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AOI - Africa Oil Corp (tsxv)

post #1 of 30
Thread Starter 
like ENG or energulf, another oil in africa play, this is a high risk but high reward play--make that very high reward. the aim is to mitigate the risk by buying when before the overhang is sold off and prior to drilling news. the hope is that the drilling period will bring about a lot of speculative capital and it is at that point that one prudently should take some profit, or take enough to be as risk free as possible with the remaining shares held. the point of a stock like AOI is that it can be a multi-bagger and find nothing. AOI is a lundin linked company in which many of the top investors such as rick rule has invested. rule's trust fund bought nearly 5 million units. the operator of the first spudding is cnooc of china and will commence end of october.
post #2 of 30
post #3 of 30
Thread Starter 
my guess is that the overhang has been taken out. spudding end of this month.
post #4 of 30
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to announce that the Bogal-1 oil exploration well on Block 9 operated by CNOOC Limited in the Republic of Kenya spudded on October 28, 2009. The well is expected to reach total depth of 5,500 meters within approximately 6 months.

Block 9 covers an area of 27,778 square kilometers in the centre of the Anza Basin. The Anza Basin is a NW-SE trending rift basin along trend with the prolific Mesozoic play of southern Sudan. The basin is over 580 kilometers long and 150 kilometers wide with a potential prospective area in excess of 50,000 square kilometers. The basin is filled in places with more than 6,000 meters of Mesozoic and Cenozoic sediments and locally by Plio-Pleistocene basalts. Bouger and residual gravity anomalies have highlighted several sub-basins separated by intra-basin highs. Historic wells drilled in the block have proven the existence of natural gas and possibly oil.

The Company currently holds a 30% working interest in Block 9. CNOOC Limited is the operator.

Comments from Keith Hill, President and CEO:

"The Bogal well will be testing a new play concept that has the potential to change how technical workers have previously interpreted East Africa and the potential to place the Republic of Kenya into the ranks of African oil and gas producers. The on-time spud of Bogal reflects tremendous effort and coordination by Operator, CNOOC Limited, and we applaud their efforts to date. I look forward to positive results over the next few months".

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Heritage/Tullow Albert Graben oil discovery in neighboring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange under the symbol "AOI".
post #5 of 30
Interesting to note that VEL.V the new spinned off company from VAN.V is only 60km away from block9, trading at 50 cents with only 10.5 million shares O/S
post #6 of 30
Thread Starter 
interesting story out of kenyan paper about bogal well. since they dont spell out the source, it remains a rumour. still, if cnooc hits, it will be huge.
http://www.theeastafrican.co.ke/news...3/-/index.html
post #7 of 30
Thread Starter 
word is total depth has been reached.
post #8 of 30
Thread Starter 
Casey cites AOI as number one pick of 2010.
post #9 of 30
Thread Starter 
Africa Oil to apply for Nasdaq First North listing

2010-05-28 08:48 ET - News Release

Mr. Keith Hill reports

AFRICA OIL TO APPLY FOR LISTING ON NASDAQ FIRST NORTH, STOCKHOLM

Africa Oil Corp. intends to apply for a secondary listing of its common shares on the First North list of the Nasdaq OMX Stock Exchange.

E. Ohman J:or Fondkommission AB has been engaged as the company's financial adviser in conjunction with the secondary listing. Trading on First North is subject to a number of conditions including affiliation of the company's shares to Euroclear Sweden, sufficient shareholder distribution in Sweden and distribution of a company description. The aim is to have the listing completed by the end of September.

Keith Hill, president and chief executive officer, commented: "We are very excited about the opportunity to trade on First North. Over the past year, we have seen tremendous growth in our shareholder base in Sweden and we look forward to welcoming many new shareholders when trading commences. A listing on First North will complement our existing listing on the TSX Venture Exchange in Canada, and add liquidity and depth of distribution."

In addition, the company announces that is has published it first quarter report for the period ended March 31, 2010. The report is available on SEDAR and the company's website.

