Africa Oil Receives Fifth Dividend From Its Nigerian Asset

Africa Oil Corp. is pleased to announce that it has received its fifth dividend from Prime Oil and Gas B.V. (“Prime”), 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 will apply US$12.1 million of this dividend to reduce the outstanding balance of the BTG term loan to US$164.8 million.

The Company has received a total dividends amount of US$162.5 million since the closing of the Prime acquisition on 14 January 2020.