RE:RE:RE:RE:Africa Oil Vega7 wrote:
The two Blocks sold to Africa Oil is B12A and B13T. I got in Africa Oil at under a dollar/share.
I like Alberta Oilsands' Africa Rift basin Portfolio. That is the main reason I got into this stocks when it was trading under 5 cents/share. If they can get $ 50 million from Alberta and with good
managment, the upside potential will be hugh.
But just because they may get $50 million doesn't mean they get to spend it on what they want.
They may have to spend some just cleaning up the land the government just grabbed.
As the landmen magazine's article states:
"Interestingly, cancellation of the leases may not be the end of the story for evicted expoloration companies. As stated in the Government's Informaiton Lettter 2013-27, "the cancellation of oil sands dispositions
does not remove the operators' reclamation obligations" pursuant to the Environmental Protection and Enhancement Act. What this means is that even if a company received a reclamation certificate in respect of conservation or reclamation work carried out on their formerly leased lands,
it could still be on the hook for further abondonment or reclamation costs should that certificate be canceled, and therefore (under the provisions of the Act) considered to have never been issued, as a result of further clean-up work being required."