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April Presentation out:
http://www.africaoilcorp.com/i/pdf/AOI-CorpPres-Apr2014.pdf
Tullow Oil April Presentation: Enjoy..Check out slides 26 and 46.
http://files.the-group.net/library/tullow/files/pdf_366_t.pdf
That is exactly what i previously posted and for what ever reason was deleted by someone on this board (how rude)
http://www.investorvillage.com/uploads/11074/files/AFRICAOILMAR3114.pdf
Canaccord update from this morning
* Africa Oil Corp : Canaccord Genuity raises to speculative buy from hold
Opportunity knocks? Following the sell-off in Africa Oil’s share price subsequent to the company’s most recent operational update, Canaccord Genuity Energy Analyst Christopher Brown has upgraded his rating on AOI shares.
The company announced a couple of disappointing well results within its core area of the Lokichar basin, and Brown believes the shares are currently oversold on a loss of confidence in potential deliverables. In Brown’s opinion, as the company operates in a rift basin (which can be complex and highly unpredictable), it was a matter of time before AOI eventually drilled a dry hole or water-bearing well. As such, Brown has no fundamental changes in his valuation based on Thursday’s results.
As the company progresses through its pre-FEED work, Brown highlights that a 20-well program for 2014 should provide numerous potential catalysts. Of note, AOI is well-funded, ending 2013 with $493.2 million in cash and working capital of $439.8 million.
[u]News release today from Sophia
Good morning!
Please find enclosed a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.
Africa Oil PROVIDES OPERATIONS UPDATE
February 12, 2014 (AOI–TSXV, AOI–NASDAQ OMX First North) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide the following update on its activities in Kenya and Ethiopia. Africa Oil’s work program for 2014 will include at least 20 exploration and appraisal wells, extended well tests on the South Lokichar basin discoveries, and will include exploration wells targeting four new basins.
Excellent progress continues with the exploration and appraisal program in the South Lokichar basin in Northern Kenya which is the site of seven consecutive significant oil discoveries by Africa Oil in conjunction with its 50% partner and Operator, Tullow Oil plc (“Tullow”). Currently three drilling rigs and a test rig are operating in the South Lokichar basin.
Well testing at Etuko-1 from five identified Lokhone pay intervals confirmed the previously announced discovery. Light 36 degree API waxy crude oil was successfully flowed from three zones at a combined average rate of over 550 barrels of oil equivalent per day. Additional potential pay zones with good oil shows were identified in good quality Auwerwer sandstones over a 200 metre interval shallow in the Etuko-1 well but were not able to be evaluated due to a large hole size. The rig was skidded over and will now drill a 650 metre well to evaluate and potentially test this upper reservoir section.
The rig that recently completed drilling the Amosing discovery has mobilized to the Emong prospect and spud the well on 5 February 2014. Emong-1 is located 6 kilometres to the west of Ngamia-1 and is targeting high quality Auwerwer sandstones. The prospect is fault offset and updip from the large Ngamia oil discovery which has over 200 metres of net oil pay. The gross best estimate of prospective resources for Emong are 242 million barrels of oil based on a third-party independent resource assessment. The well has a planned total depth of 1,500 metres and is expected to take 40 days to drill.
The rig that recently completed drilling the Ewoi discovery has mobilized to drill the first of three planned back-to-back appraisal wells at the large Twiga South oil discovery. Twiga South-2 which will spud mid-February 2014, is located 2 kilometres to the west of the Twiga South-1 discovery well and is updip on the structure. The well is designed to assess the areal extent of the high quality Auwerwer net pay encountered in the discovery well and also the prospective resources associated with up to 150 metres of shallower water bearing high quality Auwerwer net sands encountered at Twiga South-1 that are within mapped closure at this location. The Twiga South gross best estimate of unrisked prospective resources for the discovery are 132 million barrels of oil based on a third-party independent resource assessment. The well has a planned total depth of 2,000 metres and is expected to take 45 days to drill. An extended well test of the Twiga South field is being planned for towards the end of the year.
A light well testing and completions rig has been mobilized and has commenced testing operations on the Ekales oil discovery. Testing operations on Ekales-1 are expected to be complete by end March 2014.
A large 3D seismic survey over the western flank of the South Lokichar basin has commenced and civils construction on several exploration and appraisal locations is being progressed to keep pace with the aggressive drilling program.
