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"Sonangol has divested partial stakes in some of its Angolan portfolio for $766 million with deals including the sale of a 20% non-operated interest in Block 3/05 for $80 million and contingent payments of up to $50 million, and a 40% interest in Block 23 for $500,000 to independent oil and gas company Afentra."
"However, these deals represent just the start of Angola’s M&A activity with a host of new agreements expected to be signed in the following months owing to both Sonangol’s divestment strategy and Angola’s high potential upstream market."
https://energycapitalpower.com/angola-upstream-success-growth-investment
https://energycapitalpower.com/afentra-coo-ian-cloke-aog-2022
“#AET CEO Paul McDade speaking in Angola on the 'Operators and Investors' panel in two weeks.”
https://twitter.com/jlawsonbaker/status/1593182357728923650?s=61&t=BGK4e47jMx2MMWHpHaDXVw
The share price seems to have found a base around the 70p mark. Perhaps there has been some institutional buying in the background.
The company is in an excellent position with a hefty cash balance and opportunities much cheaper than they were several months ago.
"We are now seeing acquisition valuations falling against the macro-economic backdrop and are in a strong position with a pipeline of opportunities and GBP104m of cash to support our strategy."
Very much under the radar at the moment and a good opportunity to buy at the lows.
“Investor-friendly policies, as well as the government’s commitment to revamp the national energy sector, are driving the next wave of upstream investment and transforming the market into a hub for the world’s major energy companies, including TotalEnergies, Chevron and ExxonMobil, as well as new players like Afentra and the recent merger between Eni and bp, known as Azule Energy.”
https://www.zawya.com/en/press-release/africa-press-releases/angola-oil-and-gas-aog-2022-presents-a-great-opportunity-to-invest-in-angolas-oil-and-gas-future-by-nj-ayuk-mneazkvc
Article well worth a read.
“Paul McDade Speaks on a panel not long after the anonymous 12.30 to 13.00 "deal signing" (2pm)”
https://twitter.com/bobinvest/status/1587853003759009797?s=61&t=Y8aEf8I5un9sP0GrLzFmawj
“#AET Ian Cloke Speaks at Angola Oil and Gas Conf., Luanda, Day 2 (30th November)
angolaoilandgas2022.com/speakers/
Interestingly the programme for Day 1 12.30 involves "Deal Signing" (it doesn't say who's deal)”
https://twitter.com/bobinvest/status/1587852369068322816?s=61&t=Y8aEf8I5un9sP0GrLzFmaw
The lack of certainly is probably contributing towards the drift, but if the directors were in any doubt they wouldn't be buying at market prices to the tune of £358k. Nothing is guaranteed of course, but you don't throw that sort of money around unless you're pretty confident about the outcome.
On Vox Markets today from 07:45
http://shorturl.at/sxLU2
Some further coverage on AT. today here from 04:04 and 06:44:
https://www.**********.co.uk/articles/vox-markets-fund-manager-series-judith-mackenzie-of-downing-asset-management-f6461eb/
Simon Thompson is bullish on AT.
https://pdfs.investorschronicle.co.uk/Simon_IC_Alpha_025881_Sep2022.pdf
One day the farm-out RNS will drop and the price will leap higher and those same nervous holders will be kicking themselves.
As Simon Thompson states:
"..analysts’ target prices – Arden (700p), WH Ireland (722p) and finnCap (572p) – could be erring on the low-side in the event of a major liquidity event materialising."
That's a lot of potential short-term upside.
The directors take a different view and have recently collectively bought £358k worth of shares above the current price.
Clearly they think the deal has a very good chance of succeeding.
You pay your money and you take your choice.