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Africa Oil Nigeria announces receipt of Dividends from Asset

Africa Oil has announced 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 says it 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.

Africa Oil Corp. has a 50% ownership interest in Petrobras Oil and Gas B.V. while  BTG Pactual E&P B.V. owns the remaining 50% of POGBV.

The primary assets of POGBV are an indirect 8% interest in Oil Mining Lease (OML) 127 and an indirect 16% interest in OML 130. OML 127 is operated by affiliates of Chevron Corporation and contains the producing Agbami Field. OML 130 is operated by affiliates of TOTAL S.A. and contains the producing Akpo and Egina Fields.

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