[Scarbender307]

Farrell90. Could you tell us where you found this information on TTE? Thanks

[Scarbender307]

Thank you farrell90...Good find.

[farrell90]

Total may drill South African oil block 3B4B where Aoiff is a partner after planned Namibian well in block 2913b drill. At end below:

https://www.thevillager.com.na/national/2024/totalenergies-targets-billion-barrel-resource-at-next-deepwater-well/

TotalEnergies is aiming for a potential billion-barrel resource with its upcoming deepwater well offshore Namibia, according to the company’s CEO, Patrick Pouyanne.

"Speaking at TotalEnergies’ strategy and outlook event in New York last week, Pouyanne revealed plans for the Tamboti-1X well, which is set to spud soon in the northeast of Block 2913B, home to the company’s major Venus discovery.

When asked by an analyst for a pre-drill resource estimate for Tamboti, Pouyanne described it as “big,” later clarifying that Tamboti is an “elephant” with a potential billion-barrel resource. However, it remains unclear whether this refers to recoverable oil or oil-in-place (OIP).

TotalEnergies’ upstream head, Nicolas Terraz, also spoke at the event, stating that Tamboti had been “de-risked” by the Mangetti-1X well drilled last year.

Mangetti hit two reservoirs with an estimated 1.5 billion barrels of OIP and drilled deeper to appraise the northern extent of the Venus discovery.

Venus-1, discovered in 2022, is Africa’s largest Sub-Saharan oil find, with an estimated 1.5 to 2 billion barrels of oil.

It marked TotalEnergies’ largest discovery in two decades, with phase one expected to exploit around 920 million barrels of oil.

Tamboti-1X is believed to target a prospect separate from Mangetti and Venus. It is not expected to aim for Venus-age reservoir sands but rather the shallower plays encountered at Mangetti.

A drilling rig is en route to Namibia to begin work on the well.

Terraz added that, following Tamboti-1X, TotalEnergies could drill newly identified prospects in the southern part of Block 2913B and explore “large” structures in the company’s two South African blocks — DWOB and 3B/4B — in the untested deepwater Orange basin.

GLTA Farell
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https://www.thevillager.com.na/national/2024/totalenergies-targets-billion-barrel-resource-at-next-deepwater-well/

TotalEnergies is aiming for a potential billion-barrel resource with its upcoming deepwater well offshore Namibia, according to the company’s CEO, Patrick Pouyanne.

"Speaking at TotalEnergies’ strategy and outlook event in New York last week, Pouyanne revealed plans for the Tamboti-1X well, which is set to spud soon in the northeast of Block 2913B, home to the company’s major Venus discovery.

When asked by an analyst for a pre-drill resource estimate for Tamboti, Pouyanne described it as “big,” later clarifying that Tamboti is an “elephant” with a potential billion-barrel resource. However, it remains unclear whether this refers to recoverable oil or oil-in-place (OIP).

TotalEnergies’ upstream head, Nicolas Terraz, also spoke at the event, stating that Tamboti had been “de-risked” by the Mangetti-1X well drilled last year.

Mangetti hit two reservoirs with an estimated 1.5 billion barrels of OIP and drilled deeper to appraise the northern extent of the Venus discovery.

Venus-1, discovered in 2022, is Africa’s largest Sub-Saharan oil find, with an estimated 1.5 to 2 billion barrels of oil.

It marked TotalEnergies’ largest discovery in two decades, with phase one expected to exploit around 920 million barrels of oil.

Tamboti-1X is believed to target a prospect separate from Mangetti and Venus. It is not expected to aim for Venus-age reservoir sands but rather the shallower plays encountered at Mangetti.

A drilling rig is en route to Namibia to begin work on the well.

"Terraz added that, following Tamboti-1X, TotalEnergies could drill newly identified prospects in the southern part of Block 2913B and explore “large” structures in the company’s two South African blocks — DWOB and 3B/4B — in the untested deepwater Orange b


TotalEnergies is aiming for a potential billion-barrel resource with its upcoming deepwater well offshore Namibia, according to the company’s CEO, Patrick Pouyanne.

