William Thomson of Massif Capital presented his in-depth investment thesis on Africa Oil Corp. (Canada: AOI) at Best Ideas 2020.

Thesis summary:

Africa Oil Corp. is a pre-production, African-focused oil and natural gas firm that recently traded at a discount to the liquid assets on the balance sheet, with no value attributed to either a significant Kenyan oil and gas development or a soon-to-close acquisition the firm is making of a working interest in producing offshore oil and natural gas assets in Nigeria. Africa Oil has asymmetric return potential, significant leverage to the price of oil, and limited downside at recent prices. The management team has a long history of success in Africa and has, over the last decade, built Africa Oil into a strong partner for any oil major developing projects in African frontier markets.

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About the instructor:

Will Thomson is currently a Managing Partner at Massif Capital, a value-oriented investment partnership focused on global opportunities in energy, basic materials and industrials. We invest principally in businesses with long lived assets that generate predictable cash flows and require not only capital allocation acumen from management but also a keen focus on operational excellence. Our investment practice is primarily concerned with the nature of risk and value as it relates to protecting, enhancing and deploying the irreplaceable capital of our investors into a concentrated portfolio of economically productive assets.