Latest news with #Angola
Daily Mail
21 hours ago
- Business
- Daily Mail
MIDAS SHARE TIPS: Bullish bosses spending thousands buying their OWN shares
Company directors should know more about their business than anyone else. Given their privileged position, there are strict rules about when they are allowed to buy and sell shares. Directors cannot trade in the run-up to results, if their company is about to raise money or if any information is about to be released that might move the share price. Sometimes it seems there are precious few times when directors can buy and sell shares so, when they do, investors take notice. Using data from analytics specialist Smart Insider, Midas has unearthed significant directors' deals of recent weeks – purchases that would seem to suggest those at the top believe their shares have further to go. Corcel A small oil and gas company with assets in Angola and Brazil, Corcel is valued on the stock market at less than £17 million and each share is priced at 0.32p. However, chief executive Scott Gilbert has big ideas for the business and last month spent £75,000 on 25 million shares. Chairman Pradeep Kabra and commercial director Geraldine Geraldo echoed Gilbert's confidence, splashing out a further £30,000 apiece on shares. The purchases come at an interesting time for Corcel. It has a chequered past and previous management made mistakes aplenty. Today, however, under Gilbert's watchful eye, Corcel seems to be on surer ground. Hailing from Aberdeen, Gilbert has oil and gas in his blood. Both his parents spent their careers in the industry and he followed suit straight from university. Having made money early, he set out on his own and started looking for projects in Angola, where he had lived and worked as a young man. In 2022, Gilbert acquired three assets in the Kwanza Basin, an area rich in oil. A year later he sold a 90 per cent stake in these projects to Corcel, and last May was appointed chief executive of the group. At the time, Corcel shares had tumbled and prospects seemed bleak. Gilbert raised cash, strengthened management and moved ahead in Angola, while acquiring options to buy into gas fields in Brazil. Progress has not been easy. Two of the Angolan assets are majority owned by state-backed energy group Sonangol. They were expected to move into gear quickly, but early results were disappointing and Gilbert decided to look elsewhere for projects that could deliver short-term cash. Brazil hove into view and a potentially lucrative deal has been struck with local operators. Work continues on the two Sonangol sites and there is growing excitement about Corcel's third Angolan asset, known as KON-16. Gilbert has steadily built up Corcel's holding, most recently paying just $500,000 (£370,000) for a 27 per cent share. At the same time, Gilbert sold a 5 per cent in KON-16 to a Canadian investment firm for $2.5 million. That leaves Corcel with several million dollars in the bank while retaining more than 70 per cent of this enormous, 1,000km² site. Making ends meet at a small oil and gas firm is rarely plain sailing, but Gilbert is dedicated to success and has already made substantial progress. Plucky investors could take heart from his recent share deal. Some City fans believe the stock could reach 1.5p. Haleon Shopping for basics, many of us are happy with supermarket or cut-price goods. When it comes to our health, trusted names take centre stage. Haleon is a leader in the field, with a stable of brands used across the world, including Panadol, Tums, Day Nurse, Sensodyne toothpaste, Nicorette and Centrum vitamins. Split off from pharmaceutical giant GSK at £3.30 in 2022, Haleon had a bumpy market debut. But the stock has gained ground, reflecting strong sales, rising profits and steady growth in dividends. Last month, chief executive Brian McNamara set out his stall for the future, suggesting the firm could deliver £800 million of savings over the next five years, improve profit margins and increase sales by 4 per cent to 6 per cent annually – well ahead of the market. His pitch has gone down well with investors and Haleon shares are now at £4.18, having risen 8 per cent in the past month alone. Recent directors' dealings suggest McNamara's colleagues are optimistic, too. Asmita Dubey, a hot-shot at L'Oreal, bought Haleon stock for the first time since joining the board three years ago, forking out nearly £62,000 on shares at £4.01. Marie-Anne Aymerich, formerly at Unilever and LVMH, spent a cool £86,000 on shares at £4.05 each. And Blathnaid Bergin, finance director at Sainsbury's and a Haleon director since February, also thought it timely to buy stock with a £25,000 purchase at £4.04. The business encourages directors to buy shares – and quite rightly too. However, the recent flurry of deals, combined with McNamara's vision for the future are encouraging. At £4.18, Haleon shares should deliver growth, bolstered by forecast dividends of 6.9p this year and 7.5p next. Traded on: main market Ticker: HLN Contact: Checkit Checkit is a £16 million business whose shares have fallen 40 per cent over the past year to 15.4p. But it seems that chief executive Kit Kyte believes better times are ahead as he recently spent just over £70,000 on shares at 14.16p. The company's software, used in areas from food manufacturing to hospital drugs, helps to make sure equipment and machinery are working properly. An annual meeting this week should reveal