Africa Oil Corp Release Financial Result Of $38.4M In H1, 2021

Yemisi Izuora

Africa Oil Corp, has announced its financial and operating results for the three months ended June 30, 2021, and to provide selected results for Prime Oil and Gas Cooperatief UA a company in which Africa Oil has a 50 per cent equity interest.

Details of the report shows net  income of $38.4 million in first half 2021 total of $77.3 million and end of quarter cash balance of $35.1 million.

The firm received a dividend for $37.5 million from Prime during the quarter and a further $37.5 million dividend in July.

On August 2, 2021, Africa Oil announced the closing of its corporate debt facility with $160 million committed. The Company utilized $98 million of this new facility to fully repay its BTG term loan with the undrawn balance of $62 million available to Africa Oil until May 2022. This can be utilized for general corporate purposes, subject to customary covenants.

At end of July 30, 2021, AOC had an approximate cash balance of $42 million and net debt of $56 million.

Selected Prime’s second quarter 2021 results net to Africa Oil’s 50 per cent shareholding with end of quarter cash position of $292.8 million that includes an amount of $152.5 million, which is 50 per cent of the security deposit received from Equinor in relation to the Agbami field.

There was a reported average daily working interest production of 28,100 barrels of oil equivalent per day (“boepd) and economic entitlement production of 30,500 boepd (84 per cent light and medium crude oil and 16 per cent conventional natural gas)2,3; and EBITDA4 of $155.1 million (first half 2021 total of $298.2 million) and cash flow from operations of $252.3 million (first half 2021

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