Africa Oil Announces the Receipt of Prime Dividend and Provides Positive Egina Operational Update
June 29, 2021 (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received its seventh dividend from Prime Oil and Gas Cooperatief UA (“Prime”). The Company is also pleased to update the markets on a significant increase in the Egina oil field production. Prime has distributed a $75.0 million dividend with a net payment to Africa Oil of $37.5 million related to its 50% shareholding. The Company intends to apply $18 million from the latest dividend to reduce the outstanding balance of the BTG term loan (“Term Loan”)