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Africa Oil Corp. T.AOI

Alternate Symbol(s):  AOIFF

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

Bullboard Posts
Post by Oregonduckon Sep 17, 2019 6:19pm
285 Views
Post# 30137664

African Curse

African Curse
Go figure. AOI has 18% share ownership in EOG which holds just 15% interest in recent Jethro-1 discovery that reportedly found 100 million barrels of "possible" oil condensate that is rated "10P" but, nevertheless, being pumped up as holding billions in barrels of oil. "Possible" reserves are attributed to known accumulations that have a less likely chance of being recovered than probable reserves. This term is often used for reserves which are claimed to have at least a 10% certainty of being produced ("P10"). Reasons for classifying reserves as possible include varying uncertainty due to reserve infill (seepage from adjacent areas) and projected reserves based on future recovery methods. The next prospect Joe-1 is a total bust...Additionally, AOI will spend every cent of it's cash hoard of US$340 million on acquiring into 25% of the consortium that is buying 50% of the Nigerian asset offloaded by the scandal-ridden Petrobras for US$1.4 billion in cash, i.e. AOI's will dish out US$350 million on its 25%participation...The Kenya oil's production is still up in the air for a Final Development Decision (FID) by Tullow...AOI will likely have to go into serious debts to carry any decision on the future pipeline & infrastructure costs in Kenya...If you want to talk revenue, just look at Lundin's Sharmaran Petroleum (SNM) that has "proven" resources of 250 million barrels in the ground producing 50,000 barrels a day in Kurdistan Iraq that they own 27.6%. SNM has received many millions in cash flow, but hasn't turned any net profits with the stock begging at 8 cents...AOI is still a piece of dogshit - not worth more than its current value.
Bullboard Posts