"Speaking at TotalEnergies’ strategy and outlook event in New York last week, Pouyanne revealed plans for the Tamboti-1X well, which is set to spud soon in the northeast of Block 2913B, home to the company’s major Venus discovery.

When asked by an analyst for a pre-drill resource estimate for Tamboti, Pouyanne described it as “big,” later clarifying that Tamboti is an “elephant” with a potential billion-barrel resource. However, it remains unclear whether this refers to recoverable oil or oil-in-place (OIP).

TotalEnergies’ upstream head, Nicolas Terraz, also spoke at the event, stating that Tamboti had been “de-risked” by the Mangetti-1X well drilled last year.

Mangetti hit two reservoirs with an estimated 1.5 billion barrels of OIP and drilled deeper to appraise the northern extent of the Venus discovery.

Venus-1, discovered in 2022, is Africa’s largest Sub-Saharan oil find, with an estimated 1.5 to 2 billion barrels of oil.

It marked TotalEnergies’ largest discovery in two decades, with phase one expected to exploit around 920 million barrels of oil.

Tamboti-1X is believed to target a prospect separate from Mangetti and Venus. It is not expected to aim for Venus-age reservoir sands but rather the shallower plays encountered at Mangetti.

A drilling rig is en route to Namibia to begin work on the well.

Terraz added that, following https://www.thevillager.com.na/national/2024/totalenergies-targets-billion-barrel-resource-at-next-deepwater-well/

TotalEnergies is aiming for a potential billion-barrel resource with its upcoming deepwater well offshore Namibia, according to the company’s CEO, Patrick Pouyanne.

"Speaking at TotalEnergies’ strategy and outlook event in New York last week, Pouyanne revealed plans for the Tamboti-1X well, which is set to spud soon in the northeast of Block 2913B, home to the company’s major Venus discovery.

When asked by an analyst for a pre-drill resource estimate for Tamboti, Pouyanne described it as “big,” later clarifying that Tamboti is an “elephant” with a potential billion-barrel resource. However, it remains unclear whether this refers to recoverable oil or oil-in-place (OIP).

TotalEnergies’ upstream head, Nicolas Terraz, also spoke at the event, stating that Tamboti had been “de-risked” by the Mangetti-1X well drilled last year.

Mangetti hit two reservoirs with an estimated 1.5 billion barrels of OIP and drilled deeper to appraise the northern extent of the Venus discovery.

Venus-1, discovered in 2022, is Africa’s largest Sub-Saharan oil find, with an estimated 1.5 to 2 billion barrels of oil.

It marked TotalEnergies’ largest discovery in two decades, with phase one expected to exploit around 920 million barrels of oil.

Tamboti-1X is believed to target a prospect separate from Mangetti and Venus. It is not expected to aim for Venus-age reservoir sands but rather the shallower plays encountered at Mangetti.

A drilling rig is en route to Namibia to begin work on the well.

Terraz added that, following Tamboti-1X, TotalEnergies could drill newly identified prospects in the southern part of Block 2913B and explore “large” structures in the company’s two South African blocks — DWOB and 3B/4B — in the untested deepwater Orange basin.

GLTA Farell

[Scarbender307]

Lucia Kassai and Devika Krishna Kumar
Thu, September 19, 2024 at 5:15 AM HST

(Bloomberg) -- Oil-storage tanks at a key US crude hub have drained to near their bottoms as a massive new pipeline in Canada diverts flows elsewhere, muddying market signals that traders have long relied on.



AOC Proposes $30 Billion Social Housing Authority

California’s Anti-Speeding Bill Can Be a Traffic Safety Breakthrough

The Moonshot Plan to Eliminate Deaths on America’s Roads

New York City’s Transit System Plans $65.4 Billion of Upgrades for Grand Central, Subways

To Build a Happier City, Design for Density

Inventories in Cushing, Oklahoma, have been dwindling for the past four months and now sit near the lowest in a decade for this time of year. Market participants say the drawdown — which typically takes place as fuel demand rises during the driving season — was exacerbated this year as the expanded Trans Mountain pipeline shifts Canadian oil supplies onto the country’s Pacific Coast and away from the US Gulf Coast.

