{"id":13158,"date":"2023-01-18T09:28:39","date_gmt":"2023-01-18T09:28:39","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13158"},"modified":"2023-01-18T09:28:39","modified_gmt":"2023-01-18T09:28:39","slug":"africa-oil-provides-its-full-year-2022-production-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-provides-its-full-year-2022-production-results\/","title":{"rendered":"Africa Oil Provides its Full-year 2022 Production Results"},"content":{"rendered":"<ul>\n<li>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&#8217;s 50% shareholding. These compare with mid-range of 2022 Management Guidance figures of 24,000 boepd and 25,000 boepd for working interest and net entitlement production, respectively.<\/li>\n<li><\/li>\n<li>In fourth quarter 2022, Prime was allocated three oil liftings with total sales volume of approximately 2.9 million barrels or 1.4 million barrels net to Africa Oil. Average fourth quarter 2022 realised oil sales price of\u00a0<span class=\"xn-money\">$96.8<\/span>\u00a0per barrel, compares to the average Bloomberg Dated Brent price of\u00a0<span class=\"xn-money\">$90.5<\/span>\u00a0per barrel, a premium of about 7%.<\/li>\n<li>The rig contracted to drill the Egina infill wells is expected to commence operations in\u00a0<span class=\"xn-chron\">February 2023<\/span>, after obtaining its final regulatory approval.<\/li>\n<li><\/li>\n<li>Prime and its partners made good progress on the OML130 license renewal process in late 2022 and the Company will provide an update on the renewal in due course.<\/li>\n<li>Africa Oil management expect the appraisal drilling work on the Venus discovery to commence by end of first quarter 2023.<\/li>\n<li><\/li>\n<li>Farm-out process for Block\u00a0<span class=\"xn-money\">3B<\/span>\/<span class=\"xn-money\">4B<\/span>\u00a0that is on trend with Venus and Graff oil discoveries in the Orange Basin, is advancing with the aim of securing a new partner by end of first quarter 2023.<\/li>\n<li><\/li>\n<li>Africa Oil returned a total of\u00a0<span class=\"xn-money\">$63.3 million<\/span>\u00a0to its shareholders in 2022 including a total annual dividend distribution of\u00a0<span class=\"xn-money\">$23.8 million<\/span>\u00a0and\u00a0<span class=\"xn-money\">$39.5 million<\/span>\u00a0in share buybacks. All shares repurchased in 2022 have been cancelled.<\/li>\n<li><\/li>\n<li><b>Africa Oil President and CEO\u00a0<span class=\"xn-person\">Keith Hill<\/span>\u00a0commented<\/b>: &#8220;I am pleased to report that we have achieved 2022 production rates that are at the mid-range of our management guidance. We are now heading into a busy operational year with the OML130 drilling campaign and the potentially transformational appraisal drilling on the Venus discovery. We have an exciting period ahead of us and we can look forward to the upcoming catalysts, whilst taking comfort in the strength of our debt-free balance sheet and robust production and cash flows from our Nigerian assets.&#8221;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-provides-its-full-year-2022-production-results\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10002,"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":[7442,7445,11,7444],"tags":[10998,9998,1749,9513,10999],"class_list":["post-13158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","category-west-africa","tag-africa-oiln-oml-130","tag-block-3b-4b","tag-nigeria","tag-orange-basin","tag-prime-oil-gas-cooperatief-u-a","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3qe","jetpack-related-posts":[{"id":10001,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-2020-fourth-quarter-results\/","url_meta":{"origin":13158,"position":0},"title":"Africa Oil Announces 2020 Fourth Quarter Results","author":"","date":"March 1, 2021","format":false,"excerpt":"Highlights Africa Oil fourth quarter net income of\u00a0$79.8 million\u00a0and full-year net income of\u00a0$198.0 million, excluding a\u00a0$215.6 million\u00a0non-cash impairment of\u00a0Kenya\u00a0exploration assets posted in the first quarter 2020. Strong quarterly profit contribution by Prime to AOC's net income amounting to\u00a0$59.2 million. During 2020, Africa Oil repaid\u00a0$109 million\u00a0of its\u00a0$250 million\u00a0corporate term loan facility\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\/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":13158,"position":1},"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":11939,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-record-financial-results-and-2022-management-guidance\/","url_meta":{"origin":13158,"position":2},"title":"Africa Oil Announces Record Financial Results and 2022 Management Guidance","author":"","date":"March 1, 2022","format":false,"excerpt":"Highlights Record full-year net income of\u00a0$190.7 million\u00a0or\u00a0$0.40\u00a0per share. Cash balance at\u00a0December 31, 2021\u00a0of\u00a0$58.9 million. Our corporate facility has been fully repaid and\u00a0$100m\u00a0of the facility remains available for general corporate purposes until\u00a0December 2022. The Company will institute a shareholder dividend policy with an initial 2022 aggregate annual distribution of\u00a0$0.05\u00a0per share (approximately\u00a0$25\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":8854,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-strong-q2-results-fuelled-by-nigerian-assets\/","url_meta":{"origin":13158,"position":3},"title":"Africa Oil Announces Strong Q2 Results Fuelled by Nigerian Assets","author":"","date":"August 14, 2020","format":false,"excerpt":"Operational Production from Prime Oil & Gas B.V.'s (\"Prime\") Nigerian assets remained strong in the first half of 2020 despite curtailments at Egina in May and June due to OPEC quota limitations. Second quarter average daily Working Interest (\"W.I.\") production2\u00a0was 28,313 barrels of oil equivalent per day (\"boepd\") and economic\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":13276,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-egypt-vaalco-energy-provides-operational-update\/","url_meta":{"origin":13158,"position":4},"title":"GABON\/EGYPT: VAALCO Energy Provides Operational Update","author":"","date":"February 14, 2023","format":false,"excerpt":"Reported fourth quarter 2022 production of approximately 18,175 working interest (\u201cWI\u201d) barrels of oil equivalent (\u201cBOEPD\u201d) or about 14,200 net revenue interest (\u201cNRI\u201d) BOEPD; Production was within VAALCO\u2019s fourth quarter 2022 guidance range and was positively impacted by strong Egypt production but offset by delayed Gabon well timing and related\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"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":12822,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-reports-q3-2022-financial-results-with-record-realised-oil-price\/","url_meta":{"origin":13158,"position":5},"title":"Africa Oil Reports Q3 2022 Financial Results with Record Realised Oil Price","author":"","date":"November 16, 2022","format":false,"excerpt":"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. Cash balance at September 30, 2022, of\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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13158","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=13158"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13158\/revisions"}],"predecessor-version":[{"id":13159,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13158\/revisions\/13159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10002"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}