Burj Africa offers Solo a great opportunity. The private company wascreated with the purpose of participating in the current field licensing round in Nigeria. Burj Africa has already announced a partnership with Phil Mulacek, the founder ofInterOil Corporation. InterOil has beencredited with one of the most significant natural gas discoveries in Asia in the past 20 years.
So,Burj Africa is led by a skilled management team, and the company is seeking acquire two marginal fields in the licensing round in Nigeria. The fields in question could yield 13.5m barrels ofproven and possible reserves forthe company.
This is a really exciting development for Solo.
Indeed, the fields that Burj Africa is bidding on have already been drilled and explored by aninternational major, which to a certain extent de-risks the project. Therefore, ifBurj Africasuccessfully acquires the fields, Solo should start to see a return on its investment relatively soon.
Whats more,Solo has also entered into an agreement to increase its investment in Burj Africa. Based on this agreement Solos ownership of Burj Africa will increase to 20%. 20% ofBurj Africas resource potential is around 2.7m barrels ofproven and possible reserves.
SolosBurj Africa investment could ignite the companys growth. With that in mind, it could be time to buy Solo.
On the other hand,UK Oil & Gas Investments(LSE: UKOG) has been hit today by the accusations that the company stilllacks the relevant permissionsto beginflow testing the Horse Hill-1 well in the Weald Basin near Gatwick.
Further, reports suggest that the Oil and Gas Authority has received no application from the company for the relevant permissions. UK Oil & Gas previously claimed that it had an application to the authorities for their consent to begin flow testing.
If these revelations prove to be true,its unlikely that UK Oil & Gas will be able to flow test the Horse Hill well this year, as originallyplanned.
Unfortunately, it could take months for UK Oil & Gas to receive the relevant permissions for flow-testing. Further, even after permission is granted it will take some time before the results of the test are made clear.
All in all, theres a chance thatUK Oil & Gas wont know the viability of the Horse Hill prospect until early next year.
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