GoJerez2How are you. I'm the old Sherbrooke1. Or was it Sherbrooke2. YOu told me about Africa Oil back when they made the Kenya Discovery. I did not but it. Then they sold 50% and I did not buy it. Then it was trading lower than the value of the cash and I still did not buy it.
Then someone mentioned to me Africa Energy after the SA discovery and I mentioned AOI as the parent, and he and I did a detailed look last summer, and we both bought it!!
Thanks to you we have both done well.!
So I sold all of mine and got interested to buy back in after the recent Namibia discovery and have gone back in for a few. You have done well with the old Corridor resources?
KH says they are going to do a deal on Kenya soon for the remainder interest?
With regard to the Namibia JV. It is not SEC GAAP accounting and variable interest entities like Enron. This is IFRS accounting for a JV, AND these are not financial hedges, they are forward sales agreements between Prime and a counterparty which is a marketing/trading company(s) that they sell the oil too.
Africa oil disclosure with regards to these contracts, the timing of the disclosures of these forward sales, and the prices that they have sold forward at, look suspect.