finnCap Initiation of Coverage
Initiation of coverage: A new African E&P on AIM
A portfolio of lower risk appraisal opportunities in Nigeria, and high impact exploration acreage in the Democratic Republic of the Congo (DRC) on trend with discoveries surrounding Lake Albert, provide an exciting platform for a new Africa-focused upstream company. An aggressive acquisition-led growth strategy should see the portfolio continue to grow rapidly as the company seeks to exploit its African identity and key relationships. Trading at 0.35x total NAV, this upside potential appears overlooked by the market despite its early track record in securing highly prospective acreage.
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