Africa Oil Corp (AOIFF)

[douginil]

AFRICA OIL RECEIVES FIFTH DIVIDEND FROM ITS NIGERIAN ASSET

October 26, 2020

Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received its fifth dividend from Prime Oil and Gas B.V. (“Prime”), a company that holds interests in deepwater Nigeria production and development assets. Prime 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 will apply US$12.1 million of this dividend to reduce the outstanding balance of the BTG term loan to US$164.8 million. The Company has received a total dividends amount of US$162.5 million since the closing of the Prime acquisition on 14 January 2020.

Read more at:
https://mma.prnewswire.com/media/1320157/Africa_Oil_Corp__Africa_Oil_Receives_Fifth_Dividend_From_Its_Nig.pdf