Given the significant contingent resources associated with discoveries to date and the extensive exploration, appraisal and seismic program planned to fully assess the upside of the South Lokichar basin, the Company and its partner and Operator, Tullow, has agreed with the Government of Kenya to commence development studies. In addition, the partnership is involved in a comprehensive pre-FEED study for an export pipeline. The current ambition of the Government of Kenya and the joint venture partnership is to reach project sanction for development, including an export pipeline, in the period 2015/2016. If further exploration success opens additional basins there will be scope for the development to be expanded.
The Sala-1 well in Kenya Block 9 will spud mid-February 2014 and Africa Oil will operate this well on behalf of its 50% joint venture partner Marathon Oil Corporation. The prospect is a large three way dip closed structure against the rift bounding fault in the Cretaceous Anza rift in a similar structural setting to the Tertiary Ngamia discovery in Block 10BB. Sala is updip from the Bogal-1 well drilled in 2010 which appeared to find a significant gas accumulation and also near the Ndovu-1 well drilled in 1988 which had significant shows of oil and gas. The unrisked prospective resources for Sala are approximately 400 million barrels of recoverable oil based on a third-party independent resource assessment. The well has a planned total depth of 3,450 metres and is expected to complete by end April 2014. Additionally, preparations are being made for drilling in the South Kerio and West Turkana basins later in the year exposing the Company to multiple potential basin opening wells in Kenya.
In the South Omo Block in Ethiopia the rig is currently moving to the previously undrilled Chew Bahir basin, to drill the Shimela prospect in the eastern portion of the block where new seismic has delineated a number of exciting new prospects, some of which have encouraging seismic amplitude anomalies that map with closure. The well is expected to spud at the end of the first quarter of 2014 with the aim of derisking some further 15 prospects and leads across the basin. The Company has a 30% interest in the block which is operated by Tullow with a 50% interest and Marathon Oil holding the remaining 20% interest.
In Block 8 in Ethiopia, drilling continues on the El Kuran-3 well with the current depth being 2,850 metres. The well encountered a 1,200 metre section of Jurassic Hamanlei carbonates, with wet gas and oil shows throughout the interval, similar to the El Kuran-1 well drilled in 1972. The reservoirs are low porosity and permeability and will require acid or fracture stimulation to produce at commercial levels. A decision was taken to deepen the well to the below the planned target depth to evaluate the deeper Gumboro zone which has significant gas condensate potential. The revised total depth of the well is 3,500 metres and is expected to be complete in April. The Company has a 30% interest in the block which is operated by NewAge.
Keith Hill, President and CEO of Africa Oil commented, “We have a very exciting exploration and appraisal program set out for 2014 which will see us complete over 20 wells. Currently we have seven rigs running and after releasing one in mid-year will have six rigs running full time through the remainder of the year. Our program has three objectives, to appraise the existing key discoveries, to drill out the remaining prospects in the South Lokichar basin and to open at least one of the four new basins being tested along trend. Additionally, we are pushing hard to move the development studies along with the aim of sanctioning a pipeline development for the South Lokichar basin in the period 2015/2016. This fully funded program should continue to deliver high potential upside value for shareholders through this year and beyond.”
About Africa Oil
Copied this from "Rig Zone"KAMPALA, Feb 6 (Reuters) - Uganda has signed a memorandum of understanding (MoU) regarding the start of oil production with Britain's Tullow Oil, Total of France and China's CNOOC, the government said on Thursday.
Uganda discovered oil deposits in 2006 but a tussle with oil firms over Uganda's plans for a refinery postponed commercial production, now expected to start in 2016 at the earliest.
East Africa has become one of the world's hottest new oil and gas provinces after a string of finds, although moving towards production has been slow, as governments update laws and slowly build expertise in the new industry.
Before two recent Kenyan finds, Tullow said oil output from Uganda and Kenya combined could be 500,000 barrels per day (bpd). Tanzania and Mozambique are working on gas projects.
"The government has signed an MoU on the sustainable development of the discovered petroleum resources in the Albertine Graben (basin) with the licensed oil companies operating in the country," the Energy Ministry said.
It said in a statement that the deal was signed late on Wednesday with the Ugandan units of Tullow, Total and CNOOC, which have formed a joint venture to develop the fields. A formal ceremony to mark the signing was held on Thursday.