how Checkit is faring in a tough economic environment – but Kyte's purchase could bode well. One to watch. Traded on: Aim Ticker: CKT Contact: SigmaRoc Tim Hall knows a thing or two about rock. Now 72, he has spent his career in aggregates, with notable successes along the way. In 2019, he became a director at SigmaRoc, a fast-growing lime and limestone business, valued on the stock market at £1.2 billion. SigmaRoc was founded in 2016 by Max Vermorken, an exceptionally hardworking Belgian with an ambition to create a leading limestone firm across Europe. Much work has been done, recent activity has been ahead of expectations and Vermorken is now focused on increasing sales by up to 5 per cent annually, improving profitability and rewarding shareholders with dividends or share buybacks. The targets were announced on May 7. A week later, Hall spent £84,000 on shares at £1.03 each. SigmaRoc has since risen to nearly £1.07 but there should be further to go. Lime and limestone are critical in making steel, glass and paper, fertilising crops and purifying water, milk and sugar. Economic uncertainty is unhelpful but SigmaRoc is outperforming peers and Hall's purchase is encouraging. The shares have risen 85 per cent since Midas recommended them in January last year, and cautious investors may choose to bank some profits. But this remains an attractive long-term investment.
Zawya
2 days ago
- Business
- Zawya
Etu Energias Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 to Detail Strategies for Achieving 80,000 Barrels Per Day (BPD)
Edson dos Santos, Chairman and CEO of Etu Energias – Angola's largest private oil producer – has joined the African Energy Week (AEW): Invest in African Energies 2025 conference to discuss its plans for scaling-up operations across Angola's upstream and downstream sectors. The company plans to increase crude production to 80,000 barrels per day (bpd) by 2030 while expanding downstream distribution and lubricant production. Dos Santos' participation at Africa's largest energy event will offer insight into how Etu Energias will achieve this. Etu Energias' expansion plan is built on five key pillars, namely operational excellence, growth, financing, people and ESG. In 2024, the company reported its strongest financial results to date, achieving a 53% increase in net profit compared to 2023. During the year, the company also increased its portfolio of operated and non-operated assets from 6 to 15, with the company's oil reserves growing 2.5 times to reach 106 million barrels. By 2030, Etu Energias seeks to increase its reserves to 387 million barrels through investments in both exploration and development assets. At AEW: Invest in African Energies 2025, dos Santos will detail the company's future development plans. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Upstream, Etu Energias is undertaking an ambitious drilling and production plan in 2025, with ongoing projects including eight exploration projects, 10 development projects and seven redevelopment projects. Onshore, the company signed a Risk Service Contract for Block CON 4 in May 2025, granting the company a 25-year operating licensing for the block. Of this, five years is allocated for exploration while 20 years is allocated for production. Etu Energias is the operator of Block CON 4, alongside Block CON 1 – whereby the first phase of studies has been completed and a seismic survey has been defined. The survey targets 430 km of 2D data in the first phase. Meanwhile, Etu Energias continues its 3D seismic campaign at Block FS/FST. Deforestation and demining are on track for May 2025 while the first exploration well is expected to be spud this year. Offshore, the company plans to complete exploration studies for its operated Block 2/05 in 2025, with well-drilling targeted for 2025/2026. This follows an increase in block acquisitions in 2024, including in Block 2/05 from 30% to 36%, in Block 14 from 20% to 29%, in Block 14K from 10% to 14.5% and in Block 17/06 from 5% to 7.5%. Downstream, Etu Energias is expanding its retail and distribution network through the development of storage facility and lubricant infrastructure. The company launched a 1,000-ton-per-month lubricant line in 2024 in collaboration with Glide Petroleum and plans to start production in 2025. Plans to develop a storage and export terminal are also underway, with the company weighing options for an inland terminal or FSO lease. Further, Etu Energias plans to hold an Initial Public Offering (IPO) in 2026. The IPO will support efforts to raise capital as the company seeks new block opportunities in both the onshore and offshore market. The IPO will not only support debt reduction and capital raising, but enhancing the company's credibility. Access to a wider investment pool will further support the company's expansion plans in Angola. At AEW: Invest in African Energies 2025, dos Santos is expected to share further updates. 'Etu Energias is a prime example of an Angolan oil company unlocking significant value from Africa's oil and gas reserves. Through its diverse portfolio of exploration and development blocks, its commitment to sustainable and inclusive growth, and dedication to strengthening downstream distribution, the company is driving impactful growth in Angola's oil market. Looking ahead, investments made by Etu Energias will help chart a new future of energy security in southern Africa,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
