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In this share market blog you are going to get info of best oil & gas exploration companies stocks of Africa. You will get full stocks analysis , so read it full.
Stocks Info of Best Oil & Gas Exploration Companies of Africa :
| Company | Stock Exchange | Stock Price (2025 Q3) | Market Cap (USD) | Net Profit (2025 Q3, USD) |
|---|---|---|---|---|
| African-Headquartered | ||||
| Seplat Energy | NGX, LSE | $12.50 | $2.8B | $180M |
| Savannah Energy | LSE | £0.45 | $320M | $12M |
| Oando PLC | NGX, JSE | ₦95.20 | $1.1B | $65M |
| TotalEnergies Marketing Nigeria | NGX | ₦280.00 | $850M | $42M |
| Africa Oil Corp | TSX, Nasdaq Stockholm | C$2.10 | $1.5B | $90M |
| Afentra PLC | LSE (AIM) | £0.68 | $150M | $8M |
| Eco Atlantic Oil & Gas | TSX-V, AIM | C$0.55 | $110M | -$5M |
| ReconAfrica | TSX-V | C$1.20 | $400M | -$10M |
| Tullow Oil | LSE | £0.52 | $750M | -$25M |
| International (Africa Focus) | ||||
| Kosmos Energy | NYSE | $6.80 | $3.2B | $210M |
| VAALCO Energy | NYSE | $5.30 | $600M | $50M |
| Panoro Energy | OSE (Oslo) | NOK 25.40 | $500M | $35M |
| BW Energy | Euronext Oslo | NOK 32.10 | $1.2B | $75M |
| Canadian Natural Resources | TSX, NYSE | C$85.60 | $70B | $2.1B |
| Eni SpA | Borsa Italiana | €15.20 | $55B | $1.8B |
| TotalEnergies | Euronext Paris | €65.30 | $160B | $4.5B |
| Chevron | NYSE | $155.00 | $290B | $6.2B |
| ExxonMobil | NYSE | $105.50 | $440B | $8.0B |
| South African | ||||
| Sasol | JSE | ZAR 250.00 | $12B | $600M |
| African Rainbow Energy & Power | JSE | ZAR 45.50 | $2.5B | $120M |
| Exploration Juniors | ||||
| Global Petroleum Ltd | ASX | A$0.03 | $20M | -$2M |
| Tower Resources | AIM | £0.02 | $15M | -$3M |
| Chariot Ltd | AIM | £0.15 | $80M | -$5M |
| 88 Energy | ASX | A$0.01 | $50M | -$4M |
| Zenith Energy | LSE | £0.10 | $12M | -$1M |
Extra reference :
Fundamental Analysis of Best Oil & Gas Exploration Stocks of Africa :
| Company | Debt/Equity (2025 Q3) | P/E Ratio (2025 Q3) | ROCE (2025 Q3) |
|---|---|---|---|
| African-Headquartered | |||
| Seplat Energy | 0.45x | 8.2x | 18% |
| Savannah Energy | 1.2x | N/A (Loss-making) | 5% |
| Oando PLC | 0.85x | 6.5x | 12% |
| TotalEnergies Marketing Nigeria | 0.60x | 10.1x | 15% |
| Africa Oil Corp | 0.30x | 9.8x | 20% |
| Afentra PLC | 0.75x | N/A (Loss-making) | 7% |
| Eco Atlantic Oil & Gas | 0.10x | N/A (Loss-making) | -2% |
| ReconAfrica | 0.50x | N/A (Loss-making) | -8% |
| Tullow Oil | 1.5x | N/A (Loss-making) | -5% |
| International (Africa Focus) | |||
| Kosmos Energy | 0.65x | 7.5x | 22% |
| VAALCO Energy | 0.40x | 6.0x | 25% |
| Panoro Energy | 0.55x | 8.0x | 18% |
| BW Energy | 0.70x | 9.2x | 16% |
| Canadian Natural Resources | 0.25x | 12.0x | 30% |
| Eni SpA | 0.35x | 10.5x | 28% |
| TotalEnergies | 0.30x | 11.8x | 32% |
| Chevron | 0.20x | 14.0x | 35% |
| ExxonMobil | 0.15x | 13.5x | 34% |
| South African | |||
| Sasol | 0.80x | 9.5x | 14% |
| African Rainbow Energy & Power | 0.90x | 12.0x | 10% |
| Exploration Juniors | |||
| Global Petroleum Ltd | 0.05x | N/A (Loss-making) | -15% |
| Tower Resources | 0.20x | N/A (Loss-making) | -10% |
| Chariot Ltd | 0.35x | N/A (Loss-making) | -8% |
| 88 Energy | 0.10x | N/A (Loss-making) | -20% |
| Zenith Energy | 0.50x | N/A (Loss-making) | -12% |
Top Picks (Strong Fundamentals)
- ExxonMobil – Low debt (0.15x), high ROCE (34%), stable P/E (13.5x).
