A Lundin Group Company www.africaoilcorp.com Growing from Strength to Strength Investor Presentation March 2022
AFRICA FOCUSED FULL CYCLE E&P COMPANY Returns Building on strong cash flows to strengthen and grow our full-cycle business. SHAREHOLDER PRODUCTION RETURNS Nigeria Instituted a regular Deepwater AGC Profond dividend policy…
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…
ADVANTAGED BARRELS OFFSHORE NIGERIA Highly 3 of West Africas experienced top oil fields operators World-class Low lifting production costs facility hubs Low risk & high Infill IRR development drilling and projects…
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…
AFRICA OIL EXPLORATION INVENTORY Africa Oil Corporation Investor Presentation, March 2022 Slide 10
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…
INVESTING IN EMISSIONS MANAGEMENT GHG Performance (Scope 1 & 2)* GHG Management Plan (Scope 1 & 2) 140,000 18 16 120,000 Minimise 14 through efficiency 100,000 2022+: Direct 12 investment in Nigeria: Focus on Avoid by offset…
RESILIENT TO A LOW CARBON FUTURE TCFD SCENARIO ANALYSIS Portfolio remains NPV positive Scenario under all scenarios Sustainable Net Zero Stated Policies Development Emissions by Scenario Assets competitively Scenario 2050…
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 (604)…
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