Poised for
transformational value upside
Africa Oil is a Canadian oil and gas company with production and development assets in deep-water Nigeria. The Company also has a portfolio of exploration and appraisal assets in west and south of Africa, including the Venus light oil discovery in the Orange Basin, offshore Namibia. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies.
The Company’s business plan is to increase shareholder value through the acquisition, exploration, development and production associated with oil and gas assets.
Africa Oil has delivered on the stated objective of acquiring high quality and free cash flowing producing assets, and continues to consider acquisition and merger options, focusing on production opportunities.
The Company has also delivered on its commitment to shareholder capital returns, having instituted a base dividend policy and launching its first share repurchase program in 2022.
The board of directors of Africa Oil may, at its discretion, approve asset or corporate acquisitions or investments that do not conform to the guidelines discussed above based upon the board’s consideration of the qualitative and quantitative aspects of the subject properties, including risk profile, anticipated return on investment, technical upside, resource potential, reserve life, above-ground risk and asset quality, including emissions.
Africa Oil Operations
Namibia
Africa Oil has an indirect interest in this block through a 30.9% shareholding in its investee company Impact Oil & Gas Limited (“Impact”) with a 20% working interest in the block.
SOUTH AFRICA
In July 2019, the Company through its wholly-owned subsidiary, Africa Oil SA Corp., entered into a definitive farmout agreement with Azinam Limited to acquire a 20% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa.
Equatorial Guinea
In February 2023 the Company, through its wholly owned subsidiaries Africa Oil Alpha B.V and Africa Oil Beta B.V., entered into two new PSCs for Offshore Blocks EG-18 and EG-31 in the Republic of Equatorial Guinea.
NIGERIA
Africa Oil has a 50% equity interest in Prime Oil & Gas Coöperatief U.A. (“Prime”) which has producing assets in Nigeria’s deepwater Niger Delta Basin, operated by Chevron and TotalEnergies.
Proven Track Record
Africa Oil is led by highly successful management with a proven exploration and development track record and extensive experience throughout Africa.
