From Bloomberg: Exxon, Chevron's Africa Ambitions Face Risk From State Curbs

Is this to scare foreign investors or the beginning of something bullish?

http://www.bloomberg.com/news/2010-10-11/exxon-chevron-s-africa-ambitions-at-risk-as-oil-states-assert-authority.html

From

"Ghana blocked Exxon’s $4 billion bid to buy a stake in the country’s Jubilee field from Kosmos Energy LLC this year. Tullow’s plans to start pumping from fields in Uganda with 1 billion barrels of oil have been held up by a tax dispute. Both countries are set to become major oil exporters for the first time as discoveries are put into production. "

to

"Tullow paid Heritage Oil Plc $1.5 billion in July to take full control of two Ugandan blocks, prior to bringing in China National Offshore Oil Corp. and Total SA as partners. Final approval has been held up until the issue of capital gains tax between the Ugandan government and Heritage is resolved.

“We have major investments all over Africa,” said Aidan Heavey, Tullow’s chief executive officer. “The Ghanaian government and the Ugandan government both have very strong legal systems, very strong tax systems. They follow those and we have no problem with it.”

A little nugget I got out of the article is:

“It’s low cost to enter through exploration awards,” said Martin Kelly, the head of sub-Sahara Africa research at Edinburgh, Scotland-based Wood Mackenzie. “There is plenty of interest.” ...

Dana Petroleum Plc, the recent target of a successful $2.9 billion hostile takeover offer by Korea National Oil Corp., said the best way to profit from African oil is to sell any discoveries.

“You don’t necessarily have to go into full development,” CEO Tom Cross said. “The best way to maximize return to shareholders is to explore in these countries, but to produce cash in more politically stable areas.”

Which again leads me to conclude IBI is dirt cheap if , of course, there is truth under what they represent.

Where are the speculators????