Africa Oil receives fourth dividend of $25 million from Prime Oil and Gas B.V

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

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

The Company has applied $17.7 million of this dividend to pay down the BTG term loan, reducing the outstanding balance to $176.9 million.

The Company has received a total dividends amount of $137.5 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”