Eco (Atlantic) Oil & Gas Ltd V.EOG

Hill's comments.......

[Proselenes]

https://www.energyvoice.com/oilandgas/africa/ep-africa/444274/africa-oil-hill-nigeria/

Africa Oil sees progress looming in Nigeria, Kenya

14/09/2022, 11:36 am

Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.

Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.

The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa.

Block 2B, the site of the Gazania well, is in a rift basin where a previous well has found oil. “It’s only in 150 metres of water and the contract terms are very good, so if we do find something we can bring it on quickly, it really has a lot of value,” Hill said.

“The value per barrel is probably double or triple that of deeper water barrels,” he continued, speaking at an investor meeting on September 13.

Eco Atlantic Oil & Gas and Africa Energy are both working on the block, with Africa Oil invested in each of those companies.

Hill discussed some of the challenges of the company’s portfolio approach. Africa Oil has a 16.7% stake in Eco Atlantic and 19.9% in Africa Energy. It is also has a 30.9% stake in the private Impact Oil and Gas.

While the move provides Africa Oil with exposure to a range of opportunities, the exit route is not settled. “How do we realise that value? We sell the interest, absorb the company or sell the whole company. We can’t keep doing what we’re doing, we need to divest them or give shares to our shareholders.”

Gazania could be a catalyst for a potential sale in Eco Atlantic and Africa Energy, Hill said.......................

[Proselenes]

You can watch the video of the Africa Oil Corp Town Hall meeting from 13th September on the link below : https://africaoilcorp.com/investors/videos/ .

[toptiger]

not sure gazania is the right time to sell either to be honest eco would sell if it wasnt for their interest in 3b/4b which could be as good as venus afe would sell if it wasnt for the oil target in same block nas 11b/12b so absorb would be my bet, unless they can drill 11b/12b oil target then sell eco pointless for guyana, dont think they are that into that

[Lonegaurdian19]

I agree, though of the three I think it would go : 1. Impact sale to get huge cash after apprasials 2. AFE after Gazania and a contract for NG 3. Eco after Gazania and the SA farm-down and 1st or 2nd well (likely carried) Since KH said he will not dilute consolidation seems unlikely. a major catalyst will be how Kenya plays out. He said he's not really commiting capital to it so the deal

[AnMar]

I agree with all of your thoughts. Hopefully it will be something like that; clearly, many of us holding Eco also hold AOI. I also like the idea of the share buyback, as long as the shares can be bought when it is cheap, do it Keith. Overall, it was a good presentation and I heard what I wanted to hear. Now I hope he sticks to it. Gazania will be spudding within the next week or so. A good result