We seek Safe Harbor.
post #10 of 30
Thread Starter 
Africa Oil signs farm-out, JV for 80% of South Omo

2010-06-17 09:38 ET - News Release

Mr. Keith Hill reports

AFRICA OIL SIGNS AGREEMENT TO ACQUIRE SOUTH OMO BLOCK IN ETHIOPIA

Africa Oil Corp. has signed a farm-out agreement and joint venture agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80-per-cent participating interest and operatorship of the South Omo block in Ethiopia.

South Omo represents a new opportunity for Africa Oil to secure a highly prospective block in the Omo Rift Valley of southwestern Ethiopia. The block spans 29,465 square kilometres and is within the Tertiary-age East African rift system, just north of Lake Turkana in Kenya, and within the same petroleum system as the company's Kenya block 10BB and Tullow's Uganda discoveries.

Pursuant to the farm-out agreement, to earn its 80-per-cent participating interest, Africa Oil would pay 80 per cent of past costs incurred by Agriterra, to a maximum of $2,517,000 (U.S.), and finance 100 per cent of the costs associated with a work program comprising 500 kilometres of 2-D seismic, a field geology program and a surface geochemistry program. Total cost exposure for this work program is estimated at $6.5-million (U.S.), with the majority of these costs to be incurred in the first half of 2011.

Africa Oil's president and chief executive officer, Keith Hill, commented: "The addition of the South Omo block brings the total gross acreage on which the company has signed agreements on to almost 250,000 square kilometres and gives us a dominant land position in the highly prospective East Africa Tertiary rift trend. We currently have two seismic crews and one drilling rig active, and are expecting to test all major play types within the next 12 to 18 months. The increased activity in East Africa will also allow us to attract international partners to reduce the risk capital required to explore these highly prospective rift basins."

Completion of the farm-out agreement is conditional on the parties obtaining ministerial consent as well as all requisite regulatory, third party and Ethiopian government approvals.

We seek Safe Harbor.
post #11 of 30
Thread Starter 
Africa Oil raises $21.39-million in first tranche

2010-07-20 12:11 ET - News Release

Mr. Keith Hill reports

AFRICA OIL CLOSES FIRST TRANCHE OF $25 MILLION PRIVATE PLACEMENT

Africa Oil Corp. has closed the first tranche of its $25 million private placement, previously announced on July 9, 2010. The first tranche, comprising 21,394,990 common shares, issued at $1.00 per common share, has been released to the investors. These shares are subject to a hold period expiring on November 20, 2010.

The second tranche comprising the remaining 3,605,010 common shares is expected to close next week.

A 5% finder's fee, payable in cash or shares, will be paid on a portion of the private placement.

Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes.

The private placement has been conditionally accepted by the TSX Venture Exchange.

We seek Safe Harbor.
post #12 of 30
Thread Starter 
this financing was originally going to be a bit lower than a dollar with a full warrant and it changed to only a share at a buck with no warrant, making it far less attractive to retailers. but the key is who bought it up--lundins, rick rule, doug casey and other biggies.

Africa Oil 25-million-share private placement

2010-07-29 20:12 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement for Africa Oil Corp. announced July 9, 2010:

Number of shares: 25 million shares

Purchase price: $1 per share

Hidden placees: 113

Insider: Zebra Holdings and Investments Sarl (Carey Trustees for the Alumbrera Trust -- a Lundin Family Trust) 2.5 million

Pro groups: Mark Hollman 10,000; David Elliott 50,000

Finders' fees: Trimark Trading (Ibrahim Abdulla) -- $50,000; E. Ohman J or Fondkommission AB -- $300,000; Peninsula Merchant Syndications Corp. (Sam Magid) -- 328,947 shares; Middlemarch Partners Ltd. -- $25,000; Tollcross Securities Inc. -- $5,000; PI Financial Corp. -- $6,500; KBH Capital Corp. (Marin Katusa/Chan Sheng Hung) -- $22,500; GMP Securities Inc. -- $125,000; Gasland Investment SA (Alex Poisson) -- $15,000; Global Resource Investments Ltd. (Arthur Richard Rule) -- 119,934 shares
post #13 of 30
Thread Starter 
Casey's Energy Report says buy Africa Oil

