Africa Oil Announces the Receipt of $75 Million Prime Dividend, Debt Repayment and Positive Prime RBL Update
VANCOUVER, BC, September 30, 2021 /CNW/ (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received a substantial dividend from its investee company, Prime Oil and Gas Cooperatief UA (“Prime”). Prime also has successfully completed the September 2021 semi-annual redetermination of its reserves-based lending (“RBL”) facility. Prime has distributed a $150 million dividend with a net payment to Africa Oil of $75 million related to its 50% shareholding. The Company has applied the full amount of $75 million received,