Africa Oil Provides Egina Operational Update

Egina’s production continues to increase due to the relaxation of its OPEC+ quota restriction. For the month of June, the field’s quota increased to 173 thousand barrels of oil per day (“kbopd”). This compares to Egina’s First Quarter 2021 average daily production of 152 kbpod. The field’s July and August quotas have been approved at 181 kbopd and 177 kbopd, respectively.

Keith Hill, Africa Oil’s President and CEO, commented

“Africa Oil’s outlook for the second half of this year is very promising as we look forward to higher production rates from Egina, the corporate loan refinance that significantly reduces our cost of capital and high impact exploration catalysts offshore Namibia, South Africa and Guyana.”

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