Post from Ultrapunch Non listed CAMAC Energy (a subsiduary of private CAMAC International) reversed into listed PAPL in 2010. CAMAC International wanted a listing for it's subsiduary CAMAC Energy.
The stated aims of CAMAC International are the empowerment of black Aficans and black African-Americans through business. CAMAC Energy inherited the Zinjinshan gas licence though it's overseas interest is solely centred on black Africa and Nigerian oil fields in particular.
Zijinshan was never a core asset for CAMAC. Presumably they hoped the 4 wells drilled by PAPL, when under their ownership, would increase the value of the Zijinshan licence before they offloaded. Whereas the results of the 4 wells were disappointing when you compare them to those drilled by Sino Gas on adjacent licenses. Possibly that is why Sino Gas were not interested when CAMAC decided to sell PAPL and why LRL got it for a song!!
It appears that Frank Fu thought CAMAC (via PAPL) were drilling in the wrong places. Now Frank Fu was Operations Manager for Sino Gas. He appears to be the knowledgable man on the ground at Sino Gas, being in charge of all the Sino Gas drills up to 2012. A Sino Gas presentation dated January 2012 shows him as Operations Manager. However he then leaves Sino Gas for PAPL, but when? Before LRL bought PAPL? Did he already know Paul Atherley? Did he convince PA to buy PAPL?
LRL Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
