MARC HASENFUSS: All eyes on lucrative Namibian interests
Namibia’s offshore oil and local fishing ventures are under the spotlight
The Hosken Consolidated Investments (HCI) AGM last week might easily have been mistaken for a symposium of wildcatters. Those who crammed into the boardroom were mostly fixated on the group’s oil and gas exploration assets, many clearly feeling these will fuel HCI’s net asset value (NAV) in the next few years.
I’m currently not an HCI shareholder, mainly because my masochistic tendencies demand I get my jollies at Brait. But I don’t like the skewing of the HCI portfolio balance to the higher risk/higher reward nature of oil and gas exploration. I say this because any potential gushing of Namibian interests is, for now, capped by HCI being left as custodian of offshore South African oil and gas exploration concessions, and that no major seems to want a part of those at present. ..
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