By Street Smart Investor:
Company Overview
Africa Oil (OTCPK:AOIFF) is an independent international upstream oil and gas exploration company whose head office is in Canada with oil and gas interests in Ethiopia, Kenya as well as Puntland (Somalia) through an equity interest in Horn Petroleum Corp (45% equity interest). Africa Oil is backed by the Lundin Group of Companies, which comprises of individual and publicly-traded natural resources companies.
Africa Oil holds interests in over 215,000 square km (gross) of exploration property throughout several African rift basins, focusing primarily on East Africa. The East African Rift Basin system is one of the last of the great rift basins to be explored. The area has witnessed several new significant oil discoveries such as in the Lokichar basin of Kenya in which the Company holds a 50% interest along with operator Tullow Oil (OTCPK:TUWOY).
Asset Overview
Africa Oil has assets in Kenya, Ethiopia and Somalia. The table
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