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The previous article was taken from Seeking Alpha printed January 13, 2025.
I may have to stand corrected.. Divi is set to be .28 cents per annum. Payment is made semi annually. Looks like 14cent divi per share, wow!!!
March 27, 2025 Divi. .07Cents... 20% yield. That'l work.
VANCOUVER, BC, Jan. 22, 2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") notes the announcement by its investee company, Impact Oil & Gas Limited ("Impact"), regarding the approval of a dividend of approximately USD 80 million to Impact's shareholders. This dividend represents USD 0.0702 per ordinary share and will be paid from January 29, 2025, to shareholders on Impact's register at the close of business on January 20, 2025. View PDF version.
The dividend payment net to Africa Oil's shareholding of approximately 39.5% (449,464,396 Impact shares) is approximately USD 31.6 million.
Impact Board's approval for the dividend distribution follows receipt of the associated cash payment of USD 99 million from TotalEnergies following completion, in November 2024, of the farm down transaction relating to Blocks 2912 and 2913B, offshore Namibia.
Market Wire News:
2024-11-20 08:48:16 ET
Summary
Africa Oil's Q3 2024 net loss of US$289.2 million was due to a non-cash impairment; adjusted net income was US$25.3 million, with strong EBITDAX and free cash flow.
Production increased by 13.3% in Q3 2024, with further growth expected; no planned maintenance shutdowns for the rest of 2024.
The company resumed share buybacks and plans high-yield dividends, presenting an attractive investment opportunity as the stock is undervalued.
Africa Oil Corp . ( AOIFF ) reported its third-quarter 2024 results on November 14, 2024, which were again misinterpreted by the media (for example, Dagens Industri ), misleading a good many investors and necessitating the following comments. This will also provide me with an opportunity to update the investment thesis that I recently presented .
A huge quarterly loss?
Africa Oil reported a huge net loss of US$289.2 million, causing panic among some shareholders, even though the company explicitly stated that this was due to a US$305.0 million non-cash impairment to account, according to IFRS accounting standards, for the mark-to-market revaluation of the company's current 50% shareholding in Prime as a result of the significant decrease in Africa Oil's share price between June 24, 2024, and September 30, 2024....
For further details see:
Africa Oil's Q3 2024: A Strong Quarter Signals Impending Share Price Recovery
Investor Relations
RECENT AOIFF NEWS
(NewsDirect) Africa Oil Corp (TSX:AOI) Investor Relations Manager Shahin Amini discusses the company's new partnership with TotalEnergies and Qatar Energy for the exploration of Block 3B/4B in the Orange Basin. Amini told Proactive's Stephen Gunnion the collaboration marks a significa.
My ten year investment will now extend to another 5-10 years. Acquiring the other 50% of Prime $$$
plus other expenditures. Building a massive runway in Africa, IMO!
Africa Oil: Q3 Earnings Snapshot
Associated Press Finance
Wed, November 13, 2024 at 12:24 PM HST 1 min read
In This Article:
AOIFF
+3.23%
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Africa Oil Corp. (AOIFF) on Wednesday reported a third-quarter loss of $289.2 million, after reporting a profit in the same period a year earlier.
The Vancouver, British Columbia-based company said it had a loss of 65 cents per share. Earnings, adjusted for asset impairment costs, came to 4 cents per share.
In the final minutes of trading on Wednesday, the company's shares hit $1.28. A year ago, they were trading at $1.90.
From AOIFF website:
Nigerian Regulator Clears Prime Consolidation
VANCOUVER, BC, Oct. 30, 2024 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has given clearance for the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. (“Amalgamation”) in exchange for the issuance of Common Shares in the Company to BTG Pactual Oil & Gas S.à r.l., to effect the consolidation of 100% ownership of Prime Oil & Gas Coöperatief U.A. (“Prime”) in Africa Oil.
