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Africa Oil Corp received dividend from Prime Oil and Gas

Africa Oil Corp. (Africa Oil), announced it has received a dividend from Prime Oil and Gas (Prime) in Nigeria. The Company has a 50% shareholding in Prime.

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 $125.0 million.

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.

www.africaoilcorp.com

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