2010-08-11 18:44 ET - In the News

Casey's Energy Report in its July 19, 2010, issue, says buy East African explorer Africa Oil Corp. at $1.10. This is the newsletter's first buy of the stock. The writer calls the company's Somolian holdings an "impressive portfolio of assets." These will be augmented by adding property in neighbouring basket case Ethiopia. Africa Oil recently did a private placement at $1 and has had occasional pops to $1.50. The writer admits this is a high-risk play, but still manages to skate over the negative aspects about doing business in one of the most violent, chaotic and war-ravaged parts of the world. In much of East Africa, borders are often matters of opinion, rule of law is at best debatable and Muslim warlords reign over great swaths of the hinterland. Somalia these days is probably best known for the exploits of its pirates. "In the field," Africa Oil has stuck with its business strategy by farming out 10 per cent of its interests to Australian outfit Red Emperor Resources NL in the Dharoor and Nugaal Valley blocks. Red Emperor also has an option to increase its participation by another 10 per cent. These moves, he adds, alleviate some of the risk while still allowing participation in what he refers to as the upside.
post #14 of 30
Thread Starter 
Africa Oil receives ministry nod for blocks 12A, 13T

2010-08-18 09:20 ET - News Release

Also News Release (C-AOS) Alberta Oilsands Inc

Mr. Keith Hill of Africa Oil reports

AFRICA OIL AND ALBERTA OILSANDS SECURE GOVERNMENT CONSENT FOR ASSIGNMENT OF BLOCKS 12A AND 13T IN KENYA

The Minister of Energy for the Republic of Kenya has formally approved the assignment, from Platform Resources Inc., a wholly owned subsidiary of Alberta Oilsands Inc. (AOS), to Africa Oil Kenya BV, a wholly owned subsidiary of Africa Oil Corp., of Platform's 100-per-cent interest in blocks 12A and 13T in Kenya. The transaction, which was initially announced in Stockwatch on Feb. 16, 2010, was subject to, amongst other things, Kenyan government approval.

Consideration for the assignment is 2.5 million Africa Oil common shares and 1.5 million Africa Oil share purchase warrants, each of which is exercisable into one common share at a price of $1.50 per share for a period of two years. The terms of the warrants contain an accelerated exercise clause which is triggered if Africa Oil's common shares trade at over $2 per share for 20 consecutive trading days. If the acceleration clause is exercised by Africa Oil, the warrants will expire on a date that is not less than 180 days from the date of written notice to Platform.

The new contract areas are adjacent to the Africa Oil's block 10BB which hosts the Loperot-1 oil discovery (see Africa Oil's news in Stockwatch on Jan. 7, 2010, for resource estimates). Existing gravity data on blocks 12A and 13T suggest that the proven Lokichar basin and other prospective subbasins and known strong leads in block 10BB may extend onto these new blocks.

The production sharing contracts covering blocks 12A and 13T are dated September, 2008, and have an initial exploration period of three years. The initial minimum exploration expenditures are $3.65-million (block 13T) and $3.6-million (block 12A). The initial exploration work program includes 500 kilometres of 2-D seismic or 100 square km of 3-D seismic (or a combination thereof) on each block. Concurrent with the Kenyan government consenting to the assignment, Africa Oil agreed to provide the National Oil Corp. of Kenya (NOCK) a 7.5-per-cent working interest which will be carried through the exploration phase. NOCK will then be responsible for its pro rata share of all costs incurred following the declaration of a commercial discovery. The Kenyan government continues to maintain its optional back-in rights to a 15-per-cent paying interest on all development areas on both blocks, as per the production sharing contracts.

Keith Hill, president and chief executive officer of Africa Oil, commented: "The acquisition of these two new blocks continues the consolidation of our landholdings around block 10BB, which is located within the highly prospective East Africa Rift trend. Some of our key leads and prospects within block 10BB extend onto blocks 12A and 13T, greatly enhancing the exploration play. These blocks, which comprise an area of over 23,800 square km, brings the total gross acreage that Africa Oil has signed contracts on to almost 250,000 square km. Africa Oil currently has two seismic crews operating in East Africa and expects to test all major play types within the next 12 to 18 months."

Shabir Premji, executive chairman of AOS, commented: "We are glad to become shareholders of Africa Oil. We expect that their commitment, presence and experience in Kenya will assist in the acceleration of the exploration of blocks 12A and 13T."

