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."
Nigeria To Privatise Four Oil Refineries Next Year
Nigeria, Africa’s largest oil producer has disclosed plans to sell its four refineries by the end of the first quarter of 2014.
According to Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke, plans are underway to privatise four state-owned oil refineries, including the two-unit 210,000 barrel-a-day Port Harcourt refinery.
“We would like to see major infrastructural entities such as refineries moving out of government hands into the private sector. Government do not want to be in the business of running major infrastructure entities,” she said in an interview with Bloomberg TV Africa in London, adding that “…we haven’t done a very good job at it over all these years.”
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
AFRICA OIL ANNOUNCES FIFTH CONSECUTIVE MAJOR OIL DISCOVERY IN KENYA
Africa Oil Corp.("Africa Oil" or the "Company") is pleased to announce that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good
quality sandstone reservoirs.
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The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Africa Oil's acreage in the region.
