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Africa Oil Receives Its Sixth Prime Dividend and CEO's Message to the Shareholders
Africa Oil Receives Its Sixth Prime Dividend and CEO's Message to the Shareholders ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n Africa Oil Receives Its Sixth Prime Dividend and CEO's Message to the Shareholders\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 VANCOUVER, BC\n \n , Dec. 17, 2020 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce that it has received its sixth dividend from Prime Oil and Gas B.V. (\"Prime\").\n \n View PDF version\n \n .\n \n \n Prime has distributed a\n \n US$75.0 million\n \n dividend with a net payment to Africa Oil of\n \n US$37.5 million\n \n related to its 50% shareholding. The Company intends to apply\n \n US$23.8 million\n \n of this dividend to reduce the outstanding balance of the BTG term loan to\n \n US$141 million\n \n . The Company has received a total dividend amount of\n \n US$200 million\n \n since the closing of the Prime acquisition on\n \n 14 January 2020\n \n .\n \n \n \n Keith Hill\n \n , Africa Oil's President and CEO, in a message to the Company's shareholders commented:\n \n \n \"Prime has performed very well during what has been one of the most challenging years for our industry. As well as its dividend distributions, I am also pleased to see Prime deleveraging its balance sheet. It has reduced its RBL debt by\n \n $522 million\n \n or 29% of the principal amount at the start of the year. I am also happy to report that Africa Oil will reduce its corporate term loan by\n \n US$109 million\n \n or 44% of the original amount by the end of this year, once payment from this latest dividend is applied. We plan to fully repay this loan next year well before the\n \n January 2022\n \n maturity date.\n \n \n As we look forward to the new year there is increasing optimism for the global economy to emerge from the impact of COVID-19 pandemic, and for a sustained recovery in the energy markets. We have put the Company in a strong position to benefit in this recovery phase, with our high-quality producing assets supporting our growth opportunities. These include our indirect interest in Block\n \n 11B\n \n /\n \n 12B\n \n , offshore\n \...