2 days ago
- Business
- Zawya
Oando PLC's Cross-Border Expansion to be Spotlighted at African Energy Week (AEW) 2025
Following a transformative year marked by a landmark Nigerian acquisition and entry into Angola's upstream sector, Jubril Adewale Tinubu, CON., Group Chief Executive, Oando PLC will speak at African Energy Week (AEW) 2025: Invest in African Energies in Cape Town. Tinubu will share insights into how Oando PLC is scaling its operations across Africa while maintaining strategic discipline and positioning itself as a key player in the continent's evolving energy landscape. In August 2024, Oando PLC finalized its $783 million acquisition of the Nigerian Agip Oil Company from Eni – a move that increased Oando's participating interests in four onshore oil mining leases (OMLs 60, 61, 62, and 63) from 20% to 40%. This deal nearly doubled the company's reserve base to an estimated one billion barrels of oil equivalent, while enhancing its operational footprint and infrastructure portfolio in Nigeria. With an ambitious target to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando PLC's position as a dominant force in Nigeria's upstream sector. Meanwhile, Oando PLC is advancing its continental growth strategy through its upstream subsidiary, Oando Energy Resources (OER), which was recently awarded operatorship of Block KON 13 in Angola's onshore Kwanza Basin. Secured through a competitive bidding process led by Angola's National Agency for Petroleum, Gas and Biofuels, the block carries estimated prospective resources of 770 million to 1.1 billion barrels. OER holds a 45% participating interest and will lead the block's development in partnership with Effimax and Sonangol. This marks a significant milestone for the company as it enters Angola's upstream market for the first time and reinforces its long-term vision of regional integration. In addition to its African ventures, Oando PLC was recently named preferred bidder for the Petrotrin refinery lease in Trinidad and Tobago, underscoring its strategy to diversify globally while reinforcing its vertically integrated business model. The refinery opportunity aligns with Oando's broader goals of expanding refining capacity, improving energy security and maximizing value across the supply chain. 'Oando PLC represents the kind of bold, forward-looking leadership that Africa's energy sector needs. Their strategic expansion into markets like Angola, coupled with a commitment to innovation and integration, sets a powerful example of what indigenous companies can achieve. We're proud to welcome Wale Tinubu to AEW 2025 as we continue driving investment and collaboration across the continent,' states Ore' Onagbesan, Program Director for AEW. At AEW 2025: Invest in African Energies, Tinubu will engage with policymakers, investors and industry leaders to outline Oando's vision for responsible, return-driven growth across Africa and beyond. As the company scales its operations and seeks new investment and technical partnerships, his participation will provide a first-hand look into the strategic thinking behind one of Africa's most dynamic energy companies. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
2 days ago
- Business
- Zawya
Sintana Energy Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 Amid Regional Market Expansion
Robert Bose, CEO of independent oil and gas company Sintana Energy, will participate at the upcoming African Energy Week (AEW): Invest in African Energies 2025 conference in Cape Town. His participation underscores Sintana Energy's commitment to partnering with African stakeholders to unlock Africa's vast energy potential, driving energy security, industrialization and broader economic growth across the continent. In recent months, Sintana Energy has expanded its presence across Africa, advancing its portfolio of exploration and production assets in strategic markets. Through its participatory interest in blocks in Angola and Namibia, the company targets new discoveries, supporting efforts to unlock new hydrocarbon plays in southern Africa. At AEW: Invest in African Energies, Bose is expected to share insights into ongoing exploration initiatives. AEW: Invest in African Energies serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from September 29-October 3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Sintana Energy entered the Angolan market in May 2025 with the signing of a strategic partnership with UK-based E&P firm Corcel. The deal aims to unlock oil and gas potential in Angola's highly prospective onshore Kwanza Basin and comprises a 5% stake in Block KON-16. The farm-in serves to support development activities at the block. These include ongoing de-risking efforts, a 3D seismic acquisition program and a robust exploration campaign scheduled for 2026. The partnership also aims to identify and develop additional assets across Angola. Meanwhile, through its interest in Custos Energy, Sintana Energy is involved in exploration efforts within Petroleum Exploration License (PEL) 87 in Namibia's Orange Basin. A high-quality 6,593 km² 3D seismic dataset has already confirmed hydrocarbon potential in the block. The project partners are currently seeking a farm-in partner to support exploration and development at the block. Meanwhile, in PEL 83, Sintana Energy is advancing the development of the Mopane discoveries, with ongoing drilling campaigns in Blocks 2813A