Africa Oil Corp. T.AOI

Acquisitions and ESG

[Lonegaurdian19]

I really hope they hold off on acquisitions, their move towards ESG also while relevant should be small. If I recall correctly they won a preliminary block in Equatorial Guinea. Not sure what happened there but I'd stay away, I'd also stay away from anything onshore Nigeria. The way things stand they've got the cash cow and 3 potential take out targets. I really mistrust the Keyans so hopefully the Chinese come in via CNOOC and bend them over a barrel, pipeline and political issues could be solved in an embassy in Beijing vs this quagmire

[gggggTDGreen05]

Do you have any info on the Primes development of the 4th well offshore Nigeria?  I read or watched somewhere last year that there is a 4th well offshore Nigeria that has been drilled and can be brought online with "relative" ease?  I just can't locate - but thought I remembered it being almost as good the Egina well?    Others welcome to post - thanks very much

[ickebengt]

One advanced opportunity is the Preowei oil discovery, which is being considered as a satellite tie-back to the Egina FPSO. In the first half of 2019 the Field Development Plan for the Preowei field within OML 130 was approved by the Government of Nigeria. Preowei is not currently included in the Company’s reserves estimates. https://www.africaoilcorp.com/operations/production/nigeria-deepwater/

[gggggTDGreen05]

Thank you icke!!  This will no doubt be another catalyst for AOI either later this year or next year.   I also wonder if they hedged the remaining 2H 2021 closer to $70 a barrel - that would bring up the hedging average of 2021 closer to $60 per barrel which is still a great price considering we are still dealing with COVID. 

[DAGUY]

Yes Egina is only 2 years old with 5-7 more years. This is also at the 16% (8% to AOI) compared to the others which are older and less % (think 8% total) The old ones from looking into them (at least the one field) is low in oil but lots of gas.