The expanded pipeline has moved about 400,000 barrels of crude a day since starting operations in May, and Cushing’s tanks have lost almost 13 million barrels of oil during that span. Flows of Canadian crude to the US Gulf Coast have declined to the point where a competing pipeline system owned by Enbridge Inc. mostly operated without the congestion it typically experiences during the US summer driving season.

European demand for US crude is also pulling barrels out of storage at Cushing, traders said, particularly since buyers are on the hunt for similar grades after supply disruptions in Libya.

“With Libya risks, I tend to think storage will stay at tank bottoms in the near term, and the market will make WTI too expensive to export,” said Scott Shelton, an energy specialist at TP ICAP Group Plc.

The continued drawdowns at Cushing have helped prop up the price spread between the nearest two WTI futures contracts. The spread is hovering near $1 a barrel after climbing to the highest levels in nearly a month.

Movements in crude spreads are a closely watched gauge for supply-demand balances, and they are currently signaling a dearth of barrels for immediate delivery despite worries about a longer-term oversupply of oil.

Cushing’s current stockpiles of about 22.7 million barrels represent less than a third of the hub’s working capacity of 78 million barrels. The rapid decline is stoking concerns that the hub’s ability to operate normally may be threatened. Pipeline operators at the storage hub didn’t immediately respond to requests for comment.

[Scarbender307]

Stolen from Seeking Alpha:

Africa Oil: Simplifying The Balance Sheet While Reducing Cash Needs
Sep. 13, 2024 7:22 PM ETAfrica Oil Corp. (AOI:CA) Stock, AOIFF
Long Player
Investing Group Leader
(9min)
Summary

Africa Oil should grow tremendously over the coming 10 years.

Africa Oil consolidates Prime Oil & Gas ownership.

The second quarter results show an interruption in production due to the drilling campaign.

Africa Oil is debt-free, but Prime's debt is being paid down.

Africa Oil has a number of simplification proposals underway.

The last article on Africa Oil Corp. (OTCPK:AOIFF) discussed the consolidation of prime ownership under the company umbrella in exchange for company stock. Since that time, management has continued to streamline its investments while also reducing future cash needs. The result of this is carried interests in key areas while the company's financials will be a bit easier to understand in the future. There's also a focus on areas that will be growth areas while maybe some more speculative (or uncertain) projects go by the wayside as this process continues. Africa Oil was, for a long time, a story company that's one of the rare companies transitioning to an actual operating entity with a very bright future and some impressive partners.

What made the transition possible was the association at the time with the Lundin Energy Group of companies. That sizable organization is well respected for its record with investors. But that association has now ended. The proposed combination not only simplifies the whole structure, but also places another major (well-respected) shareholder behind the company to help this company continue to grow. It's hard to understate the necessity of that kind of relationship when it comes to growing a small company in the offshore business.
Second Quarter

Another announcement made previously was a drilling campaign to add to production for the company's major producing asset off the coast of Nigeria. That was going to interrupt ongoing production to a certain extent and the current results show that. However, the breakeven results were overshadowed by a distribution from Prime and a reduction in the net debt.

A combination of a different tax structure and the key transactions shown below have affected both comparisons and reported results. The details are shown in the quarterly report. A combination of issues may continue to affect quarterly results until all of this completed, which makes quarterly comparisons a real challenge.

Africa Oil itself is debt-free. However, Prime does have debt that's being paid down and therefore shows on the consolidated balance sheet of Africa Oil.

Probably the most important consideration is the structure and health of the company after all the anticipated transactions are complete. The same goes for the drilling campaign.
Key Transactions

This is a summary of what was announced during the fiscal quarter. After the quarter ended, the company announced an offer to minority shareholders of the subsidiary Impact to buy out their shares.
All of this activity sort of makes the second quarter earnings announcement largely irrelevant. Once the drilling campaign is completed, production interruptions are no longer a concern and the steps shown above are likewise complete, this will be a very different company going forward.

