#Country Updates #News #Nigeria #Upstream Oil & Gas News

Africa Oil 2020 Net Income Hits $118M

  • Africa Oil has received an additional $50 million in dividends from Prime subsequent to the previous reporting period. This brings the total dividends amount to $162.5 million since Africa Oil closed the Prime acquisition on January 14, 2020.
  • Significant progress on deleveraging, including a 34% reduction in the corporate term loan from $250 million to $164.8 million, and a 29% reduction in the Prime RBL facility from $1,825 million to $1,303 million, for the year to date.
  • Africa Oil third quarter net income of $21.2 million and nine-month net income of $118.1 million, excluding a $215.6 million non-cash impairment of Kenya exploration assets posted in the first quarter 2020.
  • Selected Prime’s third quarter 2020 results net to Africa Oil’s 50% shareholding*:
    • average daily working interest (“W.I.”) production of 26.9 thousand barrels of oil equivalent per day (“kboepd”) and economic entitlement production4 of 27.8 kboepd with 83% in oil production (nine-month period: W.I. production of 29.5 kboepd and economic entitlement production of 35.3 kboepd with 85% in oil production);

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Source: OilnewsKenya

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