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.

TSX:AOI - Post by User

Africa Oil Corp.

Bullboard Posts

Post by NgamiaSwedeon Sep 06, 2013 9:16am

460 Views

Post# 21722320

Dundee

"Recommendation and Valuation
We consider Africa Oil a Top Pick in our coverage space with a BUY
recommendation and a C$14.50 share target price, the latter in-line with our
'base case' risked NAV of C$14.51/share ¿ which equates to 530 mmbbls of net
WI recoverable oil, or a 5.6% chance of success across the company's entire
unrisked resource base (excluding Somalia).
Our 'floor' valuation - based solely on the South Lokichar basin (Blocks
10BB/13T) stands at C$8.42/share, with recent success at Etuko-1 'pushing' the
discovered resources within the basin well beyond the commercial threshold. "

Best Regards

Bullboard Posts

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