Management also announced an agreement to trade its nearly 15% interest in Eco (Atlantic) Oil & Gas Ltd. (OTCPK:ECAOF) for a 1% interest that Eco held in 3B/4B. This was part of the earnings announcement and further rationalizes the company holdings. As a result, this company now only has interests in the African Continent.

Throughout all of this Africa Oil itself will remain debt-free. The only issue would be the drilling campaign and how production issues as a result of that campaign affect cash flow and debt repayments in the future.

The Business Going Forward

The transaction with Eco Atlantic will, in effect, end the business relationship with that company.

Any relatively small player in the offshore business will have down years and up years rather than a smooth "straight-line" up.

Africa Oil Pro-Forma Future Guidance:In this case, the latest drilling campaign will provide an immediate production (and cash flow) boost until the next campaign. Later, another project will come online and provide another source of cash flow. That diversification will provide the start of the company's effort to smooth earnings.

It's harder to tell the effects on the stock price because the industry has been in the doghouse for some time. As a result, it may well be worth the wait for the better years ahead because the industry could return to more normal historical valuations that would provide some upside potential even if production declines between drilling campaigns. There's also some potential for another accretive acquisition using some cash flow.

The key part of the slide is the low capex required to get to that second production source shown on the lower right-hand corner of the slide. (Couldn't copy and paste it)

Summary Of The Future Business

Africa Oil is a Canadian company that reports in United States dollars.

One of the things that gives this company credibility over many of its size is the partners shown above. Both Chevron Corporation (CVX) and TotalEnergies SE (TTE) are well-regarded operators that very much elevate this offshore operator considerably above many offshore operators of the same size.

This could well make the search for a "name" partner for the Equatorial Guinea project much easier than it otherwise would be.

The end of the strategy of minimizing cash out in exchange for some working interest in a project is finally within the view of the future.

The coming online of projects in South Africa and Namibia is bringing income located in two of the most advanced countries in Africa. They're also two of the most stable countries on the continent. This represents a higher valuation location than the location of the source of the current cash flow.

It is going to take some time for that future to arrive and begin to diversify cash flow. Therefore, this stock may be appreciated when the latest drilling campaign is completed. But there's a lot more appreciation potential that's a few years away.

Valuation of the stock will depend upon market conditions at the time another project begins to contribute to total company production and profits. Overall, though, this is a small player with decent-sized interests in some relatively large projects.

Summary

Between the drilling campaign that is affecting the cash flow from the one cash source, and all the announced simplification strategies, the company's financial statements are very likely to undergo a major (positive) transition that will end with the consolidation of Prime within the company. Overall, every step appears to be a major plus for the company.

Africa Oil, as a smaller offshore operator, naturally has an elevated risk to the point it's considered speculative at this point. However, for those who can handle the risk of an issue like this, it's probably a strong buy idea. This company is likely to be a materially different and far more valuable company by the end of a decade (and likely before that). This is that rare company that's making the transition from a "story company" to an operating model.

Africa Oil itself is debt-free. However, Prime does have debt that it's paying down and is consolidated on the balance sheet. That debt is at conservative levels. The low requirements of cash needed to bring the next projects online (because a carry has been negotiated) means that the company will continue to have a strong balance sheet.

Risks

Any upstream company is exposed to the volatility and low visibility of future oil prices. A sustained and severe downturn in commodity prices could change the outlook for this company and some of its promising projects.

The drilling campaign underway has so far been successful. But success for the rest of the campaign is not assured.

Similarly, all the simplification steps have necessary approvals and administrative steps that need to be successful. A review of all of this could find some unforeseen challenges to get all the anticipated steps done. It's unlikely. But it's a risk.

A loss of key personnel could materially set back the company's future prospects.

[Scarbender307]

Thanks douginil. Divi on the 27th Sept.

[Scarbender307]

Nice, Bigrig.

[douginil]

Your are welcome. Hope your knee get better soon.