The ministry said the MoU provided a framework for commercial production, including providing fuel for power generation, supplying crude oil to the planned refinery and exporting crude by pipeline.
Uganda has scaled back its refining ambitions. It now plans to start with a plant with capacity of 30,000 bpd, rising to 60,000 bpd. It had wanted one that could process 120,000 bpd, which oil firms argued would not be commercially viable.
Asked when a lead investor for the refinery would be picked, Energy Ministry Permanent Secretary Kabagambe Kaliisa said: "By mid this year we will have finished the selection process ... so the winner (of the tender) should be known by then."
Other east African nations, potential export markets for the refined products, have been offered stakes in the refinery.
Kaliisa said Rwanda had expressed an interest in participating, while Kenya and Tanzania wanted more details.
"However we'll not wait for them to decide, we will just go ahead with whoever is willing to participate and others can come onboard later," he said.
Uganda would use its own resources to finance its stake in the refinery that was expected to start up in 2018, he said.
Energy Minister Irene Muloni said last month that developing Uganda's oil fields and building infrastructure would cost between $15 billion and $22 billion, although there were plans to try to reduce that.
Uganda has agreed to join a pipeline project that will run to Kenya's planned new Indian Ocean port of Lamu, which is expected to become an export terminal for crude from Uganda, Kenya and other regional states.
(Reporting by Elias Biryabarema; writing by Edmund Blair; editing
From another bull board:
AOI - Sophia Shane
Good afternoon!
I've been expecting more news on the operations by the end of February but I don't have anything more specific that that yet. The move to the big boards is expected by the end of Q1 - there is an exemption and approval process so the timing is not controlled by us - but our best guess is that it will be by the end of March for sure.
As to the share price, other than the usual hedge funds, short sellers and overall rather dismal stock market, I think the main contributor the current decline is the reports coming out from the analysts. Their target prices still remain very high (some as high as $18 per share) and 99% rate us as "buy", "outperform", etc., but they have inserted a note of caution into their reports - basically saying that people should not get carried away in their enthusiasm with short term news and even suggest a bit of profit taking wouldn't hurt. The analysts see our biggest growth more in the longer term. You see, there is no question that this is an amazing, world-class new oil basin we have discovered. It has created a lot of interest in the global oil industry. Pipelines are being planned. This new discovery will change the prosperity of an entire country. It's a very big deal. And it's this bigger picture we must remember - we're going to be drilling lots of wells in the next couple of years - some will be good and some will be bad - that's to be expected - whatever the news, it doesn't change the fact that the discovery of the Lokichar Basin is the biggest news in the oil industry in years and years.
Thanks for the chart Mcbean -- was not thinking of shorting but buying on the double bottom - however will wait and see if we bounce from this level.
McBeanburger how is the technicals looking now - to me looks like a double bottom and we should see a up trend from here. What's your take.
McBeanburger
How is the technicals looking so far on todays trading.
do we need a double bottom yet b4 onward and upward? just asking thks.
RJ
I totally agree reading the chart from McBean looks like we could accumulate here and then shazam. just saying...
Traded in Can.to a low of $8.42 so far.
In Sweden now closed:
53.00 SEK ( Swedish krona )
CAD ( Canadian Dollar )
Date CAD = Canadian Dollar Exchange rate
2013-12-12 8.55 CAD 0.1613 [6.1996
In the long run, all this means little to nothing to the longs. However, it does make a difference by making the chart stronger.
Nice note red yes the gap is starting to fill so all good.
What a joke there are no oil proceeds YET
But locals feel they have been sidelined by the company in the sharing of oil proceeds. The community says Tullow operates without involving them. This has led to major conflicts, threatening to put the region into oil insurgency.
If you read there corporate responsiblity statement on there website -- says it all.
Now to walk the talk:
http://www.africaoilcorp.com/s/corporate-responsibility.asp?ReportID=584645
Hopefully the Govt's of Kenya along with Tullow and Africa Oil Corp will negotiate a resolution with the local population in Turkana.
Hope they clear this up fast:
EQUITY ALERT
as of Saturday, 26 October 2013 04:51pm ET
AFRICA OIL CORP (AOI:CVE, CA)
9.55 0.14 (1.49%) Volume: Below Average
--------------------------------------------------------------------------------
New Reuters news is available for Africa Oil Corp. At last sale, AOI was trading at C$9.55.
