Africa Oil Corp. T.AOI

Receipt of $75 Million Prime Dividend, Debt Repayment

[Betteryear2]

VANCOUVER, BC, Sept. 30, 2021 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa Oil" or "the Company") is pleased to announce that it has received a substantial dividend from its investee company, Prime Oil and Gas Cooperatief UA ("Prime"). Prime also has successfully completed the September 2021 semi-annual redetermination of its reserves-based lending ("RBL") facility.

https://www.newswire.ca/news-releases/africa-oil-announces-the-receipt-of-75-million-prime-dividend-debt-repayment-and-positive-prime-rbl-update-820900156.html

[toptiger]

just doesnt get much better than this (ok, it will with exploration and kenya) what an amazing cash generative comp-any and what an amazing deal nigeria was

[firstworld]

Prime is a champion! I was very sceptical about the seal when they made it. I'm glad I dumped my Canadian operated O&G for truck loads of AOI. Nigeria and Africa (thanks to Chinese) have the global market access Canada will never have inspire of a 200 year head start LOL.

[Ferryboy]

Actually I expect it to get a little bit better as I expect the hedging to average at least $10/bbl higher in 2022 ..assuming of course that oil continues to trade in its current range.  Also, I am not sure if the volumes have returned to the pre Covid levels .. so all good atm

[toptiger]

i dont think we know the hedging for 2022 do we? or have i missed something only that < 50% is hedged and he better let the rest ride

[Ferryboy]

They didnt mention any average $ in this release but I seem to recall in a previous AOI release they mentioned $67 or 68 for something like 20% of 2022 cargoes .. I was a little disppointed with that as I expected north of $70 I am also assuming this oil tracks closer to Brent so I would hope the 2022 average gets pulled up to $70 or over ... getting greedy now!

[firstworld]

I think I saw 60s as well very prudent to hedge 50% at whatever price the political covid risk is off the charts now that politicians are enjoying behaving worse than AH in 1939 Berlin and Poland with all the lockdowns and restrictions plus unelected heath facists hijacking everything to inject experimantal DNA theraby lol. I'll take 50% hedged at Avg $55 all day and another $70+ for the rest.

[toptiger]

i would prefer it if he lets some ride though the prime restrictions remain against debt by the banks, but overall the hedge worked in our favour during covid so happy overall just wish bloody AFE would start to move and take advantage of this high gas price