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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.01 to $93.54 on the New York Merc, while Brent for November was unchanged at $97.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($78.93), unchanged. Natural gas for October added 1.3 cents to $3.98. The TSX energy index added 4.29 points to close at 293.56.

Keith Hill's Africa Oil Corp. (AOI) lost 17 cents to $4.75 on 1.06 million shares, its lowest level since April, 2012. Kenya's taxman is coming. The country started making noises in June, 2013, about overhauling the tax system, including introducing a capital-gains tax for the first time in nearly 30 years. At the time, Africa Oil's president and CEO, Mr. Hill, said he was hearing that the tax would be 10 to 20 per cent. This summer, after the government said work was just about finished, local media indicated that the tax would be just 5 per cent. Any relief investors felt was to be short-lived. Yesterday after the close, Africa Oil said the 5-per-cent tax is only for most transactions; the mining and oil and gas industries will be taxed at 30 per cent or 37.5 per cent, depending on country of residency. This is quite high. By comparison, Nigeria, Africa's largest economy by size, and South Africa, its most advanced economy, charge just 10 per cent. The highest rates before now were in Zimbabwe and Zambia at 35 per cent. On the plus side, Kenya is abolishing its controversial withholding tax regime and allowing tax-effective farm-outs.

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