AFRICA OIL RECEIVES FIFTH DIVIDEND FROM ITS NIGERIAN ASSET
VANCOUVER, BC, October 26, 2020 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – 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