Africa Oil Corp. (AOI-T)

Selling at a 50% discount to his assumed NAV. Primarily operates in Nigeria, second in Namibia. Likes Lundin family management (wonderful track record), and he's done business with them for almost 50 years. Aggressively returns cash to shareholders via dividends and share buybacks. Strengthening its balance sheet, reinvesting in the business. Yield is 3.53%.

He likes out-of-favour assets. Oil & gas are out of favour, especially in Africa. Wonderful job of paying down debt from latest acquisition. Can now focus on returning cashflow to shareholders, while still exploring Nigeria and Namibia. 

Trades at 50% discount to net present value of existing Nigerian assets, which means you get everything else for less than free. Still has backing from the successful Lundin family. Yield is 4%.

AOI has lots of cash, a cheap valuation and very rapidly growing revenue and earnings as wells come onto production over the next two years. It is fairly small and needs to be considering high risk, but we would see it as a BUY for small cap sector investors. 
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Believes stock is selling at less than half of what it is worth. Consolidation in assets very good for company. Increased interests in various African assets. Committed to distributing 50% of cash flow to investors through dividends. 

Disappointed that their Kenyan assets have taken longer to mature.  They continue to do well in Nigeria though. Troubling though not surprising is their CEO/founder retiring. He remains long.

He trimmed. Notes with some trepidation the retirement of the CEO, who is a personal friend. Amazing performer based on Nigerian assets. Exposes you to some political risk.

Sold Kenyan operations, but still active in Nigeria, Namibia, South Africa, and Guyana. He'd still recommend it for people who enjoy global exploration risk/reward. If you're looking for dividends, stick with conventional oil/gas.

Recent success a bright spot for oil companies. 
Delay in Nigeria drilling a concern.
Funding concern in Kenya will determine outcome for the business.
Wonderful performance the past few years. 

Had a Short position on this for a while. Located in Kenya, Ethiopia and Somalia. Shorted this because it is a new basin so there is a question of valuation and tends to be a bit too frothy expectation. It will take them a while to deliver any meaningful production, possibly 2018, at the earliest. Thinks there could be significant weakness in the share price going ahead.

They did what they said they would do. Crazy big wells. There is no infrastructure near these wells. The stock could double, but there is political risk and no infrastructure.

Based in Kenya and South Sudan. Drilling expensive wells. Spent a lot of money. You won’t see production until 2020-2022. He is short but would buy on positive news.

Have been some major discoveries hear their area. The hit more water than they expected to. Longer term this is probably a very good story. People are taking a breather. Not a bad entry point.