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Message: Scratching head over Pareto Securities recommendation ......

Africa Oil is expected shortly, probably before
end of October, to report the results from the drilling of
Twiga South and it will most likely be
positive results, estimates Pareto Securities in an analysis dated
October 8.

Twiga South has the potential to add 6 per share to
Pareto's assessment of the Company's net asset value. drilling in
Paipai and Sabisa expected to have a much higher risk and the expected
have the potential to increase the value of shares by 6 to 7 crowns
respectively, with 21-31 per share.

Pareto reiterated its buy recommendation for Africa Oil and
raises its target price from 92 to 96 dollars.

Moreover, Pareto believes that Africa Oil will implement
placement of $ 200 million at the end of October, which
Bank has taken into account in the target price of 96 dollars.

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