Africa Oil Announces the Receipt of Prime Dividend & Provides Share Capital Update

Source: www.gulfoilandgas.com 6/30/2022, Location: North America

Africa Oil Corp. has received a dividend from Prime Oil and Gas Cooperatief UA ("Prime"). The Company has a 50% shareholding in Prime.

Prime has distributed a $75.0 million dividend with a net payment to Africa Oil of $37.5 million related to its shareholding. This is the third Prime dividend distributed this year with Africa Oil having received an aggregate amount of $162.5 million.

Since acquiring its 50% interest in Prime for a cash consideration of $519.5 million in January 2020, Africa Oil has received 13 dividends from Prime for a total amount of $562.5 million.

Also, the Company reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

As a result of the exercise of stock options under the Company's Stock Option Plan and return to treasury, the Company now has 477,280,774 common shares issued and outstanding with voting rights as at June 30, 2022.


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