A Lundin Group Company www.africaoilcorp.com Africa Focused Independent E&P Fourth Quarter 2021 Results 1st March 2022
EXCELLENT YEAR OF DELIVERY RECORD FINANCIAL COMPETITIVE DEBT SIGNIFICANT STRONG PRODUCTION RESULTS & ROBUST FINANCING & EXPLORATION PERFORMANCE BALANCE SHEETS LIQUIDITY SUCCESS Record full-year net Debt refinanced at a Venus light…
STRONG PRIME DIVIDEND STREAM Prime Cash, Net to AOC Cumulative Prime Dividend, Net to AOC Acquisition Payment ( million) 600 400m 520m acquisition cost 500 received since the acquisition in January 2020 400 300 77% of the…
SHAREHOLDER RETURNS INSTITUTING BASE DIVIDEND Base annual dividend of 0.05/share Sustainable dividend policy (approximately 25 million) underpinned by Primes cash flows 1st step in The Board will regularly 1st distribution March…
2021 STATED GOALS FOR THE USE OF FREE CASH FLOWS DELEVERAGING NEW ACQUISITION SHAREHOLDER OPPORTUNITIES RETURNS Fully repaid AOCs Disciplined search Instituted base annual dividend corporate debt for new accretive policy of…
STRONG PRODUCTION PERFORMANCE Production at Higher End of 2021 Management Guidance Range W.I. Production (BOE/d) Entitlement Production (BOE/d) 35000 35000 Upper End 30000 30000 Upper End Lower End 25000 25000 Lower End 20000…
PRIMES CASH FLOW HIGHLIGHTS CFFO ( million, net to AOCs 50% Interest) CAPEX ( million, net to AOCs 50% Interest) 600 60 Including AOCs Share Upper End 500 of Agbami 50 Security Deposit Upper End 400 40 Lower End Lower End 300…
2022 MANAGEMENT GUIDANCE AOCs net 50% in Prime Metrics 1,2 2022E 2021 Working Interest (W.I.) production (boe/d)3 22,500-25,500 27,300 Economic entitlement production (boe/d)3 23,000-27,000 29,700 Cashflow from Operations before…
AFRICA OIL FINANCIAL HIGHLIGHTS Net Income ( million) 100.00 Q421 net income of 54.9m 50.00 (12M: 190.7m) Repaid outstanding 0.00 Q4'19 Q1'20 Q2'20 Q220 Q3'20 Q320 Q4'20 Q420 Q1'21 Q121 Q2'21 Q221 Q3'21 Q321 Q4'21 Q421…
PRIME FINANCIAL HIGHLIGHTS (NET TO AOCS 50%) EBITDAX1 and CFFO ( million) EBITDAX CFFO 300.00 Q421 EBITDAX1 250.00 163.4m (12M: 654.5m) 200.00 Q421 CFFO 60.6m (12M: 526.7m*) 150.00 End 2021 cash balance of 100.00 258.9m…
STANDBY FACILITY AT COMPETITIVE TERMS Lenders approved increasing the available amount to 100 million from the unutilised amount of 62 million Extended the availability period to December 31, 2022, from May 13, 2022 The Corporate…
AFRICA OIL EXPLORATION INVENTORY Slide 12
ORANGE BASIN OPPORTUNITIES Venus structure: +600km2 Light oil and associated gas discovery 84 meters of net oil pay in a good quality Lower Cretaceous reservoir Venus discovery has exceeded the pre- drill expectations Indirect…
KENYA DEVELOPMENT REDESIGNED AND OPTIMIZED Progressing the Project JV and the Government Are Fully Aligned Draft Field On track to Actively Work ongoing to Development Plan meet licence seeking finalise (FDP) submitted to…
2022 OUTLOOK AND CATALYSTS Venus appraisal program Gazania exploration well Prime OML 130 voluntary conversion to PIA and license renewal Prime RBL refinancing contingent on OML 130 renewal Strategic acquisition of producing assets…
READER ADVISORY Accounting for Africa Oils (Africa Oil, AOC or the Company) Interest in Prime The terms BOE (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in…
FORWARD LOOKING STATEMENTS This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the Company) and such information, such as market prices for oil and gas and chemical products, the Companys…
www.africaoilcorp.com Thank You For further information, please contact: SHAHIN AMINI IR and Commercial Manager shahin.aminiafricaoilcorp.com +44 (0) 20 8017 1511 SOPHIA SHANE Corporate Development sophiasnamdo.com T: +1…
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