RE: Kenya28 Feb 2024 16:40
That article really is scare mongering at it's best. It must be desperate times if they're having to make up scary stories about Kenya to try drop the price, given Kenya hasn't added any value to the share price for years.
https://africaoilcorp.com/site/assets/files/1884/aoc_-_2023_december_31_-_report_to_shareholders_-_fina.pdf
KENYA
On May 23, 2023, the Company announced that it has submitted withdrawal notices to its joint venture parties on Blocks 10BB, 13T and 10BA in Kenya, to unconditionally and irrevocably, withdraw from the entirety of the joint operating agreements and Production Sharing Contracts for these concessions. Following this decision, the Company has impaired the value of the carrying amount of the Company's intangible exploration assets in Kenya to nil. The Company is waiting for government consent for the withdrawal and the transfer of rights.
WTHDRAWAL FROM KENYA
The remaining outstanding statutory license commitments as at the date of this MD&A are less than $1.0 million per Block
On May WTHDRAWAL 23, 2023, the FROM Kenya entities KENYA along with TotalEnergies . submitted d hd withdrawal iaw notices notices to to the the remaining remaining joint joint venture party on
Blocks 10BB, 13T and 10BA in Kenya, to unconditionally and irrevocably, withdraw from the entirety of the JOAs and PSCs for these concessions. The Company concurrently submitted notices to Ministry of Energy and Petroleum, requesting the government's consent to transfer all of its rights and future obligations under the PSCs to its remaining joint venture party. In accordance with the JOA and
PSC the Company retains economic participation for activities prior to June 30, 2023, which might result in additional costs for the Company.
RISKS RELATING TO CONCESSIONS, LICENSES AND CONTRACTS
In May 2023 the Company submitted notices to withdraw from its concessions on Blocks 10BB, 13T and 10BA in Kenya. The Company's withdrawal from the concessions is subject to approvals from the Kenyan authorities and, while the Company is working with its JV parties and the authorities to effect a smooth withdrawal process, there can be no certainty that such approvals will be forthcoming on terms acceptable to all parties
JMAX the above is proof that you were wrong, but go on and don't let facts get in the way of your arguments, remind us again that you "sold" at 39p, that you have the best posting history, made 7 figures and have special information.
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