Canadian African Oil Firm Receives $25M Dividend From Nigeria’s Deepwater Asset

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Africa Oil Corp., a Canadian oil company has confirmed 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 US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest.

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

“The Company has received a total dividends amount of US$137.5 million since the closing of the Prime acquisition on 14 January 2020,” the company stated in a statement.

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”.

By Chibisi Ohakah, Abuja

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