Africa Oil Corp. has received its second dividend from Prime Oil and Gas B.V., a company that holds interests in deepwater Nigeria production and development assets.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. This payment brings total dividends received by Africa Oil, since the closing of the Prime acquisition on 14 January 2020, to US$87.5 million.

Africa Oil President and CEO Keith Hill commented, 
"We continue to be impressed with the robust nature of our newly acquired assets in deepwater Nigeria. I am very pleased with Prime's oil price hedging position for this year with 95% of its production hedged through physical forward sales and swaps at an average sales price of US$66 per barrel. This brings stability to Prime's 2020 cash flow from operations and is a great advantage for us in these challenging market conditions." 

Link to Africa Oil Nigeria country profile

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