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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Africa Oil Corp.    AOI   CA00829Q1019

AFRICA OIL CORP.

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Kenya signs milestone crude processing deal with oil firms

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06/25/2019 | 09:56am EDT
FILE PHOTO: Worker walks at a Tullow Oil explorational drilling site in Lokichar

NAIROBI (Reuters) - The Kenyan government has signed agreements with oil major Total, Tullow Oil < and Africa Oil Corp to develop a 60,000-80,000 barrels per day crude processing facility for oil discovered in the country's northwest.

The Petroleum and Mining Ministry said on Twitter on Tuesday that the heads of term agreements were for discoveries in Blocks 10 BB and 13T in South Lokichar Basin and the partners were now focusing on securing financing for an export crude oil pipeline.

Tullow and Africa Oil first discovered crude oil in the Lokichar basin in 2012, which Tullow Oil estimates contains an estimated 560 million barrels in proven and probable reserves. Tullow has said this would translate to 60,000 to 100,000 barrels per day of gross production.

In addition to the processing facility, a crude oil export pipeline from Lokichar to Lamu on Kenya's coast was also part of the deal.

"The infrastructure installed for the Foundation Stage will be utilized for the development of the remaining oil fields and future oil discoveries in the region, allowing the incremental development of these fields to be completed at a lower unit cost," Tullow Kenya said in a statement.

Tuesday's deal is a major milestone on the way to a final investment decision on Kenya's first oil project, which Tullow aims to reach by the end of the year. It expects first full-scale oil production in 2022.

It has put the price tag for its Kenyan upstream facilities at $1.8 billion and the pipeline at $1.1 billion.

In February, the government said the crude oil deposits discovered so far in Kenya were insufficient to justify construction of a refinery.

(Reporting by George Obulutsa, Duncan Miriri and Shadia Nasralla in London; editing by Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
AFRICA OIL CORP. 5.17% 1.22 Delayed Quote.7.41%
TOTAL 0.26% 46.335 Real-time Quote.0.34%
TULLOW OIL -1.30% 203.9 Delayed Quote.13.85%
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Financials (USD)
Sales 2019 3,50 M
EBIT 2019 -12,6 M
Net income 2019 -14,0 M
Finance 2019 252 M
Yield 2019 -
P/E ratio 2019 -31,0x
P/E ratio 2020 5,16x
EV / Sales2019 53,0x
EV / Sales2020 3,02x
Capitalization 438 M
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 1,64  $
Last Close Price 0,93  $
Spread / Highest target 114%
Spread / Average Target 76,4%
Spread / Lowest Target 41,4%
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Managers
NameTitle
Keith Charles Hill President, CEO & Non-Independent Director
John Hunter Craig Chairman
Timothy J. Thomas Chief Operating Officer
Ian W. Gibbs Chief Financial Officer & Director
Gary Stephen Guidry Independent Director
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