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Page added on May 26, 2012

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African Petroleum in talks to sell 10 percent stake to Chinese groups

African Petroleum in talks to sell 10 percent stake to Chinese groups thumbnail

New York, May 24 – To boost the funding for the development of African Petroleum’s projects, the West Africa-focused oil and gas explorer is in talks with two Chinese aspirants interested in purchasing up to 10% stake in the company.

The deal estimated to be worth ‘several hundreds of millions of dollars’ if accomplished would put the development of African Petroleum’s projects on a fast track by injecting the much needed liquidity.

Negotiations are in an advance stage and may witness the issue of new shares to the two Chinese groups.

Anadarko Petroleum of the US, London-listed Tullow Oil and Spain’s Repsol YPF are among the companies that own interests in exploration acreage in the West Africa’s Transform Margin region,which is poised for one of the largest deepwater exploration programs in the world

Trading on Australia’s National Stock Exchange, the stock has increased by more than three times since the beginning of the year to grow the capitalization to 2.36 billion Australian dollars, accounting for  two third of the combined value of the companies which are listed on the National Stocks Exchange.

The company had a cash amount of US $152 million in the bank and additional of $19 million held in escrow accounts as a security, for the acquisition of seismic data, which is a drilling contract and a bank guarantee for the government of the Ivory coast.

FinanceEnquiry.com

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