Open 9.50 P / E Ratio (TTM) -113.2x
Last Bid / Size 9.48 / 20 Earnings Per Share (TTM) -0.08
Last Ask / Size 9.55 / 22 Next Earnings 28 Aug 2013
Previous Close 9.41 Beta 0.0
Volume 189,550 Annual Dividend --
Average Volume 237,475 Dividend Yield --
Day High 9.64 Ex-Dividend Date --
Day Low 9.44 Shares Outstanding 252.97M
52 Week High 10.80 # of Floating Shares 251.43M
52 Week Low 5.51 Short Interest as % of Float --
COMPANY NEWS
UPDATE 1-Tullow Oil suspends work at two Kenya exploration blocks
10/26/13 - 04:50 PM ET - Reuters
By George Obulutsa
NAIROBI, Oct 26 (Reuters) - Tullow Oil said on Saturday it had suspended drilling operations on two blocks in northwest Kenya due to security concerns, after local residents held protests demanding for more jobs at the sites.
"Tullow confirms that there have been a number of demonstrations at Tullow operated sites in Northern Kenya today regarding local concerns around employment," Tullow said in a statement.
"We have temporarily suspended our operations across Block 10BB and Block 13T in Turkana East and Turkana South sub-counties. The priority at the moment is to ensure the safety and security of our staff."
Tullow and Africa Oil have struck oil on both blocks and are in the process of determining its commercial viability.
In July, London-listed Tullow, which is already producing oil in Ghana and awaiting government approval to do so in Uganda, estimated resource volumes in the Lokichar basin in Kenya’s northwest at 300 million barrels of crude oil.
Tullow would not comment on whether any of its staff had to be evacuated from the drilling sites, located in a remote part of the east African nation.
Tullow Oil holds a 50 percent stake and is the operator at both the 13T and 10BB blocks, with Africa Oil holding the rest.
In addition to Kenya, oil discoveries in Uganda and gas finds offshore Tanzania and Mozambique have drawn explorers to east Africa, now seen as a potentially major new producing region.
Kenyan government officials were not immediately available to comment on the suspension of exploration operations.
Nice article from cnbc'
http://www.cnbc.com/id/101125341
Absolutley Red also AOI did receive 450 million for the dilution. IMO hold and we will be rewarded.
RJ>
Interesting article found on the RBC site for AOI.
Apache Corp. says quits Kenyan offshore oil block
11 hours ago - Reuters
Apache Corp. says quits Kenyan offshore oil blockNAIROBI, Oct 9 (Reuters) - American explorer Apache Corp. has abandoned its hunt for hydrocarbons in Kenya, a hotspot in the race for new oil and gas deposits, after finding only non-commercial quantities of gas in its sole Kenyan interest.
Bob Dye, senior vice president of corporate affairs at Apache, said the company was relinquishing its 50 percent stake in Kenya's offshore L8 Block where it partnered with Britain's Tullow Oil and Australia's Pancontinental.
"We determined that other areas in our worldwide portfolio provided better opportunities for future capital investments," Dye told Reuters in an email late on Tuesday.
Dye said Apache had informed the Kenyan government of the move on Sept. 27. The decision, he said, was not influenced by a militant attack on a Nairobi shopping mall a week earlier which killed at least 67 people.
The attack, the worst on Kenyan soil since the 1998 U.S. Embassy bombing carried out by al Qaeda, has raised questions over the security of oil and gas exploration facilities.
Commercially viable oil discoveries in Kenya, along with oil struck in Uganda and gas finds offshore Tanzania and Mozambique, underlines east Africa's potential to become a major oil and gas producing region in the next five years.
Please find below a news release issued this morning. If you have any questions or require further information, please do not hesitate to call.
Best regards,
Sophia Shane
Ph. 604 689 7842
AFRICA OIL REPORTS ON SECURITY SITUATION IN KENYA
September 23, 2013 (AOI – TSXV, AOI - NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) reports on the security situation in Kenya.
There will be few people now that are not aware of the attack that took place at a shopping centre in Nairobi on Saturday 21 September. Our thoughts are with all of those affected by this tragic event. Our hopes remain focused on those that are still involved.
Africa Oil continues to monitor developments on the ground and is maintaining close contact with both the Kenyan law enforcement agencies and the relevant diplomatic missions to ensure that we are fully appraised of the developing security situation.
