Oil and gas expert NJ Ayuk is a trusted source when it comes to Africa and its natural resources. For twenty years, the CEO and lawyer has been present for business deals in the lucrative industry of energy, and the author has noticed that the majority and previous deals offered to Africa have not been beneficial.
But now that the world has taken notice to the rise of African energy sources, their recent activities in production clearly suggests that they are headed in the right direction.
In Billions at Play, NJ Ayuk tells us about the importance of investors and the qualities they should possess, the passage reads:
Investors who show that they want to fully participate with us, by coming in and building long-term sustainable businesses that last and make a profit, create jobs and further development.
And from recent reports the success of oil and gas business with investors seem to be off to good start.
On February 7, 2020, Africa Oil announced the completion of farmin to Block 3B/4B in South Africa and further investment in Impact Oil & Gas.
Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that the government of South Africa, has approved the acquisition of a 20% participating interest in the Block 3B/4B Exploration Right from Azinam Limited (“Azinam”) by its wholly-owned subsidiary, Africa Oil SA Corp.. Africa Oil Corp. will assume operatorship for the joint venture partners; Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest.
Africa Oil is also pleased to announce that it will participate in a US$40 million capital raising by Impact Oil & Gas Limited (“Impact”), the privately-owned, African-focused exploration company on or about 14 February 2020. The Company will subscribe for approximately 45.0 million ordinary shares at an issue price of 20 pence per ordinary share, for an investment of approximately US$12.0 million. Impact expects to use the proceeds to fund its interest in potentially high impact 2020 drilling campaigns.
The bestselling author also touched on successful strategies African companies could adopt to sustain it as a whole. “If African governments, businesses, and organizations manage Africa’s oil and gas revenues wisely, we can make meaningful changes across the continent.”
But for now, investors have started to see profits unfold from its deals and productions in Africa.
On February 4, 2020 Africa Oil announced that it had received its first dividend from its Nigerian asset:
Africa Oil CEO, Keith Hill, stated, “We are very pleased to update our investors with news of the maiden dividend from our Nigerian asset, less than a month after closing the acquisition of a 50% shareholding in POGBV. We plan to release our 2020 guidance, including an estimate of cash flows net to our interest in POGBV, with our full-year results on or about February 28th, 2020, and to file the Statement of Reserves effective year-end 2019 by March 31st, 2020″.
NJ Ayuk’s continuous analyses on the emerging status of Africa’s potential to be a leading factor in the oil and gas sector have been heard and impactful. Ayuk is the Executive Chairman of the African Energy Chamber. He has been called “one of Africa’s most prolific energy deal makers at a relatively young age,” by Forbes. He is also the author of the bestselling novel, Billions at Play.