Brokers like Africa

babu M · 2012-07-10T16:00:12+00:00

focused Afren as rumours grow ENI and Exxon Mobil could be planning bid By Geoff Foster PUBLISHED: | UPDATED: Broker Citigroup has in the past forecast that East Africa could become one of the largest exploration plays in the next decade. All of the major oil and liquefied natural gas groups are apparently champing at the bit to acquire strategic entry in the region. Not a lot has happened in the sector, but whispers yesterday suggested all is about to change. Indeed, shareholders of Africa-focused Afren, 1.8p easier at 104.8p, could soon strike it lucky because rumours were rife that ENI, Italys multi-national oil and gas company, and Exxon Mobil, the worlds largest energy company, are both running the slide rule over the firm. Either one could launch a bid in the region of £2.15bn cash or £2-plus a share. Malcolm Graham-Wood, oil guru at VSA Capital, is a big fan of Afren. He says it has a good mix of production and exploration and its geographical footprint now ranges from its Nigeria roots across Ghana and into Kurdistan. The company offers exposure to some of the most exciting prospective areas in the world. Afren has much to offer. Profit-taking in the absence surprise, surprise of the rumoured takeover bid left Cameroon-focused oil and gas producer Bowleven 8.25p or 11.7 per cent lower at 62.5p. Still fretting about Fridays lacklustre US employment figures, and fearing the eurozone crisis will flare up as Spanish bond yields traded above 7 per cent again, the fragile Footsie fell away to finish 35.3 points down at 5,627.33, while the FTSE 250 dipped 87.3 points to 10,983.34. Read more: Brokers like Africa-focused Afren as ENI / Exxon Mobil rumours swirl | Mail Online

Thread starter babu M
Start date Jul 10, 2012

babu M

JF-Expert Member

Jul 10, 2012

Mwanahisa

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Brokers like Africa

babu M

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Mwanahisa

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