Here is my take. Because the Puntland plays were always the long term goal for the Lundins and don't forget thgat they still hold almost 65% of that play through AOI and personal and corporate holdings, there are many who don't know that Horn holds 60% of the action. AOI holds a per centage of Horn, but the key here is that AOI has 240,000,000 shares out, while HRN has only 65 million with some options out that may boost the holding up to 100,000,000. No matter how you look at it, Horn is the way to take advantage of any major strike in Puntland. Buying Aoi may be spreading your risk but for what??? Some half baked promise of discovery in Kenya of which we know nothing about. Somebody's imagination is being carried away with the Kenya find, at least at present. It could be only 2 or 300 bbls a day, we don't know. If it were 1000's of bbls of day, there would be some announcement by this time. The Kenya government would be crowing like crazy.
But they aren't.
As I have long said, I have been following AOI for the past 6 years back to the old Canmex days. I knew they were going after Puntland even before they announced it which was just a lucky guess on my part b/c I know that Lucas likes to be first in the door on risky areas of the world. After they got cold feet on Burma gas plays, I thot, Somalia may be strong possibility and started to pick up Canmex shares mainly b/c it held great promise, Lucas likes to be first in the door, Burma bummed out, Unfortunately the political situation deteriorated and no drilling took place for 3 or 4 years. Meantime in order to keep AOI alive they got involved in some acreage in Kenya and more in Ethiopia.
The PRIZE was always Puntland.