Quick and Dirty AnalysisAOI has refinanced the bridge loan owing to its 50% Prime partner. They owed $141 million as of Q1 and gotten a new term loan $130 million with $20 million headroom. The Co pretty much pledged away everything as security for the term facility. “...The Term Loan was drawn on January 14, 2020 to part fund the acquisition of Prime and has a duration of two years. $141.0 million is outstanding as at March 31, 2021. The Company has provided security in respect of the Term Loan mainly in the form of share pledges, over the shares of Petrovida (which holds 50% of Prime), Eco, Africa Energy and Impact owned by Africa Oil and a charge over the bank accounts into which the Prime dividends are paid.”
The RBL Redetermination is not completed yet. Still owing roughly $625 million. No news is bad news.
Bad bet on hedges and swaps. The Co locked in the oil at $56 (Brent) till the end of year. Big screwup. Should have bought puts and calls futures.
No dividends in Q1. Still saddled with huge debts. Dead stock.