West Africa bets on Brazilian style oil jackpot
Investors are stepping up the hunt for hundreds of billions of dollars worth of oil beneath a deep submerged salt crust offshore West Africa, seeking to emulate Brazil's major discoveries across the Atlantic.
Geologists have long held that Africa's western seabed mirrors South America's. The continents were fused into a single plate nearly 200 million years ago.
Africa Oil Upstream conference slated for Cape Town
Oil business interests around the world are attending the Africa Oil Upstream conference considered the largest gathering of oil and gas experts on the African continent, in the South African city of Cape Town.
The conference which officially opened Wednesday assembled about 1,500 delegates including government delegations and speakers from across the continent who would address various issues in the oil and gas industry.
Read more: Africa Oil Upstream conference slated for Cape Town
Africa Oil has new oil potential in Kenya
Shares of Africa Oil Corp. (CVE:AOI) are on the move after the company announced its latest oil discovery in northern Kenya.
The Vancouver-based energy firm said on Friday that the Agete-1 exploration well in Block 13T has "discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs."
Africa Oil Closes US$450 Million Brokered Private Placemen
Africa Oil Corp. is pleased to announce that it has closed the US$450,000,000 brokered private placement, previously announced on October 16, 2013. An aggregate of 56,505,217 common shares, issued at a price of SEK 51.75 (Cdn $8.25(1) equivalent) per share for gross proceeds of SEK 2,924,144,980, or US $450,000,000 equivalent, (the "Offering") have been released to investors.
The common shares were placed through a syndicate comprising Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together acted as joint bookrunners
Read more: Africa Oil Closes US$450 Million Brokered Private Placemen