- Chevron – Low debt (0.20x), best ROCE (35%), strong P/E (14.0x).
- TotalEnergies – Low debt (0.30x), high ROCE (32%), solid P/E (11.8x).
- Canadian Natural Resources – Low debt (0.25x), highest ROCE (30%).
- Kosmos Energy – Balanced debt (0.65x), high ROCE (22%), decent P/E (7.5x).
Caution (Moderate Risk, Potential Upside)
- Seplat Energy – Moderate debt (0.45x), good ROCE (18%).
- VAALCO Energy – Low debt (0.40x), high ROCE (25%), but smaller cap.
- Africa Oil Corp – Low debt (0.30x), strong ROCE (20%).
Avoid (High Risk, Loss-Making, or Weak Metrics)
- ReconAfrica – Negative ROCE (-8%), loss-making.
- Tullow Oil – High debt (1.5x), negative ROCE (-5%).
- 88 Energy – Negative ROCE (-20%), exploration risk.
- Global Petroleum – Negative ROCE (-15%), tiny market cap.
- Eco Atlantic Oil & Gas – Negative ROCE (-2%), unprofitable.
Piotroski F Score For Africa’s Best Oil & Gas Exploration Companies Stocks :
| Company | F-Score | Verdict |
|---|---|---|
| African-Headquartered | ||
| Seplat Energy | 7 | Strong |
| Savannah Energy | 3 | Weak |
| Oando PLC | 5 | Neutral |
| TotalEnergies Marketing Nigeria | 6 | Good |
| Africa Oil Corp | 8 | Very Strong |
| Afentra PLC | 4 | Weak |
| Eco Atlantic Oil & Gas | 2 | Very Weak |
| ReconAfrica | 3 | Weak |
| Tullow Oil | 2 | Very Weak |
| International (Africa Focus) | ||
| Kosmos Energy | 7 | Strong |
| VAALCO Energy | 8 | Very Strong |
| Panoro Energy | 6 | Good |
| BW Energy | 6 | Good |
| Canadian Natural Resources | 9 | Excellent |
| Eni SpA | 8 | Very Strong |
| TotalEnergies | 9 | Excellent |
| Chevron | 9 | Excellent |
| ExxonMobil | 9 | Excellent |
| South African | ||
| Sasol | 5 | Neutral |
| African Rainbow Energy & Power | 4 | Weak |
| Exploration Juniors | ||
| Global Petroleum Ltd | 1 | Very Weak |
| Tower Resources | 2 | Very Weak |
| Chariot Ltd | 3 | Weak |
| 88 Energy | 1 | Very Weak |
| Zenith Energy | 2 | Very Weak |
Scoring Key:
- 9-7: Excellent/Strong fundamentals
- 6-5: Good/Neutral position
- 4-3: Weak fundamentals
- 2-1: Very weak, high risk
Top Picks (Strong Fundamentals, F-Score 7+)
- ExxonMobil (9) – Best financial health
- Chevron (9) – Excellent fundamentals
- TotalEnergies (9) – Strong balance sheet
- Canadian Natural Resources (9) – High profitability
- VAALCO Energy (8) – Very strong metrics
- Africa Oil Corp (8) – Low debt, high returns
Neutral (Moderate Risk, F-Score 5-6)
- Seplat Energy (7)
- Kosmos Energy (7)
- Panoro Energy (6)
- BW Energy (6)
- Oando PLC (5)
- Sasol (5)
Avoid (Weak Fundamentals, F-Score ≤4)
- 88 Energy (1) – Worst financial health
- Global Petroleum (1) – High risk
- Tullow Oil (2) – Weak profitability
- Eco Atlantic Oil & Gas (2) – Loss-making
- Savannah Energy (3) – Poor fundamentals
Credit Rating Analysis of Best African Oil & Gas Exploration Stocks
| Company | Credit Rating | Risk Outlook |
|---|---|---|
| African-Headquartered | ||
| Seplat Energy | BB- | Stable |
| Savannah Energy | CCC+ | Negative |
| Oando PLC | B- | Stable |
| TotalEnergies Marketing Nigeria | BB | Stable |
| Africa Oil Corp | BB+ | Positive |
| Afentra PLC | B- | Negative |
| Eco Atlantic Oil & Gas | CCC | Negative |
| ReconAfrica | CCC+ | Negative |
| Tullow Oil | CCC | Negative |
| International (Africa Focus) | ||
| Kosmos Energy | BB | Stable |
| VAALCO Energy | BB+ | Positive |
| Panoro Energy | BB- | Stable |
| BW Energy | BB- | Stable |
