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Africa Oil Announces the Closing of the Acquisition of Producing Assets in Deepwater Nigeria
Africa Oil Announces the Closing of the Acquisition of Producing Assets in Deepwater Niger...
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[{"type":"text","content":"\n\n\n\nAfrica Oil Announces the Closing of the Acquisition of Producing Assets in Deepwater Nigeria\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 14, 2020\n\n\n\nAll dollar amounts in this press release are USD unless otherwise indicated.\n VANCOUVER, Jan. 14, 2020 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce the closing of the acquisition (the \"Acquisition\") of a 50% ownership interest in Petrobras Oil and Gas B.V. (\"POGBV\").  BTG Pactual E&P B.V. will continue to own the remaining 50% of POGBV. The total cash payment by AOI to close the Acquisition, including the Nigerian Government's consent fee, amounts to $519.5 million. This includes a deferred payment of $24.8 million which is due by end of June 2020. View PDF Version\nThe primary assets of POGBV are an indirect 8% interest in Oil Mining Lease (\"OML\") 127 and an indirect 16% interest in OML 130. OML 127 is operated by affiliates of Chevron Corporation (\"Chevron\") and contains the producing Agbami Field. OML 130 is operated by affiliates of TOTAL S.A. (\"TOTAL\") and contains the producing Akpo and Egina Fields. \nAggregate gross field production from these assets averaged approximately 442,000 barrels of oil per day (\"bopd\")1 for the period January 1st to December 29th, 2019. Average daily entitlement production2 net to AOI's 50% shareholding in POGBV for the same period, was approximately 33,630 bopd. This compares to a January 2019 average net entitlement production of 22,460 bopd, with growth over the course of 2019 being mostly due to t...