World
Africa Oil to raise up to C$20 mln in private placement
July 10, 2010 · 5 Comments
(Reuters) – Canadian oil and gas company Africa Oil Corp said it would raise up to C$20 million through a private placement of its common shares, partly to fund its exploration projects in East Africa.
The company, which has oil and gas interests in Somalia, Ethiopia and Kenya, said it will sell up to 20 million common shares at C$1 apiece.
The net proceeds will also be used for general working capital purposes, the company said.
Africa Oil said shares issued in the private placement will be subject to a four-month hold period.
Shares of the Vancouver, British Columbia-based company closed at C$1.14 Thursday on the Toronto Venture Exchange.
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$20m is not much in oil business, one oil rig or survery could blow out $5-10 million depending on the area and it's complexity, security, etc.
This is small investment and can only work in Puntland not in Ethiopia or Somaliland or the South (Somalia).
Puntland already took like $200, 000 and they happy for that, then Africa oil will sell for the land/block(s) for millions to bigger companies and shareholders.
The reason this wont work in Somaliland is because Somaliland uses other methods; dealing with the drillers directly than a third party. Enex is coming to Somaliland soon.
we rather the chines than these greedy Europen's and americans
Adam Ismail
A local Enery company could easily expolite the said hydro-carbon deposits
I agree with you Adam, if leading Somaliland firms can come together and invest in few equipments from 1960s now properly circulating in China and South East Asia, they could tap in. All those large European and American firms began some where.
Everyone in Africa either thinks those European/American firm(s) is the easiest solution or thinks they cant do it.
It's time they put their fear of failing aside and tried. At least have a go, even tap 1 barrol, at least get one can of oil…see where it leads you.
If the Chinese know we have oil, they will not ask for paper from AU nor UN B.S. they will come and drill it the week following.
People use to fear the Chinese might spill the oil or cause an accident but look at BP, the biggest spill in history. This is Anglo-Saxon mind warfare.
one more reason why you need rest of somalia more than south and north east needs North-west Somalia. OIL and Jobs and Canbe filfil
United and strong Somalia