africa oil divesting?

Interesting - I did a search to see if I could find out who the subcontractor was, and this is the frist link I clicked on (http://www.pr-inside.com/africa-oil-signs-letter-of-intent-r2590640.htm).

Now the current range announcement mentions nothing of this, and only off the Letter of Intent signed.

But reading between the lines, Africa Corp are divesting their stake to another TSX company called Denovo, in return for shares in the company (and thereby a stake in Puntland). Denovo will own all the shares in the puntland subsidiaries, and will change its name to Puntland Petroleum Corp.

Capital pool companies are interesting. But am not sure on the status of Denovo and don't have time at the moment to research it further.

However I would hope this deal will be a good one, and hopefully they will be able to drill on time. Beyond that don't really care who owns the other 60%. Just get the drill into the ground!