AOI: UPSTREAMONLINE - MAR-30-2012 & POSSIBLE VALUE Note the publication from Upstreamonline dated March-30-2012
- Some explorers with knowledge of Kenya's geology suggested the potential could be far higher with one claiming it could be ten times as great [than what Tullow has found in Uganda].
- "[Energy Minister Kiraitu] Murungi said Tullow had earlier indicated to him that Turkana's rock structure was similar to that of Uganda and that this deposit could be bigger than the 2.5 billion barrels discovered so far in the Lake Albert Basin.
- Several leads and prospects similar to Ngamia have been identified by the partners and the Weatherford 804 drilling rig will now punch down to 2700 meters to explore the structure's deeper potential.
POSSIBLE VALUATION OF AOI (IF 10x BIGGER THAN UGANDA):
- Uganda potential 2,500 MMBOE per Tullow Presentation Aug-24-2011 (will use 1,500 MMBOE to be coservative)
- 1,500 MMBOE * 10 = 15,000 MMBOE
- Average working interest for AOI (as it relates to Tullow & AOI partnership) is 43% ... AOI take is 6,500 MMBOE (assume 5,000 MMBOE - to be conservative)
- Heritage Sale to Tullow for Uganda Assets $4.23/boe (assume $4.00 - to be conservative)
- $4 * 5,000 MMBOE = US $20B / 228M Shares Outs. = $ 87.72 per AOI share
AOI's other assets in Puntland, Ethiopia (Ogaden Blocks), etc - not included in above calculation.