Africa Oil Announces Financing Update

Africa Oil Corp. announced that its investee company, Prime Oil and Gas Cooperative UA , has successfully signed and closed a pre-export finance facility (“PXF Facility”).

Prime’s PXF Facility is for an initial amount of $150 million. The PXF Facility is arranged by Shell Western Supply and Trading Limited and Africa Finance Corporation (“PXF Lenders”) and has a 7-year tenor, extending the duration of Prime’s debt profile on very competitive cost terms that are comparable to its RBL facility. The use of proceeds of the PXF Facility is to partly repay the RBL and other general corporate purposes. The PXF Facility can be increased to an amount up to $300 million, subject to the PXF Lenders’ approval. Prime has satisfied all the conditions precedent with the drawdown of the $150 million expected by the end of this month.

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