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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (320)	11/15/2000 10:08:37 PM
From: Greywolf	Respond to of 500

Energy Africa eyes Angolan oil assets Group monitors the plan to privatise parts of state firm Sonangol ENERGY Africa, the listed SA oil and gas exploration group, is keeping a close eye on plans in Angola's oil industry to sell off state oil exploration and production assets, says Energy Africa's MD, John Bentley. The Angolan government recently announced its intention to privatise significant portions of state oil company Sonangol, including its upstream arm, Sonangol Pesquisa & Producao (exploration and production). While Energy Africa, which is a subsidiary of Malaysia's national oil group Petronas, was interested in some of Angola's oil assets, it is not currently examining the purchase of any specific assets, either alone or with a local partner, says Bentley. "This is a very interesting move; one that we've been following, but we are not actively pursuing a purchase right now," he says. "Sonangol is a huge company with a very wide spread of assets, and Angola is an area that holds very important potential for us." The group has enough cash available for potential acquisitions, but its current priorities are in other areas, he says. The company already has joint oil exploration interests in Angola with US firm Texaco, including a 15% stake in the Block 1 area. So far, however, discoveries there and in other areas have proved disappointing. Senior state officials have said they will sell 49% of Sonangol's exploration arm as part of the country's privatisation initiative. Although priority in the sale would go to Angolan entrepreneurs, this does not necessarily mean foreign partners will be excluded. The Sonangol arm also plans to run, in partnership with Norway's Norsk Hydro, a huge and potentially lucrative licence area known as Block 34. The government has yet to announce the winners of other equity stakes in the block. Energy Africa is active in 11 different nations across Africa. Earlier this month, the firm reported interim diluted headline earnings a share of 59,6c for the six months ended September 30, down from 91,9c in the previous period. Operating income was reduced by much higher spending on exploration, helped by an average 10% hike in the realised oil price. Sapa, I-Net Bridge.