Africa Announces $21.2M Q3 Profit

Yemisi Izuora

Africa Oil, has announce its operating and consolidated financial results for the three and nine months ended September 30, 2020.

The Company also provided a revision to its 2020 Management Guidance and an organisational update.

Africa Oil President and CEO Keith Hill commented: “I am pleased to report another strong quarter with a profit of $21.2 million. Despite these challenging times, our Nigerian assets continue to perform well, and we continue to deleverage despite the OPEC+ cuts imposed on the Egina field. During 2020 we have repaid 34 per cent of our BTG term loan and Prime has reduced its RBL facility by 29 per cent.

We have also achieved another significant exploration success on Block 11B/12B, offshore South Africa, with the giant Luiperd discovery. I am delighted that the operator believes that together with last year’s Brulpadda discovery, there is sufficient ground to move the project towards development. I am also confident there is substantial follow-on exploration potential on this world-class block, that complements the development opportunity of the two discoveries.”

Speaking further he said, “We are also very pleased that Impact Oil and Gas has expanded its portfolio and attracted a high-quality partner in Royal Dutch Shell to its Transkei and Algoa license, offshore South Africa. Through our shareholding in Africa Energy, Impact and Eco Atlantic, we have interests in an industry leading acreage position in an exciting region extending offshore Namibia and South Africa. We are now looking forward to the spud of Venus exploration well on Block 2913B, in Namibia’s Orange Basin in the first half of 2021, which will target one of the largest submarine fans ever tested by the industry.”

He also announced that Tim Thomas, the company’s Chief Operating Officer, has elected to retire at the end of first quarter 2021.

“I want to personally thank Tim for his dedicated service to the Company over the past few years. He has diligently performed in his operational leadership role, with significant contribution to our project in Kenya and he played a critical role as we executed the acquisition of our producing assets in Nigeria. I wish him the very best in his retirement.”

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