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.
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