I have tons of East / West African oil including VEL

But Heres something for Us Vanoil peoples, consider the valuations given to SMB and make the same correlations to Vel, who is well known to be the first drillers in Kenya. They have secured the rig and all they need is to make an announcement on who the JV is

 the new Africa Oil?18th Jan 2013, 12:25 pm by Ian Lyall

Kenya isn’t the group’s only asset: it has significant land holdings Liberia, Guinea, Chad, Ghana and Mali.Kenya isn’t the group’s only asset: it has significant land holdings Liberia, Guinea, Chad, Ghana and Mali.

 

Investors hunting for the new Africa Oil (CVE:AOI) should take a look at Simba Energy (CVE:SMB), according to the latest update from Edison Research.

The former has seen its shares spike over 300% in the past year based on farm-out deals in Kenya, where Simba also has significant acreage.

Edison has calculated a risked net asset value of 20 cents a share for Simba, assuming a one-well carry following a farm-in deal.

The figure rises to 36 cents for a two-well transaction and in excess of C$1.40 if the company’s first well hits oil.

The Toronto-listed group, which has a strong UK following, recently completed a passive seismic survey on Block 2A in Kenya.

Following this it opened a data room for potential farminees and has employed Ernst & Young to oversee the process of finding a partner to fund a drilling an initial programme.

“We are encouraged by the aggressive nature of the company – it wants to drill its Kenyan acreage as quickly as possible and we expect significant progress down this road by the end of 2013,” said Edison’s Will Forbes in a note.

“Indeed we believe it is the company’s intention to spud a well in the fourth quarter of 2013, although much work is required to do this.”

Kenya isn’t the group’s only asset: it has significant land holdings Liberia, Guinea, Chad, Ghana and Mali.

“We do not expect the addition of these blocks to be the last – Simba is still hungry to extend its range, but currently has limited cash,” said Forbes.