[Bigrig_1]

Hi everyone. Ive been following this for about 3 years. only have a few shares in comparison to all of you.. My take is that the oil markets are quiet, but the rumblings are noisy. An upwelling of chatter seems to be concerned that if a global recovery occurs than the supply will be too slim. Keep in mind that this is running parallel to an electric car scene that hasn't been able to significantly affect oil consumption overall. Consider this period of time to the mid 2000's when the oil speculation specialist were driving up costs for any and every reason but the opposite. If we have learned anything in the past few years its that cycles flip and flop like politicians. The long story to what I'm trying to say is that I feel like they are going to put a squeeze on oil that will cause a worldwide price run at some point probably starting a few months after the election. Just sharing some observances and opinions. I am short term bearish but medium- and long-term charging bull until variables change and show signs of another direction.

[Scarbender307]

Thanks for posting this stuff douginil..Am recovering from knee replacement surgery since last Friday.. So much pain I cant think straight.

[douginil]

AFRICA OIL ANNOUNCES COMPLETION OF THE STRATEGIC FARM DOWN FOR ORANGE BASIN BLOCK 3B/4B

VANCOUVER, BC, Aug. 28, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce the completion of Africa Oil SA Corp.'s ("AOSAC") strategic farm down agreement ("Agreement") with  TotalEnergies EP South Africa S.A.S. ("TotalEnergies") and QatarEnergy International E&P LLC. ("QatarEnergy") for the Orange Basin Block 3B/4B, offshore South Africa, announced on March 6, 2024. AOSAC is a wholly-owned subsidiary of Africa Oil. View PDF version

AOSAC has retained a direct 17.00% interest in Block 3B/4B and transferred the operatorship of the block to TotalEnergies.

Transaction Highlights:

Maximum transaction value of up to $46.8 million to Africa Oil.
Africa Oil will receive, subject to achieving certain milestones defined in the Agreement, staged cash payments for a total cash payment of $10.0 million of which $3.3 million is now due, and the remaining balance in two successive payments conditional upon achievement of key operational and regulatory milestones.
Africa Oil will also receive a full carry of its 17.00% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production in case of exploration success and development, which is expected to be adequate to fund the Company's share of drilling for up to two wells on the licence.

Under a separate agreement between Africa Oil, AOSAC, Eco (Atlantic) Oil & Gas Limited ("Eco") and Eco's subsidiary, Azinam Limited ("Azinam"), signed in July 2024, AOSAC will acquire an additional 1.00% in Block 3B/4B from Azinam ("Eco Agreement") subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa.

Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "Africa Oil has an unrivalled position amongst its Independent E&P peer group in the world-class Orange Basin. This includes our interest in the Venus discovery and the follow-on appraisal and exploration upside on Block 2913B, offshore Namibia. This farm down with TotalEnergies and QatarEnergy, two companies with deep geological knowledge of the basin, will facilitate exploration activities on Block 3B/4B, and extends our near-term scope for testing significant upside potential in our portfolio."

About Block 3B/4B

Block 3B/4B covers an area of 17,581 km2 within the Orange Basin offshore South Africa in water depths ranging between 300m and 2,500m. This block lies to the southeast and on trend with number of oil discoveries including the Venus discovery. There is approximately 14,000 km2 of 2D seismic and 10,800 km2 of 3D seismic over Block 3B/4B and a large opportunity set of exploration prospects has been identified.

AOSAC has a 17.00% interest in Block 3B/4B (26.25% prior to completion of the Agreement) with TotalEnergies holding a 33.00% operated interest; QatarEnergy holding 24.00%; Ricocure (Proprietary) Ltd ("Ricocure") holding 19.75%; and Azinam holding 6.25%. Â

On the completion of the Eco Agreement, which is subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa, the interests in Block 3B/4B will be comprised of: 18.00% held by AOSAC; 33.00% held by TotalEnergies; 24.00% held by QatarEnergy; 19.75% held by Ricocure; and 5.25% held by Azinam.

Eco Agreement

In July 2024, Africa Oil and AOSAC signed the Eco Agreement with Azinam, pursuant to which Azinam has agreed to sell and assign a 1.00% interest in Block 3B/4B to AOSAC in exchange for the cancellation of all common shares in Eco and warrants over Eco common shares held by Africa Oil. The Company holds 54,941,744 Eco shares and 4,864,865 in Eco warrants, combined constituting approximately 16% of the total securities in Eco and also constituting the entire security holding of Africa Oil in Eco. Through its current shareholding in Eco, Africa Oil has an indirect 0.93% interest in Block 3B/4B.

