Africa Oil Corp has announced that it has received its fourth dividend from Prime Oil and Gas, a company that holds interests in deepwater Nigeria production and development assets.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. The Company has applied US$17.7 million of this dividend to pay down the BTG term loan, reducing the outstanding balance to US$176.9 million.

The Company has received a total dividends amount of US$137.5 million since the closing of the Prime acquisition on 14 January 2020.


Source: Africa Oil Corp