Notes: 1 EBITDAX is not a generally accepted IFRS term. Refer to Reader Advisory Section of this document for important information on non-IFRS measures. 2 Based on RISC's NI 51-101 Report for YE'2021.
Africa Oil Corporation | Q4 '21 Results, Mar'22
Slide 2
STRONG PRIME DIVIDEND STREAM
600 ($ million)
Prime Cash, Net to AOC
Cumulative Prime Dividend, Net to AOC
Acquisition Payment
$520m acquisition cost
$400m
500
400
300
200
100
0
USD 189m
received since the
acquisition in January 2020
77%
of the acquisition cost paid back in less than two years
$189m
increase in Prime's cash balance net to Africa Oil
Africa Oil Corporation | Q4 '21 Results, Mar'22
Slide 3
SHAREHOLDER RETURNS INSTITUTING BASE DIVIDEND
Sustainable dividend policy
Base annual dividend of $0.05/share
(approximately $25 million)
underpinned by Prime's
cash flows
1st step in
The Board will regularly
1st distribution March 31,
our capital
review the policy and
2022, to shareholders of
return
depending on the
record at the COB on
aspirations
acquisition opportunities
March 17, 2022
and the market outlook,
the Company may increase
its dividend distributions
Prudent capital allocationbetween
and/or undertake share
shareholder returns, acquisitions and
buybacks,subject to
maintaining a strong balance sheet
customary approvals
Africa Oil Corporation | Q4 '21 Results, Mar'22
Slide 4
2021 STATED GOALS FOR THE USE OF FREE CASH FLOWS
DELEVERAGING
NEW ACQUISITION
SHAREHOLDER
OPPORTUNITIES
RETURNS
Fully repaid AOC's
Disciplined search
Instituted base annual dividend
corporate debt
for new accretive
policy of $0.05/share
Reduced Prime's RBL debt
acquisition opportunities
from $1.8bn to $435m
Focused on West
May look to increase and/or execute
share buy-backs
Africa producing assets
Africa Oil Corporation | Q4 '21 Results, Mar'22
Slide 5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original Link
Original Document
Permalink
Disclaimer
Africa Oil Corp. published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 20:37:03 UTC.
Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria and an exploration/appraisal portfolio in west and south of Africa, as well as Guyana. The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime), Impact Oil and Gas Ltd (Impact), Africa Energy Corp (Africa Energy) and Eco (Atlantic) Oil & Gas Ltd. (Eco). Prime is a Nigeria-focused company with interests in OML 127 and OML 130 that account for all of the Company's reserves and production. Eco is an oil and gas exploration company with interests in Guyana, Namibia and South Africa. Impact has interests in Namibia and South Africa.
AFRICA OIL CORP. 
