{"id":12822,"date":"2022-11-16T05:13:35","date_gmt":"2022-11-16T05:13:35","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12822"},"modified":"2022-11-16T05:13:35","modified_gmt":"2022-11-16T05:13:35","slug":"africa-oil-reports-q3-2022-financial-results-with-record-realised-oil-price","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-reports-q3-2022-financial-results-with-record-realised-oil-price\/","title":{"rendered":"Africa Oil Reports Q3 2022 Financial Results with Record Realised Oil Price"},"content":{"rendered":"<ul>\n<li>The Company received one dividend from its shareholding in Prime for $50.0 million(1) in Q3 2022 (first nine-month 2022 total of $212.5 million). Total amount of the dividends received so far in 2022 is $250.0 million, including $37.5 million received in October 2022.<\/li>\n<li>Cash balance at September 30, 2022, of $207.3 million (at December 31, 2021 &#8211; $58.9 million), with no debt outstanding and an undrawn corporate facility of $100.0 million.<\/li>\n<li>The Company launched a Normal Course Issuer Bid (share buyback) program on September 27, 2022. Since that date, until November 11, 2022, a total of 15,757,710 Africa Oil common shares were repurchased, at a bid cost of $35.7 million.<\/li>\n<li>Paid the second semi-annual dividend of $0.025 per share to the Africa Oil shareholders for a total 2022 distribution of $23.8 million, which combined with the share buyback, represents a total shareholder capital return of $59.5 million year to date.<\/li>\n<li>Selected Prime&#8217;s results net to Africa Oil&#8217;s 50% shareholding*:\n<ul>\n<li>achieved an average realized oil price of $101.5\/bbl, the highest quarterly average since the acquisition of a shareholding in Prime, compared to the average Bloomberg Dated Brent price of $99.1\/bbl for Q3 2022;<\/li>\n<li>average daily W.I. production of 22,100 boepd and economic entitlement production of 25,200 boepd (84% light and medium crude oil and 16% conventional natural gas) in Q3 2022 (Q3 2021: 27,500 boepd and 30,100 boepd respectively) (3,4,5);<\/li>\n<li>cash position of $309.6 million and debt balance of $474.7 million at September 30, 2022 (net debt of $165.1 million), which combined with the $207.3 million cash balance at the Africa Oil corporate level, results in a net cash position of $42.2 million;<\/li>\n<li>in Q3 2022, EBITDAX(6) of $210.6 million (Q3 2021 &#8211; $192.1 million); and cash generated from operating activities of $62.1 million (Q3 2021: $122.2 million); and<\/li>\n<li>robust Net Debt to EBITDAX6 ratio for the twelve months ended September 30, 2022, of 0.3x (twelve months ended December 31, 2021 \u2013 0.4x).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Africa Oil President and CEO Keith Hill commented<\/strong>:<\/p>\n<p><em>&#8216;We have continued to deliver on our commitment to shareholder capital returns with the launch of our share buyback program in third quarter 2022. Together with our dividend policy, from start of the year through to November 11, 2022, we have returned almost $60 million to our shareholders whilst growing our cash position. This has been made possible by the robust performance of our Nigerian assets that provide us with high quality and long life production and cash flows. We can look forward to potentially high impact catalysts in the next few months, including the results of Gazania-1 exploration well, and the Venus appraisal program. Africa Oil has an attractive full-cycle opportunity set for sustainable shareholder value growth and a bright future.&#8217;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Company received one dividend from its shareholding in Prime for $50.0 million(1) in Q3 2022 (first nine-month 2022 total of $212.5 million). Total amount of the dividends received so &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-reports-q3-2022-financial-results-with-record-realised-oil-price\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,7445,11,7444],"tags":[70,10814,1749,10426],"class_list":["post-12822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-southern-africa","category-top-news","category-west-africa","tag-africa-oil","tag-gazania-1-exploration-well","tag-nigeria","tag-venus","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3kO","jetpack-related-posts":[{"id":12754,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-bw-energy-provides-q3-2022-trading-and-financial-update\/","url_meta":{"origin":12822,"position":0},"title":"GABON: BW Energy Provides Q3 2022 trading and financial update","author":"","date":"October 25, 2022","format":false,"excerpt":"BW Energy today has provided an update on the operations and development of the Dussafu Marin license in