[douginil]

AFRICA OIL ANNOUNCES AGREEMENT TO ACQUIRE A MATERIAL INTEREST IN IMPACT

VANCOUVER, BC, Aug. 27, 2024 /CNW/ - (TSX: AOI)  (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that it has signed a call and put option agreement with three shareholders ("Selling Shareholders") in Impact Oil and Gas Limited ("Impact") to purchase a material 7.0% interest in Impact ("Option Agreement"). If exercised, the Option Agreement will increase Africa Oil's Impact shareholding to 39.5%. PDF Version.

Africa Oil Chief Executive Officer, Dr Roger Tucker, commented:Â "Through our shareholding in Impact we have exposure to an exciting opportunity set in Namibia's Orange Basin, including the Venus oil discovery, and a highly prospective exploration and appraisal program on Blocks 2913B and 2912. This purchase achieves the Company's objective of materially increasing its ownership in Impact, enhancing its rights and influence over a core strategic asset and value driver for Africa Oil."

Under the Option Agreement, the Company has the right to acquire an additional 80,160,198 shares in Impact at an exercise price of GBP 0.57 per share for a period of up to six months ("Option Period") from the Option Agreement's signing date of August 27, 2024 ("Signing Date"). The Company has purchased the call option feature at a price of GBP 0.08 per underlying Impact share. If Africa Oil has not exercised its call option by the end of the fourth month post the Signing Date, Selling Shareholders have the right to put their Impact shares to Africa Oil at an exercise price of GBP 0.57 until the expiry of the Option Period.

If the Option Agreement is exercised, Africa Oil will hold 449,464,396 shares in Impact representing a 39.5% shareholding position on a fully diluted basis.

[Scarbender307]

Next earnings report Nov. 12-18. Long ways to go. The buybacks have ceased so that BTG does not passively increase their 35% position to say 40%. What then will keep the share price steady, if anything. AOC is in a rock and a hard place right now. Hope for more Prime dividends.

[Scarbender307]

Thanks "D" ..Looks like they acquired their 1/3rd ownership at .72 cents per share. Hope it makes sense.

[douginil]

News Release Issued: Aug 19, 2024 (5:00pm EDT)
AFRICA OIL ANNOUNCES INCREASE IN ITS IMPACT OIL & GAS SHAREHOLDING

VANCOUVER, BC, Aug. 19, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to provide an update on the offer to minority shareholders in Impact Oil & Gas Limited ("Impact") announced on March 18, 2024 ( "Offer"). View PDF version

The Company made the Offer to acquire shares from minority shareholders in Impact conditional upon completion of the farm down transaction for Impact's Namibia assets announced on January 10, 2024.

The Company has decided to waive this condition and proceed to complete the Offer. Completion is expected to occur within five Business Days. On completion of the Offer Africa Oil will purchase 25,652,039 shares from 42 accepting shareholders at a cost of approximately USD 18.6 million. Following completion of these purchases the Company will hold 369,304,198 shares in Impact and will increase its shareholding to 32.4%, accounting for Impact management share options exercised during July 2024.

[Scarbender307]

Thanks douginil... Just listened to the E.R. podcast. Once gain could not understand most of the words due to poor audio or language difficulties. Either way I wish they'd get their chit together for these events. Dr, Tucker was understandable however. It appears they are well situated going forward and apparently are working with Tier One operators only such as Total and Shell. Someone asked how many Prime dividends are expected before the end of the year; Could not understand answer (again audio).

