AFRICA OIL ANNOUNCES STRONG SECOND QUARTER 2022 FINANCIAL RESULTS WITH RECORD PRIME FREE CASHFLOW AND AN IMPROVED HEDGING STRATEGY
Vancouver, BC, August 10, 2022 /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) announces its financial and operating results for the three and six months ended June 30, 2022. Highlights · The Company received two dividends from its shareholding in Prime, totaling $62.5 million[1] in Q2 2022 ($162.5 million in H1 2022); since its acquisition of a 50% shareholding in Prime in 2020, the Company has received an aggregate dividend amount of $562.5 million, representing 108% of the closing cash payment. · Cash balance at June 30, 2022,