Africa Oilfield Logistics Ltd (AIM:AOL), an investment company focused on the oil and gas logistics support industry in sub-Saharan Africa is today listing on AIM.
The Company has raised £6.5 million (US$10 million) in aggregate, since incorporation in December 2012 and funds will be used to acquire businesses which focus on the oilfield services and logistics support industry in respect of oil and gas exploration.
The Primary focus is on businesses or projects in sub-Saharan Africa with scope for rapid sustainable growth.
The Company Directors are led by mining and oil and gas entrepreneurs Phil Edmonds and Andrew Groves.
They have business experience in sub-Saharan Africa, as demonstrated by the recent sale of a 20 percent stake in the South Omo Block in Ethiopia to Marathon Oil for up to US$50million by AIM listed Agriterra Limited, which Edmonds and Groves are both directors of.
The Company is aiming to conclude a transaction as soon as practicable to take advantage of the rapidly expanding sub-Saharan oil and gas sector.
Groves said, “There is a huge opportunity in oilfield logistics in sub-Saharan Africa. We have raised £6.5 million (US$10 million) in a short period of time from professional investors who understand the potential of identifying and acquiring businesses that operate in this sector and jurisdictions.
“Investment in the region by international oil companies continues 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.
“The Board is well connected and experienced in working throughout Africa, and this is borne out by the recent sale we conducted of 20 percent 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.”
He concluded: “I am excited about the potential for Africa Oilfield and look forward to rapidly progressing our strategy, of acquiring and building cash generative businesses that will reward shareholders.”