Completion of the assignment is subject to final TSX Venture Exchange approval. Platform and Africa Oil are preparing and exchanging closing documentation in respect of the assignment, which they expect will be completed in the next five to seven days.

We seek Safe Harbor.
post #15 of 30
Thread Starter 
Africa Oil agreement for blocks 12A, 13T in Kenya

2010-08-18 21:21 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation in connection with the purchase agreement dated Jan. 11, 2010, among Alberta Oilsands Inc. (AOS), Platform Resources Inc. (a wholly owned subsidiary of AOS), Africa Oil Corp. and Africa Oil Kenya BV (AOKBV, a wholly owned subsidiary of the company) whereby AOKBV will be assigned Platform's 100-per-cent interest in blocks 12A and 13T that is located in Kenya. Consideration is 2.5 million common shares and 1.5 million share purchase warrants, each of which is exercisable into one common share at $1.50 per share for a period of two years. The warrants are subject to an accelerated exercise provision in the event the company's shares trade at over $2 per share for 20 consecutive trading days.

Concurrent with the Kenyan government consenting to the assignment the company has agreed to provide the National Oil Corporation of Kenya (NOCK) a 7.5-per-cent working interest which will be carried through the exploration phase. NOCK will then be responsible for its pro rata share of all costs incurred following the declaration of a commercial discovery. The Kenyan government continues to maintain its optional back-in rights to a 15-per-cent paying interest on all development areas on both blocks as per the production sharing contracts.
post #16 of 30
Thread Starter 
Africa Oil closes South Omo acquisition

2010-08-19 07:58 ET - News Release

Mr. Keith Hill reports

AFRICA OIL COMPLETES ACQUISITION OF SOUTH OMO BLOCK IN ETHIOPIA

Africa Oil Corp. has received ministerial consent in connection with the previously announced farmout agreement with Agriterra Ltd. (formerly White Nile Ltd.) and the deal has now closed. Under the farmout agreement, Africa Oil Ethiopia B.V. (AOEBV), a wholly owned subsidiary of Africa Oil, has acquired an 80-per-cent participating interest in, and operatorship of, the South Omo block in Ethiopia.

South Omo represents a new opportunity for Africa Oil to secure a highly prospective block in the Omo Rift Valley of southwestern Ethiopia. The block spans 29,465 square kilometres and is within the Tertiary-age East African Rift, just north of Lake Turkana, Kenya, and within the same petroleum system as the company's Kenya block 10BB and Tullow's Uganda discoveries.

Pursuant to the farmout agreement AOEBV will pay 80 per cent of past costs incurred by Agriterra, to a maximum of $2,517,000 (U.S.), to earn its 80-per-cent participating interest. The payment of these past costs will be set off against future cash calls made to Agriterra by AOEBV in respect of Agriterra's 20-per-cent participating interest. AOEBV will also finance 100 per cent of the costs associated with a work program consisting of 500 kilometres of 2-D seismic, a field geology program and a surface geochemistry program. Total cost exposure for this work program is estimated at $6.5-million (U.S.) with the majority of these costs to be incurred in the first half of 2011.

We seek Safe Harbor.
post #17 of 30
Thread Starter 
Africa Oil signs Tullow Oil East Africa farm-out deal

2010-09-02 05:08 ET - News Release

Mr. Keith Hill reports

TULLOW OIL AND AFRICA OIL TO JOINTLY EXPLORE NEW EAST AFRICAN RIFT TREND

Africa Oil Corp. has signed a definitive farm-out agreement with Tullow Oil PLC, whereby Tullow will acquire a 50-per-cent interest in, and operatorship of, three of Africa Oil's East African exploration blocks, comprising two exploration blocks in Kenya and one exploration block in Ethiopia. In order to provide the necessary interest to Tullow, Africa Oil has also amended its existing farm-out agreement with Lion Energy Corp. Under the terms of the Tullow farm-out agreement, Tullow will acquire a 50-per-cent interest in, and operatorship of, blocks 10BB and 10A, in Kenya, and the South Omo block, in Ethiopia. In consideration for the assignment of these interests, Tullow will pay to Africa Oil approximately $10-million (U.S.), representing 50 per cent of Africa Oil's past costs in the blocks, subject to a postclosing audit. Tullow will also finance Africa Oil's working interest share of future joint venture expenditures in these blocks until the cap of $23.75-million (U.S.) is reached. This cap is expected to cover the upcoming seismic program in each of the three blocks, as well as the majority of costs for at least two wells on these areas. Once the expenditure cap has been met, Africa Oil will be responsible for its working interest share of future costs.

