Africa Oil Corp Receives $162.5 Million Dividend From Nigeria’s Deep Water Interest

Yemisi Izuora

Africa Oil Corp, has confirmed that it has received its fifth dividend from Prime Oil and Gas B.V. a company that holds interests in deepwater Nigeria production and development assets.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest.

The Company will apply US$12.1 million of this dividend to reduce the outstanding balance of the BTG term loan to US$164.8 million.

The Company has received a total dividends amount of US$162.5 million since the closing of the Prime acquisition on 14 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 “AOI”.

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