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AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND
AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND Canada NewsWire ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES THE RECEIPT OF PRIME DIVIDEND\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 25, 2022\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce that it has received a dividend from Prime Oil and Gas Cooperatief UA (\"Prime\"). The Company has a 50% shareholding in Prime.\n \n View PDF version\n \n .\n \n \n Prime has distributed a\n \n $50.0 million\n \n dividend with a net payment to Africa Oil of\n \n $25.0 million\n \n related to its shareholding. This is the second Prime dividend distributed this year with Africa Oil having received an aggregate amount of\n \n $125.0 million\n \n .\n \n \n Since acquiring its 50% interest in Prime for a cash consideration of\n \n $519.5 million\n \n in\n \n January 2020\n \n , Africa Oil has received 12 dividends from Prime for a total amount of\n \n $525.0 million\n \n .\n \n \n As of\n \n March 31, 2022\n \n , Prime's cash and debt positions net to Africa Oil's 50% shareholding were\n \n $265.7 million\n \n and\n \n $501.0 million\n \n respectively. These compare with corresponding cash of approximately\n \n $70.0 million\n \n and debt of\n \n $912.5 million\n \n at the time of Prime deal closing in\n \n January 2020\n \n .\n \n \n \n Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater\n \n Nigeria\n \n ; development assets in\n \n Kenya\n \n ; and an exploration/appraisal portfolio in\n \n Africa\n \n and\n \n Guyana\n \n . The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol \"AOI\".\n \n \n \n This information is information that Africa Oil Corp. is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out below on\n \n May 25, 2022\n \n at\n \n 5:30 p.m. ET\n \n .\n \n \n \n \n \n \n \n...