start time. A recording of the webcast will be available on the Company's website after the event.
India vs the CCP. Both need and have purchased Russian oil. The two countries share a common and contested border with frequent military clashes. There are a lot of Indians in East and South Africa. Only rumors at this time but I'm thinking There are direct flights from Mombasa/Nairobi to Mumbai on a daily basis. Clearly an economic and business relationship exists between the two countries. 2,200 miles distant by ship to a dozen refineries in India. I wonder what's cooking in that oil realm?
Ahhh!! The old whistling in the graveyard ploy, eh?
Yes sir. I should have said via trucking. Still, something to ponder. Truck from Lokichar to Eldoret,,,Train from Eldoret to Mombasa.
Tamtam: Well the Kenya Oil ministry could contact the European Union and propose oil transhipments via rail to Mombasa until such time as the pipeline is finalized to Lamu. At least we would learn who is serious about this or cash in our chips.
Possibly useful information. Kenya: Are you listening?
Ewa Krukowska
Mon, May 2, 2022, 10:04 AM
(Bloomberg) -- The European Union will seek to step up cooperation with African countries to help replace imports of Russian natural gas and reduce dependence on Moscow by almost two-thirds this year.
Ukraine Latest: Johnson to Evoke ‘Finest Hour’ in Speech to Kyiv
Countries in Africa, in particular in the western part of the continent, such as Nigeria, Senegal, and Angola, offer largely untapped potential for liquified natural gas, according to a draft EU document seen by Bloomberg News. The communication on external energy engagement is set to be adopted by the European Commission later this month as part of a package to implement the bloc’s plan to cut energy reliance on Moscow.
The 27-nation bloc wants to shift away from its biggest supplier after President Vladimir Putin invaded Ukraine. Its draft energy strategy also seeks to prepare the region for imports of 10 million tons of renewable hydrogen by 2030 to help replace gas from Russia, in line with the ambitious EU Green Deal to walk away from fossil fuels and reach climate neutrality by mid-century.
The EU plan to increase LNG imports by 50 billion cubic meters and boost shipments of pipeline gas from countries other than Russia by 10 billion cubic meters requires setting relationships with traditional suppliers on a new basis and extending trade to new emerging suppliers, according to the document.
Key steps include fully implementing the agreement with the U.S. for the delivery of 15 billion cubic meters of additional LNG in 2022 and around 50 billion cubic meters annually until 2030. Another target is to sign a trilateral memorandum of understanding with Egypt and Israel to boost LNG supplies to Europe by summer this year.
The bloc also plans to support the doubling of the capacity of the Southern Gas Corridor, which brings gas from Azerbaijan, to 20 billion cubic meters per year. And while a working group with Canada has been set to look at increasing gas deliveries in the coming years, Japan and South Korea already redirected a number of LNG cargoes to Europe.
“Qatar stands ready to facilitate swaps with Asian countries,” the commission said in the draft strategy. “In terms of pipeline gas, Norway has already increased its deliveries to Europe and both Algeria and Azerbaijan have indicated their willingness to do so.”
The EU’s executive arm also said in the document that the bloc must work to ensure “open, flexible, liquid and well-functioning global LNG markets,” both with major producers, such as the U.S., Australia and Qatar, and consumers, including China, Japan and South Korea.
The increased purchases by Europe, coming amid growing global demand and already high LNG prices, will have an effect on global trade.
“The EU also needs to send consistent signals to the market to balance the short and medium term needs with longer term goals,” according to the document. “All this requires a much more coordinated gas policy to exploit the market and political weight of the union and developing a tool for a joint action.”
Nice. I have to laugh at the shorts. Always try to sell apple (short) . Apple execs say Apple could be short 4 to $8B in revenue next quarter. Apple grosses over $1B per day. LOL
Douginil, the only thing I can think of is some news on Namibia and Totals' finding of 2B barrels of oil and some have said as much as 13BB. Who knows? Volume is thru the roof thos which tells me somebody knows something.....Can't find any material information tho. Not sure if its Total or Shell.
Uhhh...Anybody got a clue?
Kenya; Sure missing out on opportunities to steal Russian thunder in India. Several refineries and crude oil storage facilities on the West coast (Mumbai) of India. Government of Kenya Partnership possible??????
Yeah.. Hoping they can monetize that pipeline soon.
Honestly Bucc. I don't know, but our 19% interest in Eco Atlantic may have just been reduced, but I don't know for sure. We will know more when KH has a earnings report and conference call and discusses the situation.
Waiting for more information douginil. Adding 49,000,000 more shares dilutes the outstanding number by 18%. Eco Stock down today by 8%.