and 2814B in partnership with Galp Energia (operator) and Namibia's National Petroleum Corporation. As of February 2025, the companies successfully drilled, cored and logged the Mopane-3X well, with preliminary data confirming significant columns of light oil and gas condensate. A 3D seismic acquisition campaign is underway and expected to be completed shortly. At PEL 90, the company continues to explore the country's hydrocarbon potential through drilling activities such as the Kapana-1X well. In 2024, Sintana Energy acquired a 49% interest in Giraffe Energy, and subsequently, assumed a stake in PEL 79 in Namibia. The acquisition reaffirms the company's long-term strategy to become a major player in Namibia's oil and gas industry. At AEW: Invest in African Energies 2025, Bose will highlight these milestones, sharing insight into ongoing drilling campaigns and future investment prospects. 'Sintana Energy has played an instrumental part in showcasing the potential of Namibia's Orange Basin. As the country seeks to achieve first oil and gas production, companies such as Sintana Energy will be crucial. The firm's entrance into Angola is also a strong testament to its commitment to Africa's oil and gas landscape,' stated Ore' Onagbesan, Project Director, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Globe and Mail
3 days ago
- Business
- Globe and Mail
ReconAfrica Announces First Quarter Filings and Corporate Update
CALGARY, Alberta, May 29, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces the filing of its fiscal first quarter disclosure documents for the three-month period ended March 31, 2025, including the unaudited consolidated financial statements and Management's Discussion and Analysis ("MD&A"), which are available on SEDAR+ at . Brian Reinsborough, President and CEO of the Company commented: "ReconAfrica continues to move Prospect I toward spud and management remains excited about this exploration target, which is our largest prospect to be drilled to date. On trend with the Naingopo and Prospect I locations, the Company recently gained access to over five million acres in Angola, and we look forward to working with our partner, ANPG to explore this acreage. Management recognizes its responsibility to all stakeholders to steward the evaluation and exploration process of this vast portfolio with the utmost care. We are keen to continue our work with shareholders, local government, joint venture and community partners." Selected Highlights For the first quarter ended March 31, 2025, and subsequent period, we announced: On January 29, 2025, the Namibian Ministry of Mines & Energy approved the previously announced farm-down agreement with BW Energy ('BW') acquiring a 20% WI in Petroleum Exploration License 073 ('PEL 73'). On January 30, 2025, results from the Naingopo exploration well on PEL 73 aided the Company with the selection of Prospect I as the next drill prospect. On April 17, 2025, ReconAfrica entered a Memorandum of Understanding ('MOU') with the National Oil, Gas and Biofuels Agency of Angola ('ANPG'), for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. The MOU area, which is contiguous to PEL 73 in Namibia, added 5.2 million acres of exploration lands to the Company's exploration portfolio. On April 30, 2025, an updated NSAI Report was filed on SEDAR+ at On May 21, 2025, Mark Friesen, CFA joined the Company as Managing Director, Investor Relations and Capital Markets. Operational Update Prospect I, located onshore Namibia in Petroleum Exploration License 073 ('PEL 73'), will be the Company's largest exploration prospect drilled to date. Prioritizing Prospect I as the next drillable prospect was significantly influenced by the drilling results of the Naingopo prospect, which has confirmed the presence of carbonate reservoir, indications of oil observed from the Damara Fold Belt and oil being recovered at surface in the drilling mud system. The Company has conducted extensive stakeholder and community engagement activities and obtained local consents. The Company is completing permitting requirements and obtaining all regulatory approvals. Pre-construction activities are currently underway, including, de-brushing, de-mining, access road infrastructure development and drill site preparation. ReconAfrica is committed to continuing to work collaboratively with communities, governments and regulators. Management remains encouraged that the sequence of completing the necessary pre-drill activities on Prospect I is progressing toward spudding the well. Permitting for road and pad construction is proceeding and we expect the rig to move in late June with spud shortly thereafter. Any adjustments to the spud date of Prospect I are logistical in nature with management's view regarding the prospectivity of the target remaining positive and unchanged from earlier communications. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Brian Reinsborough, President and Chief Executive Officer Mark Friesen, Managing Director, Investor Relations & Capital Markets Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the timing of permits, timing and sequencing of the next well, actual well results, future drilling activity, resource potential, the updated NSAI Report, the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the"Risk Factors" section in the Company's annual information form dated April 29, 2025, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
