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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.


TSX:AOI - Post by User

Africa Oil Corp. > Nice on the surface
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Comment by Suppe11on Aug 18, 2023 5:34pm
200 Views
Post# 35595660

RE:RE:Nice on the surface

RE:RE:Nice on the surfaceThe 300m was non-cash = no casflow for it. It raised the the book value of Prime. It had to do with the licence extension of OML130.

Prime generated 23m from operating activities (working cap. movements and 60m tax payment included). Capex was 77.8m and interest payment 29.2m = -107m. 
23m-107= -84m...and they paid a 125m divi = -209m.....raised 30m more debt, then repaid...

Regarding Primes income statement...normalized, they would have made earnings of around 60m.
They didn't outspend their DD&A (90m) vs. Capex (77.8m) so far.

So this Q they robbed Peter (Prime), to pay Paul (Aoi)...not dramtic...but Pauline (the other 50% owner of Prime) got 62.5m too, which weakens the financials of Prime.

Petrowai will be expensive, if they decide to start there. Absolutely brainless to pay 100+m interest p.a....Prime should have brought the debt to zero in the past. No it looks like a permanent feature, which makes no sense.
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