Even MORE NEWS. " StockBrain1 2/12/2013 12:3
Post# of 33
Posted On: 02/12/2013 4:37:03 PM
Even MORE NEWS.
" StockBrain1
2/12/2013 12:35:09 PM | |
AFRICA OIL CAN THINK OF SELLING THE COMPANY ABOUT 2-3 YEARS - CEO (Direct) Print
2013-02-12 17:33
NAIROBI (Reuters) Africa Oil is willing to sell the entire company for 2-3 years.
It says oil exploration company's CEO Keith Hill in an interview with Nyhestbyrån Direct on Tuesday in the Kenyan capital Nairobi.
"I have met almost all the major players and they have all expressed interest but honestly I do not think they are so interested right now. They wait probably be happy for us to drill more wells so that the risk is reduced and they are then ready to pay a premium, "says the CEO.
He continues:
"Lukas Lundin has said that we are not for sale now, but in 2-3 years, we could consider selling the company or taking on a major partner to fund our operations going forward."
Africa Oil's budget for capital expenditure, capex, amounts to $ 186 million for this year and in 2014 assessed the level of investment could possibly increase slightly.
"Capex for next year is likely to be on par with or greater than the current year," said president allowing a budget of at least $ 200 million seems reasonable for 2014.
How will you get the money for 2014?
"If we do not get any jätteattraktivt bid from any of the really big players in the oil sector, I think we perhaps should get more money through a private placement and drill another year before we board an extensive partner or even sell the entire company" .
As for the Kenyan cockpit Twiga Africa Oil has found indications that the well's reservoir is better than the company previously thought.
"We've done some analysis and it indicates that the reservoir is better than we previously thought," said the President.
Do you think you can get up commercially recoverable oil from the deeper section of the well-Twiga?
"We have tested and we will go out with a press release about it," said Keith Hill, without going into detail about it.
What utfarmningsmöjligheter is concerned, look at Africa Oil to bring in a partner in its Somali operations and one or two licenses in Ethiopia, according to CEO.
The presidential election in Kenya, whose first round will be held on March 4, with a possible second round on April 11, hoping Keith Hill that power transmission is more peacefully than what happened at the last election in december 2007, when unrest in the aftermath of the election results led to more than a thousand deaths.
"From our standpoint, we are afraid it may affect our operations, we see no direct security threats to our staff. There is a reasonable risk that the business goes down a bit in the next few laps 6-8 weeks. But hopefully maktöverlämnadet much more peaceful to than the last, and things go back to normal. Oil has not been a major topic of debate in this election, "said Keith Hill the approaching Kenyan presidential election.
In 2013 the company is expected to drill 10 wells of interest, according to Keith Hill
TT
" StockBrain1
2/12/2013 12:35:09 PM | |
AFRICA OIL CAN THINK OF SELLING THE COMPANY ABOUT 2-3 YEARS - CEO (Direct) Print
2013-02-12 17:33
NAIROBI (Reuters) Africa Oil is willing to sell the entire company for 2-3 years.
It says oil exploration company's CEO Keith Hill in an interview with Nyhestbyrån Direct on Tuesday in the Kenyan capital Nairobi.
"I have met almost all the major players and they have all expressed interest but honestly I do not think they are so interested right now. They wait probably be happy for us to drill more wells so that the risk is reduced and they are then ready to pay a premium, "says the CEO.
He continues:
"Lukas Lundin has said that we are not for sale now, but in 2-3 years, we could consider selling the company or taking on a major partner to fund our operations going forward."
Africa Oil's budget for capital expenditure, capex, amounts to $ 186 million for this year and in 2014 assessed the level of investment could possibly increase slightly.
"Capex for next year is likely to be on par with or greater than the current year," said president allowing a budget of at least $ 200 million seems reasonable for 2014.
How will you get the money for 2014?
"If we do not get any jätteattraktivt bid from any of the really big players in the oil sector, I think we perhaps should get more money through a private placement and drill another year before we board an extensive partner or even sell the entire company" .
As for the Kenyan cockpit Twiga Africa Oil has found indications that the well's reservoir is better than the company previously thought.
"We've done some analysis and it indicates that the reservoir is better than we previously thought," said the President.
Do you think you can get up commercially recoverable oil from the deeper section of the well-Twiga?
"We have tested and we will go out with a press release about it," said Keith Hill, without going into detail about it.
What utfarmningsmöjligheter is concerned, look at Africa Oil to bring in a partner in its Somali operations and one or two licenses in Ethiopia, according to CEO.
The presidential election in Kenya, whose first round will be held on March 4, with a possible second round on April 11, hoping Keith Hill that power transmission is more peacefully than what happened at the last election in december 2007, when unrest in the aftermath of the election results led to more than a thousand deaths.
"From our standpoint, we are afraid it may affect our operations, we see no direct security threats to our staff. There is a reasonable risk that the business goes down a bit in the next few laps 6-8 weeks. But hopefully maktöverlämnadet much more peaceful to than the last, and things go back to normal. Oil has not been a major topic of debate in this election, "said Keith Hill the approaching Kenyan presidential election.
In 2013 the company is expected to drill 10 wells of interest, according to Keith Hill
TT
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