African Investment Continues Despite Unrest
Despite civil unrest spreading across the North of Africa from Tunisia to Egypt and Libya during the quarter, the rest of the continent remained open for business, with $5 billion worth of upstream deals. The largest deal in Africa during the quarter comprised of Total and CNOOC each taking a one third interest in Tullow Oil’s Ugandan Blocks 1, 2 and 3A for a total of $2.9 billion. The farmout has been mooted ever since Tullow Oil acquired full ownership in the blocks from Heritage Oil in Q1 2010, with the estimated development cost in excess of $10 billion proving to represent too much of a risk to a company with a market cap of little over $2 billion.
Another significant deal saw HRT Participações acquire the Namibia focused explorer, UNX Energy for $740 million. The acquisition followed shortly after UNX Energy upgraded their prospective resources for their blocks to a best estimate of 8.6 billion of boe (adjusted to 1.7 billion boe after factoring in the geological chance of success). Interest in the offshore Namibian exploration sector has been steadily building over the past 12 months, with the CEO of HRT, Mario Mello particularly confident that Namibia will prove to hold impressive oil reserves similar to the Brazilian pre-salt resources.
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