Africa Oil Corp. T.AOI

Alternate Symbol(s): AOIFF

Energy Oil & Gas E&P

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime); Impact Oil and Gas Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.

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Africa Oil Corp. > Major Headwinds

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Comment by Lonegaurdian19on Dec 31, 2020 4:09pm

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Post# 32205469

RE:RE:Major Headwinds

I would expect a dividend rather than buybacks. Given the current state of things I would expect one of more of the companies it holds a stake in to be sold. So with relatively low Cap Ex the Nigerian asset should pay for itself. Any remaining funds received from investment sales say ($150 - 300 million) could be paid out in quarterly or special dividends.

low end 150,000,000 / 480,000,000 shares = $.31 per share

$.62 if at the high end

Once the Nigerian asset gets its debt refinanced or long enough down the road it could produce FCF of roughly $.60 a share

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