The security situation in Nairobi outside of the immediate area of the attack remains calm, our personnel are safe and field operations have not been affected. Our primary concern is the safety and security of our staff and contractors and we will continue to monitor the situation closely.
Kenya, like so many other countries in the world, is not immune to terrorist attacks. And like those other countries Kenya has vowed to not allow these attacks to halt its social, political and economic development that is so important not only to its own citizens, but the region and Africa as a whole.
Arti looks like approx. 120,000 went through at 4:10 toronto/vanc.
exchange.
RJ
Any idea on the sell off at end of day by Citii?
anyone tks.
Nice move so far today:
Africa Oil Corp(AOI:TSXV, CA)
8.07CAD0.35(4.53%)Volume: Above Average 451,665
Another target price from RBC Capital
Africa Oil Given New C$15.00 Price Target at RBC Capital (AOI)
Posted by Scott Davis on Sep 11th, 2013 // No Comments
RBC Capital upped their target price on shares of Africa Oil (CVE:AOI) from C$12.00 to C$15.00 in a research note issued on Wednesday, StockRatingsNetwork reports. The firm currently has an “outperform” rating on the stock. RBC Capital’s price objective points to a potential upside of 94.05% from the stock’s previous close.
http://www.google.ca/url?sa=t&rct=j&q=rbc%20capital%20africa%20oil&source=web&cd=8&cad=rja&ved=0CEwQFjAH&url=http%3A%2F%2Fwww.i3investor.com%2Fservlets%2Ffdnews%2F158405.jsp&ei=IeUwUvSvN6jEigLpxIHABQ&usg=AFQjCNE5qhmL1oSQNcZEbg2tdMz8QM-CXA
redinvest Not sure where however perhaps korpin may have the answer. I received the posting from Casey's report in my email.
If I can verify V.NZ I will advise.
Great read from Casey Daily Dispatch:
5 Lessons I Learned from Lukas Lundin
The World of Energy
Marin Katusa, Chief Energy Investment Strategist print email facebook twitter google+
In Today's Edition
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5 Lessons I Learned from Lukas Lundin
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A natural-resource insider asking who Lukas Lundin is would be like a Brit asking who the current queen of England is. You just know.
Fact is, there is no stronger figure in the resource sector than Lukas, who heads the Lundin Group of Companies founded in 1971 by the late Adolf Lundin, Lukas's father and a veritable legend in the sector.
Their website states, "With a mandate to maximize shareholder value, the Lundins have produced consistent, long-term results and have earned unprecedented loyalty among their shareholders." This is no exaggeration—and I believe it's one of the reasons why for three decades the Lundins have reigned supreme in the resource market.
In 2011, for example, they sold Red Back Mining for C$7.1 billion to Kinross Gold, and in 2012, Lundin company Africa Oil made a world-class oil discovery in Kenya, handing shareholders a ten-bagger (our term for a profit of 1,000% or more).
All in all, the Lundin Group, consisting of 15 companies, has raised over $3 billion in financing to advance its projects. Lundin companies operate in more than 30 different countries, and joint venture partners have included some of the largest companies in the world, such as Gulf Oil, Barrick Gold, BHP Billiton, and Freeport McMoRan.
I feel privileged to have been able to spend a lot of time with Lukas Lundin over the years, not just in my role as Casey's chief energy investment strategist and as a full-time investor, but also because I happen to live next door to him.
Being a great admirer of successful entrepreneurs, I've recently pondered what it is that separates Lukas from the thousands of wannabe resource titans. Here are the five valuable lessons I learned, lessons that I think any businessman should take to heart.
Lesson #1: Walk the walk.
Lukas's attitude toward investments is the first major difference between him and many others in the resource community. He thinks and acts like a winner. He's the first person to write a large check to go into his own deals, and that, in my mind, is the greatest sign of leadership and confidence you can expect from a company's management.
In all of the Lundin companies, the Lundin family has the most money invested and the most money at risk—their interests are perfectly aligned with the shareholders'. Unlike most of the resource explorers on the TSX-V exchange, the Lundins don't make money unless their shareholders make money.
This was highlighted again last Saturday, when Lukas invited me over for breakfast. Naturally, our conversation tends to drift to the natural resource sector, and before I knew it, we'd spent over three hours talking about the business. But one line that really stood out for me was when he said, "How can I ask investors to invest and buy Lundin stocks unless I am willing to invest the most?" I can tell you from personal experience that not too many people in the resource sector think like that.