Additionally, Tullow has also entered into an agreement to acquire 50 per cent of Africa Oil's interest in, and operatorship of, two additional exploration blocks in Kenya, 12A and 13T, recently acquired by Africa Oil. Tullow will be responsible for paying Africa Oil its pro rata share of back costs, including acquisition costs, and its respective share of future joint venture expenditures.

The amendment of the Lion farm-out agreement provides that Lion will reduce its interest in block 10BB to 10 per cent (originally 20 per cent) and will not retain any interest in block 10A (originally 25 per cent). As consideration, Africa Oil has agreed to pay Lion $2.5-million (U.S.) in cash and to issue to Lion 2.5 million common shares of Africa Oil. Africa Oil has also agreed to the elimination of future expenditure promotes in block 10BB and on the company's projects in Puntland (Somalia).

The resultant interest in the three blocks upon closing of the Tullow farm-out agreement and the Lion amending agreement can be seen in the table.

Block 10BB (Kenya) Tullow 50 per cent Africa Oil 40 per cent Lion 10 per cent
Block 10A (Kenya) Tullow 50 per cent Africa Oil 30 per cent EAX (Black Marlin) 20 per cent
South Omo (Ethiopia) Tullow 50 per cent Africa Oil 30 per cent Agriterra (formerly White
Nile) 20 per cent

Africa Oil president and chief executive officer Keith Hill stated: "We are very excited about our partnership with Tullow on the East African rift basin. They have arguably been the most successful exploration company in Africa, if not the world, over the past decade, and we see great synergies with the use of the technical and operational expertise they have gained in their nearby Uganda Lake Albert Graben project. The transaction also means that any resultant discoveries will be operated by one of the main partners in the proposed pipeline project to export crude from this highly prospective developing region. With our recent $25-million capital raise and the Tullow deal, we have a very strong balance sheet, which will allow us to continue to pursue opportunities in the region."

Africa Oil is currently acquiring seismic in block 10BB in Kenya and will move the crew to block 10A upon completion. Drilling of the first exploration wells on these blocks is expected to take place during the first half of 2011. The company is also acquiring seismic on its blocks in the Ogaden basin in Ethiopia and continues evaluation of a potential gas discovery in block 9 in Kenya. Drilling plans in Puntland, Somalia, continue to progress, but it is likely that the first well on these blocks will be delayed until 2011.
post #18 of 30
Thread Starter 
this one has more than doubled since the 1 dollar financing.
post #19 of 30
Thread Starter 
Africa Oil to buy Centric for 0.3077 share per share

2010-11-29 09:16 ET - News Release

Also News Release (C-CTE) Centric Energy Corp

Mr. Keith Hill reports

AFRICA OIL TO ACQUIRE CENTRIC ENERGY ADDING HIGHLY PROSPECTIVE BLOCKS TO ITS EXISTING AFRICA PORTFOLIO

Africa Oil Corp. has signed a definitive agreement to acquire all of the issued and outstanding common shares of Centric Energy Corp. Pursuant to the agreement, Africa Oil will acquire, by way of a plan of arrangement, all of the issued and outstanding shares of Centric in consideration for 0.3077 Africa Oil share (and 0.01 cent) for each common share of Centric.

Centric's primary asset is block 10BA in Kenya which is strategically located within the oil-rich East African Tertiary rift system between Africa Oil's block 10BB and its South Omo block, where Africa Oil is currently operating. This trend hosts the recent discoveries in the Albert graben in Uganda where up to two billion barrels of oil have been discovered by Tullow. In addition, Centric also has a carried 25-per-cent interest in block 7 and block 11, both located in the republic of Mali and operated by Heritage Oil Corp.

About block 10BA

Block 10BA is highly underexplored, with only sparse seismic data acquired in 1991. It covers 16,205 square kilometres and is directly north of the Loperot oil discovery drilled by Shell Exploration (Kenya) in 1992, within Africa Oil's block 10BB. The planned acquisition of new seismic data onshore and offshore is expected to considerably improve the understanding of the hydrocarbon potential of this block.

