Africa Oil Corp (AOIFF)

[douginil]

Pareto Securities report on Eco Atlantic Oil & Gas

Last week Eco Atlantic released a competent persons report (CPR) on its Orinduik license area, offshore Guyana and announced that Total has exercised its farm-in option agreement with the company for this block. We also welcomed the Company’s CEO, Mr. Gil Holzman as a presenter to our 25th annual Oil and Offshore Conference in Oslo. In this report we highlight our main take-aways from these events and refresh our investment thesis.

Impact: POSITIVE We are increasing our target price to GBp120 from GBp95, mainly due to greater clarity on the company’s exploration prospects offshore Guyana, with resources estimates materially higher than our previous assumptions.

Read more at:
https://www.ecooilandgas.com/wp-content/uploads/2018/09/ECO170918_Pareto-Research.pdf