Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Agriterra plans palm oil takeover
Agriterra, which processes corn in Mozambique, is planing moves into palm oil and sugar
Phil Edmonds’ African food group Agriterra intends to buy Liberia-focused Equatorial Biofuel (EBF) for £7.5 million in shares and cash.
The AIM-quoted company, which processes corn and ranches cattle in Mozambique and has been contemplating a move into sugar, has signed a memorandum of understanding with Guernsey-based EBF’s parent company, Equatorial Palm Oil of London. This envisages Agriterra, which began life as Sudanese oil flop White Nile, paying about £6 million in new shares and £1.5 million in cash to Equatorial Palm Oil, which itself pulled out of a £15 million AIM float a year ago.
The entrepreneurial Edmonds’ AIM-quoted CAMEC mining venture set up Agriterra, which likes the look of EBF’s plans to reactivate and develop more than 169,000 hectares of plantations and other land in Liberia. According to Agriterra, steered by chief executive officer and Edmonds’ right hand man Andrew Groves, the acquisition of EBF will diversify its product range and, in particular, could generate ‘early cash flow’ from 10,000 hectares of reactivated plantations.
This would not come amiss to Agriterra, which lost £2 million in the six months to December and has been planning a £6 million move into Tanzania. Spokesman Jeremy Gray recently cited expectations of a move into handsome profits this year.
Agriterra shares plunged from 27p to a mere 0.63p over the past year and have now rallied somewhat to 5.25p, valuing the company at £26 million. They are a punt on current moves paying off.
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