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. > Bearish Chart

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Post by Oregonduckon Dec 21, 2020 11:40am

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Post# 32152824

Bearish Chart

Triple Top or Head-and-Shoulders forming.

AOI still owing $141million to BTG. As well, Prime is heavily laden with $1.3 billion in RBL loans. The Co had pawned off its cash flow to pay down the RBL loans.

Prime took a huge impairment charge on its OML 130 concession and expects another charge on OML 127 at y/e on Dec. 31.

1P proven resource could be depleted by 2021/22 unless the 2P probable resource can be converted.

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