25 June 2013 – Africa Oilfield Logistics will look to acquire business with a focus on the oilfield services and logistics support industry following its successful listing on London’s Alternative Investment Market.
The investment company completed its listing on Tuesday and has raised £6.5 million ($10 million) since its incorporation in December last year.
Africa Oilfield’s focus will primarily revolve around businesses or projects in sub-Saharan Africa and said on Tuesday that it was looking to conclude a transaction “as soon as practical” in the sub-Saharan oil and gas sector.
Africa Oilfield director Andrew Groves believes investment in the region by international oil companies is continuing to increase, especially in East and West Africa.
“We feel that with our experience we can rapidly identify suitable acquisition targets that can benefit from increased capital investment, through a listed vehicle that can also further utilise the international capital markets,” he said.
“The board is well connected and experienced in working throughout Africa, and this is borne out by the recent sale we conducted of 20% of the South Omo Block in Ethiopia (held by Agriterra) to US major Marathon Oil, a transaction that also further highlights the increasing interest in the region from international oil companies.”
Groves, along with fellow director Phil Edmonds, are also directors of Agriterra which sold its 20% stake in the South Omo Block, in Ethiopia, to Marathon in a deal last year worth up to $50 million.
*Josh Lewis, Upstreamonline
