Presentation

Africa Oil is an E&P company listed on the Toronto and Stockholm stock exchanges with a market capitalization of USD ~400m. The company has a diversified African portfolio, with assets offshore Nigeria, the South Lokichar basin in Kenya, and adjacent exploration blocks in Kenya and Ethiopia. Africa Oil also has equity positions in the exploration companies Impact Oil & Gas (~30%), Eco (Atlantic) Oil & Gas (~18%) and Africa Energy (~35%) with licenses across Africa and Guyana.

In January, the company completed the POGBV transaction, which secured the company’s interest in a large producing oil fields offshore Nigeria (Agbami, Akpo & Engina). This transformed the company, adding ~33,000 bbl/day of high-margin production. The future cash flow from the fields will support the development of the South Lokichar project and provides a wider scope for new business development opportunities.

The company has delivered on its stated strategy of diversifying its international exploration portfolio and acquiring producing assets, whilst it proceeds with the South Lokichar development project. In the meantime, it has material near-term exposure to high impact exploration catalysts, including exploration drilling on Block 11B/12B offshore South Africa through its stake in Africa Energy.