Lesson #2: Find the best people and keep them.
Lukas also has an uncanny ability to attract the best in the business to work in his companies. A great example is Keith Hill, Lukas's right-hand man in the oil sector. Under Lukas's guidance, Keith put together what is today Africa Oil (the company whose shareholders saw over 1,000% gains in the last 18 months).
Thanks in part to Africa's partner Tullow Oil, the company's assets continue to get bigger and better. Lukas is smart enough to understand that he can't do it all alone; at the core of every great company are the people who make things happen. At the Lundin office, if you don't make things happen, you won't be around for long—and that's a good thing for investors.Lesson #3: Think big.
One of Lukas's core beliefs is that life is short, so you might as well focus on the most economic world-class projects. If it doesn't have world-class potential, Lukas isn't interested, which is a fundamental difference between him and 99.9% of the resource sector.
Lukas is able to differentiate what has world-class potential and what doesn't, without spending years and millions of the shareholders' money. I believe this comes down to the fact that Lukas is the largest shareholder in his companies; because his own wealth is at risk, he treats the treasury with the utmost respect and doesn't waste money on mediocre projects. Of course, not every single project pans out, but unless it has world-class potential, the Lundin fingerprint won't be on it.
Lesson #4: Don't be afraid; be a contrarian.
You cannot succeed without being a contrarian in the resource sector. This is what I like most about Lukas: he isn't scared to tell his friends that they're wrong.
Lukas and one of his close friends—another resource titan—have had some heated debates of late. His friend thinks the metals market is at risk due to a global economic slowdown, a result of the end of global growth. Lukas, on the other hand, is bullish and thinks this is exactly the market to be aggressive when everyone is weak, to go after the best projects in the world. Both are highly respected within the industry, yet they have polar opposite views. Why so different? Well, one of them has recently had major successes, while the other was close but didn't monetize the opportunities, and his shares have suffered as a result.
Lukas has a strong balance sheet across the board and is able to act on these opportunities because of his past successes and monetization of large assets. Luck? As they say, you have to be good to be lucky, and Lukas is good. In the 2008 resource meltdown, he suffered like most; however, he positioned his companies to not just benefit from the rebound, he monetized opportunities.
Lukas learned early on about the benefits of being a contrarian from his legendary father, Adolf. The Lundins would go after top-quality deposits in areas most others didn't dare to tread or didn't have the know-how to operate in. By moving decisively, the Lundins were able to get in early and cheaply. You will never see a Lundin chase an area play—in fact, it's quite the opposite. They cause area plays, such as they did in the East African Rift in Kenya in the past couple of years.
I was involved in the early stages of Africa Oil and was a large investor alongside the Casey Energy subscribers in what at the time was a relatively unknown oil district. There were no majors, no wells being drilled, and the Lundins were able to buy the 10BB block for $10 million, which today is worth billions of dollars. (To give you an idea what I mean by "world-class deposit," the 10BB block alone is now being compared to the potential of the entire North Sea.) The Lundins were right again.
Lesson #5: Push through obstacles.
As riveting as the Africa Oil story is, it wasn't easy getting there. In late 2008, the financial crisis was in full swing, and most resource investors fell victim to the collapse. Lundin asset Africa Oil was in the midst of restructuring itself when the crisis hit. It had been looking to acquire a company called Turkana, which owned the now-famed 10BB block in Kenya.
Doug Casey, myself, and Casey Research subscribers were heavily invested in Turkana because we believed in 10BB's potential. The discussions for Africa Oil buying out Turkana had started just before the 2008 collapse, and as the due diligence progressed, so did the crisis.
By early 2009, most resource investors were very discouraged by the significant losses they'd taken. It was the worst time possible for Africa Oil to raise the C$30 million it needed to advance its assets, including taking over Turkana's properties.
As a large shareholder of Turkana, I attended the meetings with Lukas and Keith during this period and wondered how in the world they would pull this off.
At some point in the meeting, Lukas cleared his throat, stood up, and declared in a firm voice, "I'll take ten million dollars as the lead order." He knew these projects had incredible potential, and he simply refused to let the current market conditions distract him from the big picture.
