{"id":9421,"date":"2020-11-16T16:46:00","date_gmt":"2020-11-16T16:46:00","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9421"},"modified":"2020-11-16T16:46:00","modified_gmt":"2020-11-16T16:46:00","slug":"africa-oil-2020-net-income-hits-118m","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-2020-net-income-hits-118m\/","title":{"rendered":"Africa Oil 2020 Net Income Hits $118M"},"content":{"rendered":"<ul type=\"disc\">\n<li>Africa Oil has received an additional $50 million in dividends from Prime subsequent to the previous reporting period. This brings the total dividends amount to $162.5 million since Africa Oil closed the <a href=\"https:\/\/bit.ly\/38QXuam\">Prime<\/a> acquisition on\u00a0January 14, 2020.<\/li>\n<li><\/li>\n<li>Significant progress on deleveraging, including a 34% reduction in the corporate term loan from\u00a0$250 million\u00a0to\u00a0$164.8 million, and a 29% reduction in the Prime RBL facility from\u00a0$1,825 million\u00a0to\u00a0$1,303 million, for the year to date.<\/li>\n<li><\/li>\n<li>Africa Oil third quarter net income of\u00a0$21.2 million\u00a0and nine-month net income of\u00a0$118.1 million, excluding a\u00a0$215.6 million\u00a0non-cash impairment of\u00a0Kenya\u00a0exploration assets posted in the first quarter 2020.<\/li>\n<li><\/li>\n<li>Selected Prime&#8217;s third quarter 2020 results net to Africa Oil&#8217;s 50% shareholding*:<\/li>\n<li>\n<ul type=\"circle\">\n<li>average daily working interest (&#8220;W.I.&#8221;) production of 26.9 thousand barrels of oil equivalent per day (&#8220;kboepd&#8221;) and economic entitlement production<sup>4<\/sup>\u00a0of 27.8 kboepd with 83% in oil production (nine-month period: W.I. production of 29.5 kboepd and economic entitlement production of 35.3 kboepd with 85% in oil production);<\/li>\n<li><\/li>\n<li>sales revenues of\u00a0$212.5 million\u00a0(nine-month period:\u00a0$551.2 million);<\/li>\n<li>adjusted EBITDA<sup>5<\/sup>\u00a0of\u00a0$99.0 million\u00a0(nine-month period:\u00a0$490.3 million); and<\/li>\n<li>cash flow from operations of\u00a0$107.5 million\u00a0(nine-month period:\u00a0$438.0 million).<\/li>\n<li><\/li>\n<\/ul>\n<\/li>\n<li>Exploration success continued with the Luiperd discovery on Block\u00a011B\/12B, offshore\u00a0South Africa\u00a0and the <a href=\"https:\/\/bit.ly\/2IBMKSd\">farmout<\/a> of Transkei\/Algoa blocks to Shell.<\/li>\n<\/ul>\n<p><b>Africa Oil President and CEO\u00a0Keith Hill\u00a0commented<\/b>: &#8220;I am pleased to report another strong quarter with a profit of\u00a0$21.2 million. Despite these challenging times, our Nigerian assets continue to perform well, and we continue to deleverage despite the OPEC+ cuts imposed on the Egina field. During 2020 we have repaid 34% of our BTG term loan and Prime has reduced its RBL facility by 29%.<\/p>\n<p>We have also achieved another significant exploration success on Block\u00a011B\/12B, offshore\u00a0South Africa, with the giant <a href=\"https:\/\/bit.ly\/2IJZyX9\">Luiperd discovery<\/a>. I am delighted that the operator believes that together with last year&#8217;s Brulpadda discovery, there is sufficient ground to move the project towards development. I am also confident there is substantial follow-on exploration potential on this world-class block, that complements the development opportunity of the two discoveries.<\/p>\n<p>We are also very pleased that Impact Oil and Gas has expanded its portfolio and attracted a high-quality partner in\u00a0Royal Dutch Shell\u00a0to its Transkei and Algoa license, offshore\u00a0South Africa. Through our shareholding in Africa Energy, Impact and Eco Atlantic, we have interests in an industry leading acreage position in an exciting region extending offshore\u00a0Namibia\u00a0and\u00a0South Africa. We are now looking forward to the spud of Venus exploration well on Block\u00a02913B, in\u00a0Namibia&#8217;s\u00a0Orange Basin in the first half of 2021, which will target one of the largest submarine fans ever tested by the industry.<\/p>\n<p>Meanwhile Chief Operating Officer, Tim Thomashas elected to retire at the end of first quarter 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa Oil has received an additional $50 million in dividends from Prime subsequent to the previous reporting period. This brings the total dividends amount to $162.5 million since Africa Oil &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-2020-net-income-hits-118m\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9332,"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":[7442,11],"tags":[70,8341,1252,8657,1749,2371,8658],"class_list":["post-9421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","tag-africa-oil","tag-egina-field","tag-kenya","tag-luiperd-discovery","tag-nigeria","tag-south-africa","tag-transkei-algoa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Africa-Oil-nigeria-assets.png?fit=1115%2C452&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2rX","jetpack-related-posts":[{"id":8854,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-strong-q2-results-fuelled-by-nigerian-assets\/","url_meta":{"origin":9421,"position":0},"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":10001,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-2020-fourth-quarter-results\/","url_meta":{"origin":9421,"position":1},"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":9421,"position":2},"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":9421,"position":3},"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":9226,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-africa-oil-announces-favorable-prime-rbl-redetermination\/","url_meta":{"origin":9421,"position":4},"title":"NIGERIA: Africa Oil Announces Favorable Prime RBL Redetermination","author":"","date":"October 1, 2020","format":false,"excerpt":"Africa Oil Corp. has provided an update on Prime Oil & Gas B.V.\u00a0 Reserve Base Lending facility (RBL). Africa Oil has a 50% shareholding in Prime, a company with deepwater producing assets offshore Nigeria. The September redetermination of the Prime RBL has been approved by the banking syndicate with a\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":10499,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-provides-the-receipt-of-prime-dividend-provides-positive-egina-operational-update\/","url_meta":{"origin":9421,"position":5},"title":"Africa Oil Provides the Receipt of Prime Dividend &#038; Provides Positive Egina Operational Update","author":"","date":"June 29, 2021","format":false,"excerpt":"Africa Oil Corp. has announced that it has received its seventh dividend from Prime Oil and Gas Cooperatief UA as well as provided an update the markets on a significant increase in the Egina oil field production. Prime has distributed a\u00a0$75.0 million\u00a0dividend with a net payment to Africa Oil of\u00a0$37.5\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9421","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=9421"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9421\/revisions"}],"predecessor-version":[{"id":9422,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9421\/revisions\/9422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9332"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}