Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Impact Oil and Gas
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
China’s largest offshore crude producer has snapped up a 65% stake in a licence off the coast of West Africa.
Africa-focused Impact Oil and Gas said today that it had raised $12.3million through an underwritten open offer.