Africa Oil Corp (AOIFF)

[douginil]

Africa Oil 2018 Second Quarter Financial and Operating Results

VANCOUVER, Aug. 14, 2018 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) … Africa Oil Corp. ("Africa Oil" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2018. View PDF Version

As at June 30, 2018, the Company had cash of $369.6 million and working capital of $380.2 million as compared to cash of $392.3 million and working capital of $436.3 million at December 31, 2017. During the second quarter of 2017, the Company and Maersk (who has subsequently been acquired by TOTAL) agreed to payment terms related to the $75.0 million advance development carry. Africa Oil is due to receive equal quarterly payments of $18.75 million at the end of each calendar quarter during 2018. The first two quarterly payments were received during the first half of 2018. These proceeds were initially recognized in accounts receivable and intangible exploration assets during 2017.

During the second quarter of 2018, Africa Energy (AFE:TSXV) completed a private placement, in which the Company invested $18.0 million, increasing the Company's ownership interest in Africa Energy from 28.5% to 34.6%.

At the end of June, trucking and operations were temporarily suspended due to protests by the local community. These issues lead to effective consultations between the local and National Government, and operations safely recommenced in mid-August.

Read more at:
http://news.africaoilcorp.com/releases/entry/122750