This is not a good spot to be investing shareholder funds atm imo.
Huge $$ need to be spent drilling in declining fields like #31
Angola has accumulated around $1 billion in debt to Western oil companies operating its oilfields, with the bill prompting the African country's recently launched sale of stakes in its flagship offshore blocks, three industry sources told Reuters.
The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa's largest companies, due to underinvestment in declining offshore fields that worsened during the COVID-19 pandemic.
ROG Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
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