AFRICA OIL RECEIVES FOURTH DIVIDEND FROM ITS NIGERIAN ASSET
Vancouver, BC, August 31, 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 fourth 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 has applied US$17.7 million of this dividend to pay down the BTG term loan, reducing the outstanding balance to US$176.9 million. The