stockwatch energy summary, AOI tidbit:Another Lundin company, Africa Oil Corp. (AOI), lost 34 cents to $5.07 on 1.63 million shares, its heaviest volume since December. It has fallen from over $10 that month because of lacklustre exploration results in Kenya.
Along with Tullow Oil, Africa Oil is developing the South Lokichar basin. Although it recently estimated that this basin could hold over one billion barrels, it has been struggling to successfully drill -- or "open" -- other basins. Several previous wells were dry or disappointingly low in oil.
Africa Oil is now working on the Kodos-1 well in the Central Kerio basin, which it says is geologically similar to South Lokichar and has a good chance of success. Results are expected in late October or early November.
If the well is a hit, president and CEO Keith Hill hinted in a conference call last week, Africa Oil might use the opportunity to raise money. It currently has enough to last until mid-2015. Some analysts think it might attract a takeover offer before it has to worry about that. UBS of London released a report on Monday that focused on Tullow but speculated that Africa Oil "could also be on the industry radar."
apologies if its a re-post, I didn't see it?