[douginil]

News Release Issued: Aug 14, 2024 (6:00pm EDT)
AFRICA OIL ANNOUNCES SECOND QUARTER 2024 RESULTS

VANCOUVER, BC, Aug. 14, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2024. View PDF version

Highlights

Announced the agreement to consolidate the remaining 50% interest in Prime within Africa Oil, thereby increasing the Company's ownership in core cash generating assets and bringing in a new, strategically aligned cornerstone investor. BTG Pactual, and also enabling enhanced shareholder returns and creating a materially stronger growth proposition.
The Company ended Q2 2024 with a cash balance of $185.6 million and no debt.
During Q2 2024, the Company received a $25.0 million dividend distribution from Prime, net to its 50% shareholding.
During H1 2024, the Company returned a total of $50.6 million to its shareholders through its base dividend distribution and share buybacks for amounts of $11.5 million and $39.1 million respectively.
The Board of Directors of Africa Oil approved a second semi-annual dividend of $0.025 per share, payable on September 27, 2024.
Post period, the Company reached an agreement with Eco to acquire an additional 1.00% interest in Block 3B/4B in exchange for its 14.84% shareholding in Eco, pursuing its strategy to rationalize its portfolio of exploration investments.
Selected Prime's highlights and results net to Africa Oil's 50% shareholding*:
Recorded Q2 2024 daily WI production of approximately 15,800 barrels of oil equivalent per day ("boepd") and average daily net entitlement production of approximately 18,300 boepd.
Post Q2 2024 the rolling monthly daily WI production (as of August 11, 2024) averaged approximately 18,100 boepd and net entitlement production averaged approximately 20,800 boepd; full-year 2024 management production guidance is unchanged.
Recorded Q2 2024 cashflow from operations of $69.6 million.
Prime's cash position of $152.8 million and debt balance of $375.0 million resulting in a Prime net debt position of $222.2 million at June 30, 2024. The AOC Net Debt inclusive of 50% Prime Net Debt is $36.6 million.

Africa Oil President and CEO, Roger Tucker commented: "It was an incredibly busy first half of the year as we signed three strategic transactions, taking Africa Oil towards the next phase of value creation and shareholder returns. We have high-quality development projects, high-impact exploration and appraisal catalysts that will all be funded on completion of these deals. The quality of our organic growth opportunity set is demonstrated by the size and calibre of our partners.

The Prime consolidation once closed, will see the roll-out of a new transparent capital allocation framework and will create scope for a significantly enlarged capital returns program for our shareholders. Africa Oil stands with a differentiated investment case of offering sustainable shareholder returns, significant organic growth opportunities, and is well-positioned to pursue new opportunities on the back of a strong balance sheet."

[Scarbender307]

Prime did send us $m25. Quarterly earnings 0.00
Not exciting but the field is growing with many catalysts.

[Scarbender307]

Looks like our earnings report is gonna look crappy. My guess is -.02 cents for the quarter unless Prime sends AOC a divi.

[Scarbender307]

Awesome farrell90. Good catch. TSX $2.39 target $3.65 ($1.26 difference)
American $1.79 + $1.26 +- could mean a target of $3.05 U.S.

Can't happen fast enough. With additional free cash flow added, this could be conservative.

Thanks farrell90.

[douginil]

Nice news. Thanks for posting

[farrell90]

Rick Rule recommends Africa Oil on Bloomberg 7/19/2024

-Valuation less than half of what its worth
-Increased dividend
-Namibian holdings a plus
-cash flow can fund dividend and growth
-All 8 analysts have buy rating... up to $3.65 Cdn

https://www.bnnbloomberg.ca/investing/2024/07/19/rick-rules-top-picks-for-july-192024/

Good luck,Farrell

[Scarbender307]

EnerCom Denver - The Energy Investment Conference will once again include The Energy Transition and Emerging Technology Session featuring quick-pitch investment presentations from promising start-up energy and technology companies focused on innovation and operations in alternative energy, advanced oil and gas technology, environmental sustainability and carbon solutions. The Energy Transition and Emerging Technology Session provides invited start-up companies a platform to give a 15-minute presentation and participate in one-on-one meetings as requested by investors.

EnerCom is currently accepting applications from start-up companies focused on innovation in alternative energy, advanced oil and gas technology, environmental sustainability, and carbon solutions to present at The Energy Transition and Emerging Technology Session at EnerCom Denver. Interested companies can contact Larry Busnardo at [e-mail] for complete application details; space is limited.