At that point, Rick Rule, a longtime friend of Lukas Lundin's and a famous resource investor in his own right, stated he would take C$10 million, and the rest of the people in the room took the rest. But it was only because of Lukas's leadership that that specific financing was completed. Africa Oil's market capitalization at that time was around C$100 million—today it's roughly C$2 billion, a 2,000% increase in less than five years. That's why Lukas is a billionaire.
I think these five lessons are perfect for understanding the elements required to get a "Big Score" in the resource sector. It all starts with a founder who is financially committed to the long-term success of the company and who is its largest investor. He attracts brilliant people who will commit not just their services, but also their own money to the long-term success of the company. They focus on world-class deposits while being the first in gives them a low entry price, and they push through obstacles with determination. It may sound simple, but it's incredibly difficult to execute and find in the real world.
So when one does come across a company that is replicating the "Lundin formula," one must pay attention. It's taken me four years to find a company with the ten-bagger potential that Africa Oil had in its early days.
The president of this company, like Lukas Lundin in the early days of Africa Oil, has also invested C$10 million of his own money in the company's first private placement.
He's a very successful individual who turned his prior company into a multi-billion-dollar enterprise.
He's been able to attract key people who were responsible for the early success of the legendary Bakken formation; and as with Lukas's teams, they have invested their own money in the company.
The company has spent the last five years looking for the next Bakken, and management believe they are sitting on a world-class deposit. They were able to get over 2 million acres of land, which has known pools of oil, in an area where nobody was looking for it.
The company has the right formula—now the drilling will determine if it is the next Big Score.
There are risks to investing in any resource company, but mitigating risk is a key factor for success in the resource sector. This company has done that, and the Casey energy team is convinced that it is sitting on the "next Bakken." Just like Africa Oil, it will take time for the company to develop the asset and attract the supermajors, but we think this will happen sooner than later… simply put, oil exploration doesn't get any better than this.
We expect the definitive drill results from the first well on or around September 16, less than a week from now. Once the drill results get released, we'll immediately alert our Casey Energy Report subscribers, plus send them a detailed research report on the "next Bakken" and the company I've been talking about.
Try the Casey Energy Report
Ninja11
Without getting into a p...... contest V.AOI is the on the Venture exchange trading out of Vancouver BC. Canada
Don't believe me phone your broker.
Regards: Fasttrack
TSX Venture ExchangeFrom Wikipedia, the free encyclopedia
Jump to: navigation, search The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta and has offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading floor". It was previously known as the Canadian Venture Exchange (CDNX), but in 2001 the TSX Group (now known as the TMX Group) purchased it and renamed it.
The TMX Group also owns the Toronto Stock Exchange (TSX). The Toronto Stock Exchange is the senior equity market, while the TSX Venture Exchange is a public venture capital marketplace for emerging companies.
As of November 2010, the TSX Venture Exchange had 2,364 listed companies with a combined market capitalization of $60,811,203,235.[1]
Actually Sweden1 AOI trades on the Vancouver exchange not Toronto.
AOI - V 0.3 7.85 · 7.86 1.3 7.86 -0.01 -0.1 102.2 800 319 7.80 7.93 7.71 10.80 5.51 15:02:54
7.90CAD0.03(0.38%)Last trade
V:AOI - AFRICA OIL CORP. - http://www.africaoilcorp.com 15:25:38 EDT
From tweet Ministry of INFRASTRUCTURE MININFRA
http://www.mininfra.gov.rw/88/?tx_ttnews%5Btt_news%5D=115&cHash=d9e30e0f690b50723654e3534e56d9cc
Red or Sweden any idea on the post trading SEK
48.35 20,000.00 AOI ENS ENS 17:39:51
50.01 20,000.00 AOI ENS ENS 17:39:45
RJ
Post trading in Sweden'
48.35 20,000.00 AOI ENS ENS 17:39:51
50.01 20,000.00 AOI ENS ENS 17:39:45
The trading symbol for True Gold Mining Inc. is V.TGM
I have posted the most recent news releases from the company website. Just in case there is interest with this stock I am long and holding.RJ
http://truegoldmining.com
True Gold Mining closes private placement to Liberty Metals & Mining
July 25, 2013 True Gold announces $23.5 million strategic investment by Liberty Metals & Mining
July 18, 2013 Key Karma permits and feasibility study on track for Q4 2013 completion
July 15, 2013