Nice Beat 07:16 AM EST, 11/15/2022 (MT Newswires) -- Africa Oil Corp. (TSX: AOI and Nasdaq-Stockholm: AOI) overnight Monday reported Q3 net income of US$70.6 million, or US$0.14 per diluted share, compared with US$58.5 million, or US$0.12 per share, a year earlier.
Analysts polled by Capital IQ expected EPS at US$0.08.
Total operating income for the quarter ended Sept. 30 rose to US$76.5 million from US$69.7 million a year earlier.
The oil and gas company said its cash balance at Sept. 30 was US$207.3 million, compared with US$58.9 million at Dec. 31, 2021, with no debt outstanding and an undrawn corporate facility of US$100.0 million.
Africa Oil also said it paid the second semi-annual dividend of US$0.025 per share to its shareholders for a total 2022 distribution of US$23.8 million, which combined with the share buyback, represents a total shareholder capital return of US$59.5 million year to date.
"We can look forward to potentially high impact catalysts in the next few months, including the results of Gazania-1 exploration well, and the Venus appraisal program," said Africa Oil President and CEO Keith Hill.