A complete list of companies participating in the conference and schedule of events can be found on the conference website EnerCom Denver – The Energy Investment Conference.

Presenting company lineup as of July 17, 2024, includes:

Africa Oil (TSX: AOI)

Amplify Energy (NYSE: AMPY)

APA Corporation (NASDAQ: APA)

Aureus Energy Services

Avant Natural Resources

Bayswater

Baytex Energy (TSX/NYSE: BTE)

Berry Corporation (NASDAQ: BRY)

Bison Oil & Gas

Blue Spruce Operating

Calfrac Well Services (TSX: CFW)

Chapman Nuclear

Chevron (NYSE: CVX)

Cibolo Energy Partners

Civitas Resources (NYSE: CIVI)

Diversified Energy (NYSE: DEC)

DNOW (NYSE: DNOW)

Donovan Ventures

Drilling Tools International (NASDAQ: DTI)

EnerCom Inc.

Flotek Industries (NYSE: FTK)

Forum Energy Technologies (NYSE: FET)

Franklin Mountain Energy

Fundare Resources

Geopark (NYSE: GPRK)

Gradient Geothermal

Gran Tierra Energy (TSX/NYSE: GTE)

Granite Ridge Resources (NYSE: GRNT)

GTO Technologies

Hemisphere Energy (TSX: HME)

Hydroacoustics, Inc.

Kelt Exploration (TSX: KEL)

Laramie Energy

Liberty Energy (NYSE: LBRT)

LiTHOS (OTC: LITSF)

Lycos Energy (TSXV: LCX)

Mach Natural Resources (NYSE: MNR)

Mobius Risk Group

NCS Multistage (NASDAQ: NCSM)

NuVista Energy (TSX: NVA)

Oklahoma Environmental Services

Paradigm by Puloli

Parex Resources (OTC: PARXF)

Pason Systems (TSX: PSI)

PetroTal Corp. (TSXV: TAL)

Pine Cliff Energy (TSX: PNE)

Pulse Seismic (TSX: PSD)

Raisa Energy

Ranger Energy Services (TSX: RNGR)

ReconAfrica (OTC: RECAF)

Ring Energy (NYSE: REI)

Sage Butte Energy

SandRidge Energy (NYSE: SD)

Select Water Solutions (NYSE: WTTR)

Sendero ESG Solutions

Serve Robotics (NASDAQ: SERV)

Standard Energy Partners

Tenaz Energy (TSX: TNZ)

U.S. Energy Development Corp.

VAALCO Energy (NYSE: EGY)

Verdun Oil

Vitesse Energy (NYSE: VTS)

W&T Offshore (NYSE: WTI)

Walker Lane Research Partners

Wasatch Energy Management

X Oil Development

Zephyr Energy plc (AIM: ZPHR; OTCQB: ZPHRF)

Conference Details: EnerCom Denver offers investment professionals a unique opportunity to network and listen to senior management teams from leading companies across the energy value chain update investors on their operational and financial strategies and learn how they create value for stakeholders.

Conference Dates: August 18–21, 2024. EnerCom will host its annual Charity Golf Tournament on Sunday, August 18th at the scenic Arrowhead Golf Club in Littleton, Colorado. The EnerCom Denver Golf Tournament -- a fundraiser for IN! Pathways to Inclusive Higher Education -- requires a $150 donation to participate. The Conference Global Sponsor Netherland, Sewell & Associates, Inc. (NSAI) sponsors the tournament, along with EnerCom.

Formal presentations and meetings will be held Monday, August 19th through Wednesday, August 21st.

Venue: Westin Denver Downtown. We highly encourage attendees to book hotel rooms under the EnerCom group block, as space is limited.

Who Attends the Conference: Institutional, private equity, hedge fund investors, family offices, research analysts, retail brokers, trust officers, high net worth investors, investment and commercial bankers, and energy industry professionals gather in Denver throughout the conference.

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Earnings report est. Aug 12-16...Ex Divi. Est Sept 6th. If anyone knows when the 8% divi kicks in, please post it on Ihub AOIFF board.