>>> Africa Oil has some work to do to attract buyer

>>> Africa Oil has some work to do to attract buyer

Oil (CVE:AOI) (OTCMKTS:AOIFF), a Vancouver, British Columbia-based, independent upstream oil and gas exploration company with operations in Kenya, Ethiopia and Puntland (Somalia), has some more work to do to attract a buyer, reported The Globe and Mail on its website Monday (1 June).

Canaccord Genuity analyst Christopher Brown said in a report that Africa Oil is seeking to upgrade its resource. Should the company reach its targets, believed to be 2C-level resources amounting to 1bn barrels, it might "finally" attract a buyer, explained the analyst.

According to the report, the analyst said that extensive well tests have yielded positive results, but a "solid offer" from a potential buyer would only materialize if the company successfully upgrades its resource.

Africa Oil's market cap is CAD 2.64bn (USD 2.108bn).

The Globe and Mail