Gabon. The Company will publish financial figures for the third quarter of 2022 on Thursday, 17 November. Gross production from the Tortue field averaged approximately 10,400 barrels of oil per day in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11251,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-africa-oil-announces-the-receipt-of-prime-dividend\/","url_meta":{"origin":12822,"position":1},"title":"NIGERIA: Africa Oil Announces the Receipt of Prime Dividend","author":"","date":"November 30, 2021","format":false,"excerpt":"Prime has distributed a\u00a0US$100 million\u00a0dividend with a net payment to Africa Oil of\u00a0US$50 million\u00a0related to its 50% shareholding. Since acquiring its 50% shareholding in Prime for a cash consideration of\u00a0$520 million\u00a0in\u00a0January 2020, Africa Oil has received ten dividends from Prime for a total amount of\u00a0$400 million, representing 77% of the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-Nigeria-assets-2.png?fit=1115%2C452&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-Nigeria-assets-2.png?fit=1115%2C452&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-Nigeria-assets-2.png?fit=1115%2C452&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-Nigeria-assets-2.png?fit=1115%2C452&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-Nigeria-assets-2.png?fit=1115%2C452&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13158,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-provides-its-full-year-2022-production-results\/","url_meta":{"origin":12822,"position":2},"title":"Africa Oil Provides its Full-year 2022 Production Results","author":"","date":"January 18, 2023","format":false,"excerpt":"Full-year 2022 production rates are in line with the mid-point of 2022 Management Guidance range. Prime recorded an average daily working interest production of approximately 23,500 barrels of oil equivalent per day (boepd and net entitlement production of 25,600 boepd, in each case net to Africa Oil's 50% shareholding. These\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10735,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-q2-2021-financial-results\/","url_meta":{"origin":12822,"position":3},"title":"Africa Oil Announces Q2 2021 Financial Results","author":"","date":"August 13, 2021","format":false,"excerpt":"Highlights Net income of\u00a0$38.4 million\u00a0(first half 2021 total of\u00a0$77.3 million) and end of quarter cash balance of\u00a0$35.1 million. Received a dividend for\u00a0$37.5 million\u00a0from Prime during the quarter and a further\u00a0$37.5 million\u00a0dividend in July. On\u00a0August 2, 2021, Africa Oil announced the closing of its corporate debt facility with\u00a0$160 million\u00a0committed. The Company\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10661,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-the-receipt-of-prime-dividend-the-upsizing-and-completion-of-its-corporate-loan-refinance\/","url_meta":{"origin":12822,"position":4},"title":"Africa Oil Announces the Receipt of Prime Dividend, the Upsizing and Completion of its Corporate Loan Refinance","author":"","date":"August 2, 2021","format":false,"excerpt":"Africa Oil Corp. has announced that it has received a dividend from Prime Oil and Gas Cooperatief UA 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\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/egina-fpso-small_1_0.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/egina-fpso-small_1_0.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/egina-fpso-small_1_0.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/egina-fpso-small_1_0.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/egina-fpso-small_1_0.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11851,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-oil-receives-contingent-consideration-of-75-million\/","url_meta":{"origin":12822,"position":5},"title":"UGANDA: Tullow Oil Receives Contingent Consideration of $75 million","author":"","date":"February 17, 2022","format":false,"excerpt":"Tullow Oil has announced that the Final Investment Decision for the Tilenga Project in Uganda and the East African Crude Oil Pipeline (EACOP) as reported by Total Energies Ltd on 1 February 2022 has triggered a contingent consideration of $75 million in relation to Tullow\u2019s sale of its assets in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12822"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12822\/revisions"}],"predecessor-version":[{"id":12823,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12822\/revisions\/12823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9001"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}