9th Sep 2013 08:56
LONDON (Alliance News) - Africa Oilfield Logistics Limited Monday said its subsidiary, Ardan Risk & Support Services, signed a two year contract to construct well sites and other infrastructure for "Africa's leading international oil company".
Ardan, which is 49% owned by Africa Oilfield, will provide services for the unnamed firm's oil and gas exploration programme in the Turkana region of northern Kenya.
The contract award, for which no financial details were provided, is part of Nairobi-based Ardan's strategy to expand its presence in sub-Saharan Africa's developing oil and gas industry, Africa Oilfield said.
"This contract, which focusses on the building of the infrastructure necessary to support growing exploration activities in Kenya, marks a further step in Ardan's expansion plan, as it continues to rapidly increase its market penetration and revenues, which have risen year on year since its foundation," Andrew Groves, Africa Oilfield director, said in a statement.
Africa Oilfield purchased its 49% stake in Ardan on August 5 for USD4 million, saying it also had been granted exclusivity for 180 days to buy the remaining 51% of the family-owned company.
Africa Oilfield shares were Monday quoted at 8.05 pence, up 42 pence, or 5.6%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
AOL.L