Africa Oil announce Receipt of Prime Dividend

Africa Oil Corp. announced that it has received a dividend from Prime Oil and Gas Cooperatief UA (“Prime”) and that is has completed the refinancing of its corporate loan facility.

Prime has distributed a $75 million dividend with a net payment to Africa Oil of $37.5 million related to its 50% shareholding. The Company applied $25 million from this dividend to reduce the outstanding balance of the BTG term loan (“Term Loan”) to $98 million, and has subsequently repaid the full amount of the Term Loan from the proceeds of the new corporate loan facility (“Corporate Facility”). The Term Loan was due to mature in January 2022. Africa Oil now has an approximate cash balance of $42 million and net debt balance of $56 million.

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