I think its a combination of two things. The Cove takeover...

I think its a combination of two things. The Cove takeover momentum has waned somewhat (competing takeover offers are still occuring there but the initial surprise and market interest has waned) and the concern about the run-off election in Senegal has cooled the fires underneath the shareprice for the short term.

Its the latter of the two that concerns me. Takeovers will continue off Kenya but the negative coverage around the political situation in Senegal are a concern. Even if Wade wins, he may need to throw his people a bone and say that he will come down harder on the foreigners "taking our oil". I remember last year he called for a more equitable outcome for Africans with respect to oil exploration.

Although nationalisation of the oil industry is unlikely, I dont discount this. Anything can happen in Africa and contracts can be "renegotiated" all the time. I hope the French Foreign Legion are on Ready 5.