Africa Oil Receives Fourth Dividend from its Nigerian Asset

Monday, August 31, 2020

Africa Oil Corp has announced that it has received its fourth dividend from Prime Oil and Gas, a company that holds interests in deepwater Nigeria production and development assets.

Prime has distributed a $50 million dividend with a net payment to Africa Oil of $25 million related to its 50% interest. The company has applied $17.7 million of this dividend to pay down the BTG term loan, reducing the outstanding balance to $176.9 million.

The company has received a total dividends amount of $137.5 million since the closing of the Prime acquisition on 14 January 2020

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