VANCOUVER, BC, May 25, 2022
/CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp.
("AOI", "Africa Oil" or "the Company") is pleased to announce that
it has received a dividend from Prime Oil and Gas Cooperatief UA
("Prime"). The Company has a 50% shareholding in Prime. View PDF
Prime has distributed a $50.0
million dividend with a net payment to Africa Oil of
$25.0 million related to its
shareholding. This is the second Prime dividend distributed this
year with Africa Oil having received an aggregate amount of
Since acquiring its 50% interest in Prime for a cash
consideration of $519.5 million in
January 2020, Africa Oil has received
12 dividends from Prime for a total amount of $525.0 million.
As of March 31, 2022, Prime's cash
and debt positions net to Africa Oil's 50% shareholding were
$265.7 million and $501.0 million respectively. These compare with
corresponding cash of approximately $70.0
million and debt of $912.5
million at the time of Prime deal closing in January 2020.
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in Africa and Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol
This information is information that Africa Oil Corp. is obliged
to make public pursuant to the EU Market Abuse Regulation and the
Swedish Financial Instruments Trading Act. The information was
submitted for publication, through the agency of the contact person
set out below on May 25, 2022 at
5:30 p.m. ET.
SOURCE Africa Oil Corp.