Africa Oil Corp. T.AOI

Alternate Symbol(s): AOIFF

Energy Oil & Gas E&P

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime); Impact Oil and Gas Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.

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Africa Oil Corp.

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Comment by trader3000on Aug 14, 2012 8:29pm

246 Views

Post# 20217899

RE: RE: RE: RE: KEITH HILL--Move to Kenya

Depends on the case.

Question of capital gains does arise even if he doesn't sell. If he moves to Kenya and cuts ties with Canada then shares held at the time are valued at FMV. Further gains are no longer taxable in Canada.

If he maintains ties with Canada then it is as you say. He pays income tax in Canada and gets credit for any tax paid in Kenya.

It was mentioned that he has a tax advantage in Kenya. This is not the case if he doesn't cut ties with Canada. However, he did sell his house here which is a huge factor in Revenue Canada's criteria.

Regardless. As a shareholder I am thrilled that he is there. There will be some rough times and his presence will help.

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