The incoming president and CEO said he was happy to join Africa Oil, “a company that has grown significantly in the last few years with an excellent opportunity set and material catalysts for shareholder value creation”.
Africa Oil said the block contains a number of gas-prone prospects in water depths of less than 80 metres. Crucially, it is close to existing infrastructure, including the Alba gas field and the Punta Europa LNG plant.
Partners in Nigeria’s OML 127 and 130 continue to work on conversion to new terms – with success potentially triggering approval for the Preowei discovery.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Lukas Lundin, of the Lundin Group, has died at the age of 64 after a two-year struggle with brain cancer.
Exploration is back, emissaries of some of the world’s top oil companies have said, with Africa in a strong position to meet new demand.
Exploration companies big and small are warming up for a busy next 12 months – although some have warned this may be the last such push in the energy industry.
Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
Petrobras has concluded the sale of its 50% stake in Petrobras Oil & Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.