Helios invests $100m in Africa Oil Corporation

A fund advised by Helios Investment Partners has agreed to invest $100m for a 12.4% stake in Kenya and Ethiopia player Africa Oil Corporation, in a significant vote of confidence for the company, which has scaled down its activity following the fall in the oil price. Africa Oil said on 1 May that Stampede Natural Resources, owned by a fund advised by Helios, had bought 52.6m shares in Toronto and Nasdaq-listed Africa Oil at C$2.31/share. Stampede will nominate a non-executive director to the board of Africa Oil.