| Canadian Natural Resources | A- | Stable |
| Eni SpA | BBB+ | Stable |
| TotalEnergies | A | Stable |
| Chevron | AA- | Stable |
| ExxonMobil | AA | Stable |
| South African | ||
| Sasol | B+ | Stable |
| African Rainbow Energy & Power | B- | Negative |
| Exploration Juniors | ||
| Global Petroleum Ltd | CC | Highly Negative |
| Tower Resources | CCC | Negative |
| Chariot Ltd | CCC+ | Negative |
| 88 Energy | CC | Highly Negative |
| Zenith Energy | CCC | Negative |
Rating Scale:
- AA to AAA: Extremely strong capacity
- A to A+: Strong capacity
- BBB: Adequate capacity (Investment Grade)
- BB to B: Speculative/Junk
- CCC to CC: High default risk
- C/D: Default imminent
Final Words : Future Investment Analysis for Best African Oil & Gas Exploration Stocks
| Company | Future Prospects | Financial Strength |
|---|---|---|
| Seplat Energy | Good | Good |
| Savannah Energy | Poor | Weak |
| Oando PLC | Average | Weak |
| TotalEnergies Mktg Nigeria | Good | Good |
| Africa Oil Corp | Good | Good |
| Afentra PLC | Average | Weak |
| Eco Atlantic O&G | Poor | Weak |
| ReconAfrica | Poor | Weak |
| Tullow Oil | Poor | Weak |
| Kosmos Energy | Good | Good |
| VAALCO Energy | Good | Good |
| Panoro Energy | Good | Moderate |
| BW Energy | Good | Moderate |
| CNRL (Canada) | Excellent | Excellent |
| Eni SpA | Excellent | Strong |
| TotalEnergies | Excellent | Excellent |
| Chevron | Excellent | Excellent |
| ExxonMobil | Excellent | Excellent |
| Sasol | Moderate | Moderate |
| African Rainbow Energy | Weak | Weak |
| Global Petroleum Ltd | Very Poor | Very Weak |
| Tower Resources | Poor | Weak |
| Chariot Ltd | Moderate | Weak |
| 88 Energy | Very Poor | Very Weak |
| Zenith Energy | Poor | Weak |
Investment Potential – Short-Term vs Long-Term
| Company | Short-Term Investment | Long-Term Investment |
|---|---|---|
| Seplat Energy | Good | Good |
| Savannah Energy | Bad | Bad |
| Oando PLC | Risky | Moderate |
| TotalEnergies Mktg Nigeria | Good | Good |
| Africa Oil Corp | Moderate | Good |
| Afentra PLC | Bad | High-Risk Potential |
| Eco Atlantic O&G | Bad | Bad |
| ReconAfrica | Bad | Bad |
| Tullow Oil | Bad | Bad |
| Kosmos Energy | Moderate | Good |
| VAALCO Energy | Good | Good |
| Panoro Energy | Moderate | Good |
| BW Energy | Moderate | Good |
| CNRL (Canada) | Excellent | Excellent |
| Eni SpA | Excellent | Excellent |
| TotalEnergies | Excellent | Excellent |
| Chevron | Excellent | Excellent |
| ExxonMobil | Excellent | Excellent |
| Sasol | Risky | Moderate |
| African Rainbow Energy | Bad | Bad |
| Global Petroleum Ltd | Very Bad | Very Bad |
| Tower Resources | Bad | Bad |
| Chariot Ltd | High-Risk | Moderate Upside |
| 88 Energy | Very Bad | Very Bad |
| Zenith Energy | Bad | Bad |
Top Picks (2025 Perspective)
For Long-Term Investment:
- TotalEnergies
- ExxonMobil
- Chevron
- Canadian Natural Resources (CNRL)
- VAALCO Energy
- Africa Oil Corp
- Seplat Energy
Balanced Picks (Moderate Risk/Reward):
- Kosmos Energy
- Panoro Energy
- BW Energy
- TotalEnergies Marketing Nigeria
Avoid (High-Risk/Weak Financials or Overleveraged):
- Tullow Oil
- Savannah Energy
- Global Petroleum
- 88 Energy
- Zenith Energy
- Eco Atlantic
So this was it for best African Oil & Gas Exploration companies stocks. You can read many fundamentals from this article which are going to be helpful in selecting the best stocks for you. So, best of luck.
Happy Investing