NUPRC has confirmed that the Amalgamation does not amount to a change of control in the beneficial ownership of Prime’s Nigerian subsidiaries and Ministerial consent is not required for the Amalgamation, and therefore, the transaction may proceed as proposed.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “We are grateful to NUPRC for its timely response to Prime’s application for regulatory clearance in respect of the transaction. We shall move forward promptly to complete the Amalgamation, which we now expect to be achieved by the end of first quarter 2025.”
The completion of the Amalgamation is subject to customary closing conditions, including competition clearance from the FCCPC, approval from Nasdaq Stockholm, completion of the previously announced farm-down of Africa Oil’s Namibian interests that are held via Impact Oil & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to implement the Amalgamation.
Thanks farrell90.... AOC sure keeps news info close to their vest. I'm dying of curiosity for news of any cargoes sold over the last 90 days. (if any?)
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.
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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.
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.
Nice, Bigrig.
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.
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.
Thanks "D" ..Looks like they acquired their 1/3rd ownership at .72 cents per share. Hope it makes sense.
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).
Prime did send us $m25. Quarterly earnings 0.00
Not exciting but the field is growing with many catalysts.
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.
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 lbusnardo@enercominc.com 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.
You guys are welcome...Go AOC!!
Thanks for sharing your thoughts and info.
I got out of Africa Oil last year. I like this here and going to get back in.
Opus X
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| The company holds two blocks in Puntland, Somalia: the Nugaal Block and the Dharoor Block. Block Summaries
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| Country | Concession | Acreage | WI |
|---|---|---|---|
| Kenya | 10A | 14,748 km² | 30% |
| 10BA | 16,205 km² | 50% | |
| 10BB | 12,675 km² | 50% | |
| 9 | 23,700 km² | 100% | |
| 12A | 15,389 km² | 50% | |
| 13T | 8,429 km² | 50% |
| 2014 - Stock Market Holidays All Major US Stock Exchanges | Date |
| New Year's Day | January 1, 2014 |
| Martin Luther King, Jr. Day | January 20, 2014 |
| Washington's Birthday (Presidents' Day) | February 17, 2014 |
| Good Friday | April 18, 2014 |
| Memorial Day | May 26, 2014 |
| Independence Day * | July 4, 2014 * |
| Labor Day | September 1, 2014 |
| Thanksgiving Day * | November 27, 2014 * |
| Christmas Day * | December 25, 2014 * |
| * The NYSE, NYSE AMEX and NASDAQ will close trading early (at 1:00 PM ET) on Thursday, July 3, 2014, Friday, November 28, 2014 (the day after Thanksgiving) and Wednesday, December 24, 2014. Stock Market Holiday Calendar 2014 Holiday Market Stock - US | |
| Authorized Share Capital | Unlimited number of common shares without par value |
| Issued and Outstanding | 309,470,323 |
| No. of Optioned Shares | Expiry Date | Exercise Price (Cdn) | |
|---|---|---|---|
| 1,562,333 | Jan. 26, 2014 | $2.10 | |
| 399,889 | Mar. 14, 2014 | $1.85 | |
| 100,000 | Mar. 31, 2014 | $1.94 | |
| 33,334 | Apr 20, 2014 | $1.88 | |
| 100,000 | Dec 17, 2014 | $1.13 | |
| 16,666 | July 4, 2014 | $1.70 | |
| 16,667 | Aug. 29, 2014 | $1.27 | |
| 3,740,333 | Nov 24, 2014 | $1.49 | |
| 50,000 | Dec 5, 2014 | $1.56 | |
| 100,000 | Dec 19, 2014 | $1.49 | |
| 17,500 | Mar. 2, 2015 | $2.09 | |
| 315,000 | July 6, 2015 | $8.32 | |
| 100,000 | Sept. 4 2015 | $8.90 | |
| 750,000 | Sept. 10 2015 | $9.90 | |
| 25,000 | Nov. 29, 2015 | $8.10 | |
| 5,666,000 | Apr. 16, 2016 | $5.94 | |
| 400,000 | Aug. 1, 2016 | $7.86 | |
| 2,500 | Nov. 30, 2013 | $7.59 | |
| Total | 13,395,222 |
AI