Centric and Tullow have executed a definitive farm-in and joint operating agreement whereby Tullow will earn a 50-per-cent participating interest and operatorship in block 10BA by financing 80 per cent of the first $30-million of expenditures under the block 10BA production sharing agreement and reimbursing approximately $750,000 in past costs. The closing of the farm-in is conditional upon satisfactory resolution of a Kenyan court proceeding concerning a judicial review application filed against the Kenyan Ministry of Energy expected on Dec. 16, 2010.

An independent assessment of the prospective resources of block 10BA has been completed by Gustavson & Associates under a resources evaluation report prepared in accordance with National Instrument 51-101 -- Standards for Disclosure for Oil and Gas Activities(i). This report calculates prospective resources (defined below) for 25 Centric leads and prospects in the block. The total of the prospective resources ranges from a low case (P90) of 955 million barrels of oil up to a high case (P10) of 4.379 billion barrels of oil, with a best estimate (P50) of 2.188 billion barrels of oil.

About blocks 7 and 11, republic of Mali

The company holds a 25-per-cent interest in two exploration licences in Mali where its costs are fully carried by Heritage Oil under the terms of a farm-out agreement through the primary seismic program and the first exploration well. The area of the licences totals approximately 73,000 square kilometres and is part of the Cretaceous-aged Central Africa rift trend which contains significant oil accumulations in Chad, Sudan and Niger. The basin has been sparsely explored with only 600 kilometres of older vintage seismic data, the most recent shot in 1974, and one exploration well, drilled in 1976. A nearby water well had significant shows of oil and gas demonstrating an active petroleum system. The acquisition of at least 1,000 kilometres of new seismic data and the drilling of one exploration well is planned for 2011.

Keith Hill, Africa Oil's president and chief executive officer, commented: "The acquisition of Centric allows Africa Oil to consolidate its interests in the Tertiary-age East African rift basin in Kenya and Ethiopia. We will also be adding an interesting new play area in Mali which, although frontier, has many of the characteristics of the rift basins we are exploring in East Africa. The partnership agreements with Tullow and Heritage allow the company to explore these basins with experienced rift basin operators at significantly reduced costs. Combining the Africa Oil and Centric portfolio of oil and gas interests provides our shareholders with multiple identified prospects and leads, geographically and geologically diversified across four African countries and five underexplored petroleum systems."

A meeting of Centric shareholders to approve the transaction is planned to be held in February, 2011, and the transaction is expected to close by no later than March 15, 2011. Lock-up agreements have been signed with 42.78 per cent of the Centric shareholders, including the board of directors. The transaction is subject to certain conditions precedent, including completion, by each of Africa Oil and Centric, of their previously announced farm-out agreements with Tullow, TSX Venture Exchange, Kenyan and Mali government, and court approvals, and any requisite third party consents and right-of-first-refusal waivers.

(i) The Jan. 1, 2010, report entitled, "Resource Evaluation Report, Centric Energy Corporation, Kenya Block 10BA," is filed on SEDAR under the company's profile. Prospective resources are defined as: "Those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. They are technically viable and economic to recover." Note that the estimated prospective resources could be oil or gas and that the estimate does not include consideration for the risk of failure in exploring for these resources. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
post #20 of 30
Thread Starter 
Africa Oil receives Interstate case dismissal

2010-12-16 11:33 ET - News Release

Mr. Keith Hill reports

AFRICA OIL ANNOUNCES DISMISSAL OF KENYA LAWSUIT

The application for a judicial review of the administrative process that resulted in the issuance of exploration permits for, amongst others, Africa Oil Corp.'s blocks 10BB, 12A and 13T, has been ruled to be without merit and was dismissed today by the High Court in Kitale, Kenya. The application was made by Interstate Petroleum Ltd. against the permanent secretary, Ministry for Energy in Kenya, and included the company as an interested party.

Keith Hill, the company's president and chief executive officer, stated: "The High Court ruling validates the company's undisputed claims to the exploration permits for blocks 10BB, 12A and 13T. We are pleased that the suit has been dismissed and look forward to our continuing exploration efforts in Kenya."
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