Not enough skin in the gameYes, Lonegaurdian19 we did cross swords back then. I was in AOI when it was below $1 and got out at around $10. I never bought the stock back. AOI subsequently sold 25 percent of its Kenya oil stake for $450 million and became debt-free, They plowed all their cash - amounted to $1 per share - into the Nigerian oil stake and, as a result, is saddled with massive debts.
As they like to say, you don't get out of bed for such small stakes held by AOI in other companies. For instance, AOI holds 20% of Africa Energy and 30% of Impact Oil encompassed their 20% of the Venus Namibia discovery. Similarly, in other play such as in SA with Eco. AOI will be faced with huge development costs.
i believe AOI management is all over the park and not able to deliver with all those inter-related tie-ups.