AFRICA OIL: 1 OF THE MOST ATTRACTIVE ENERGY COMPANIES ACCORD
STOCKHOLM ( AFX) Africa Oil is one of the most attractive investment options in the energy sector .
It believes the Canadian investment bank Dundee Capital Markets in a new monthly market letter dated April 7 , where the bank has a buy recommendation with a target price of 88 for oil exploration shares .
Analysis The house lets not discouraged by the recent Kenyan dry drilling , Emong in Lokichar Basin recently but instead indicate the seven straight oil hits Africa Oil had in the area .
But to oil exploration company to maintain its drilling momentum and investors' attention is required that oil is found in more pools this year.
In 2014, it's up to six new possibilities for exploration wells encountering four new oil basins , according to the bank. You mentioned the ongoing drilling in the Kenyan well Sala and the Ethiopian well Shimela among others.
In Lokichar Basin is expected appraisal drilling of the wells Twiga -2 and Ngamia -2 and a flow test of Agete - well in the spring , according to the analysis.
Among the additional events that may affect the valuation of the Lundin company listed resource update that can come in the current quarter , and additional information about the Ethiopian well El Kuran - third
In addition to the drilling program also identified the need for progress on Kenyan government approval of the expansion of including a pipeline during 2015/2016 with the opportunity to begin the sale of oil two to three years thereafter.