OIL & GAS
Poised for transformational value upside
Africa Oil was set up with the strategy of creating shareholder value through the acquisition and exploration of oil and gas assets located in under-explored geographic areas, in the early phase of the upstream oil and gas life-cycle, and maturing them into marketable opportunities for larger oil and gas industry players. The company successfully executed an early entry into East Africa, farm down and exploration strategy that led to discovery of oil fields in the South Lokichar Basin in northwest Kenya.
Through a farm down agreement with Maersk E&P in 2015, the company partly monetized its assets in Kenya that provided it with cash reserves to diversify its asset portfolio, and it transformed to a full-cycle upstream oil and gas company through the acquisition of producing fields in deepwater Nigeria. Africa Oil’s strategy has adapted to changing market conditions. The company is focused on growing its full-cycle business through investments and farm down agreements for its core assets in Nigeria, Namibia, South Africa and Equatorial Guinea.