Petroleum Africa
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Monday, October 7, 2013
Polo Resources provided an investment update concerning Signet Petroleum, in which the company currently holds a 46.94% equity interest in. Signet reports that the strategic alternatives process, last commented on by Polo near the end of June, is progressing well with a high level of participation from a broad spectrum of high quality potential bidders but that the process is taking longer than anticipated.
The process, managed by First Energy Capital LLP and looking at strategic alternatives concerning Signet’s Africa oil and gas asset portfolio, is contemplating a range of potential commercial outcomes at both the individual asset level and on a portfolio-wide basis. Further announcements will be made as appropriate.
Signet holds stakes in four highly prospective assets in Benin, Burundi, Namibia, and Tanzania, and the company is actively pursuing additional assets in other African focus countries.
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