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Africa Oil Receives Second Dividend from its Nigerian Asset
Africa Oil Receives Second Dividend from its Nigerian Asset Canada NewsWire VANC...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n\n\n\nAfrica Oil Receives Second Dividend from its Nigerian Asset\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\nCanada NewsWire\nVANCOUVER, April 1, 2020\n\n\n\nVANCOUVER, April 1, 2020 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce that it has received its second dividend from Prime Oil and Gas B.V. (\"Prime\"), a company that holds interests in deepwater Nigeria production and development assets. View PDF version.\nPrime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. This payment brings total dividends received by Africa Oil, since the closing of the Prime acquisition on 14 January 2020, to US$87.5 million.\nAfrica Oil President and CEO Keith Hill commented, \"We continue to be impressed with the robust nature of our newly acquired assets in deepwater Nigeria. I am very pleased with Prime's oil price hedging position for this year with 95% of its production hedged through physical forward sales and swaps at an average sales price of US$66 per barrel. This brings stability to Prime's 2020 cash flow from operations and is a great advantage for us in these challenging market conditions.\" \nAbout Africa Oil\nAfrica 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\".\nThis information is information that Africa Oil Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below on April 1, 2020 at 2:00 a.m. ET.\nForward Looking Information\nCertain statements and information contained herein constitute \"forward-looking information\" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, \"...