Advantaged Production | Funded High Value Developments | Transformational Exploration

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Corporate History

Creating Value Through Exploration and Disciplined Capital Allocation

2022-Present

Africa Oil institutes a base dividend policy in March 2022, the first capital returns program in the company’s history, and starts its first share buyback program in September 2022. The Venus light oil and gas discovery on Block 2913B, together with other nearby third-party discovery wells, herald the emergence of the Orange Basin as a new petroleum province. Successful appraisal program of the Venus discovery is completed in 2024. Africa Oil successfully originates and executes two innovative farm down agreements. The first on the behalf of its investee company, Impact Oil and Gas Limited, providing Impact with a carry of its share of the Venus development costs. The second agreement is for Block 3B/4B in the Orange Basin, offshore South Africa, that provides Africa Oil with carry of exploration costs including drilling of wells on this prospective block. Africa Oil is positioned as the leading publicly-listed E&P company for its Orange Basin opportunity set. 

2007-2012

Early Stage Exploration

Africa Oil constructs a portfolio of East Africa exploration assets through various transactions. Successful farm down of its Kenyan portfolio ahead of exploration drilling with successful discovery of oil in South Lokichar Basin in 2012.

2013-2017

Appraisal and Monetisation

Active exploration and appraisal campaigns in northwest Kenya and south of Ethiopia. Farm down of the two South Lokichar blocks sets the company to pursue a growth strategy through acquisition.

2018-2022

Transforming to a Full Cycle E&P

Secured an agreement to acquire Petrobras’ deepwater Nigeria assets held through the JV company, Prime Oil and Gas. Successfully closed the deal in January 2020, becoming a full cycle E&P company with material reserves, production and cash flows.

Africa Oil was set up with the strategy of creating shareholder value through the acquisition and exploration of oil and gas assets located in under-explored geographic areas, in the early phase of the upstream oil and gas life-cycle, and maturing them into marketable opportunities for larger oil and gas industry players. The company successfully executed an early entry into East Africa, farm down and exploration strategy  that led to discovery of oil fields in the South Lokichar Basin in northwest Kenya. Through a farm down agreement with Maersk E&P in 2015, the company partly monetized its assets in Kenya that provided it with cash reserves to diversify its asset portfolio,  and it transformed to a full-cycle upstream oil and gas company through the acquisition of producing fields in deepwater Nigeria. Africa Oil’s strategy has adapted to changing market conditions. The company is focused on growing its full-cycle business through investments and farm down agreements for its core assets in Nigeria, Namibia, South Africa and Equatorial Guinea.

2007-2012

Early Stage Exploration

Africa Oil constructs a portfolio of East Africa exploration assets through various transaction. Successfully farm down of its Kenyan portfolio leading to discovery of oil in South Lokichar Basin in 2012.

2013-2017

Appraisal and Monetisation

Active exploration and appraisal in northwest Kenya and south of Ethiopia. Farm down of interest in two South Lokichar blocks sets the company to pursue a growth opportunity through acquisition.

2018-2022

Transforming to a Full Cycle E&P

Secured an agreement to acquire Petrobras’ deepwater Nigeria assets held through the JV company, Prime Oil and Gas. Successfully closed the deal in January 2019, becoming a full cycle E&P company with material reserves, production and cash flows.

Africa Oil was set up with the strategy and long-term plan to create shareholder value through the acquisition and exploration of oil and gas assets, located in under-explored geographic areas, in the early phase of the upstream oil and gas life-cycle and maturing them into marketable opportunities for larger oil and gas industry players. The company successfully executed an early entry, farm down and exploration strategy  that led to discovery of oil fields in the South Lokichar Basin in northwest Kenya. Through a farm down agreement with Maersk E&P in 2015, the company partly monetized its assets in Kenya that provided it with cash resources to diversify its asset portfolio and for it to ultimately become a full-cycle upstream oil and gas company through the acquisition of producing fields in deepwater Nigeria. Africa Oil’s strategy has adapted to changing market conditions. The company is focused on growing its full cycle business through investments and farm down agreements for its core assets in Nigeria, Namibia, South Africa and Equatorial Guinea.