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Oil and Gas Stocks
Africa Oil Corp. (TSX: AOI) Completes Amalgamation and Declares First Quarterly Cash Dividend
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Highlights
Africa Oil Corp. (TSX:AOI) has completed the amalgamation of Prime Oil & Gas Coöperatief U.A., consolidating all of Prime’s shareholding in Africa Oil. As part of the deal, Africa Oil also declared its first quarterly cash dividend of USD 25 million, marking the implementation of its enlarged base dividend policy. The company has set a target annual distribution of at least USD 100 million.
The completion of the amalgamation significantly enhances Africa Oil’s reserves and production, as the company now fully controls Prime's high-quality offshore assets, which benefit from low lifting costs, premium Brent pricing, and a favorable fiscal regime. This deal brings the company’s cash position to USD 460.9 million as of December 31, 2024, and is expected to increase free cash flows per share, improving its capacity to deliver sustainable returns to shareholders.
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