Africa Oil Receives First Dividend from its Nigerian Asset - Africa’s premier report on the oil, gas and energy landscape.

Africa Oil Receives First Dividend from its Nigerian Asset

Canadian explorer, Africa Oil Corp. has announced the receipt of its first dividend from Prime Oil and Gas B.V. POGBV, previously known as Petrobras Oil and Gas B.V., a company that holds interests in deepwater Nigeria production and development assets.

POGBV has distributed a $125Million dividend with a net payment to Africa Oil of $62.5Million related to its 50% interest.

“The Company will apply this amount, and any future dividends, in priority towards the repayment of its $250Million POGBV acquisition loan, in order to accelerate the repayment of the loan principal amount”, Africa Oil announced in a release.

Africa Oil Corp.’s interests in POGBV includes 8% and 16% stakes in Oil Mining Leases (OMLs) 127 and 130. OML 127 hosts Chevron operated Agbami field, with gross production of over 175,000BOPD, whereas OML 130 contains Akpo and Egina fields, with combined output in excess of 300,000BOPD, in crude oil volume only.

Keith Hill, the company’s Chief Executive Officer, communicated his excitement aboutthe news less than a month after closing the acquisition of a 50% shareholding in POGBV.

“We plan to release our 2020 guidance, including an estimate of cashflows net to our interest in POGBV, with our full-year results on or about February 28th, 2020, and to file the Statement of Reserves effective year-end 2019 by March 31st, 2020″.

Africa Oil Corp. holds producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolioin the rest of Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”


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