Presentation

Africa Oil an Africa-focused independent E&P company, part of the Lundin Group and listed on the Toronto and Stockholm stock exchanges. The portfolio includes producing and development assets offshore Nigeria, the South Lokichar development in Kenya and equity stakes in exploration companies Impact Oil & Gas (~30%), Eco (Atlantic) Oil & Gas (~20%) and Africa Energy (~35%) with licenses across Africa and Guyana.

The company’s main asset is a 50% ownership interest in Prime (Nigeria), which holds working interest in the producing fields Agbami, Akpo and Egina. Net to Africa Oil, Prime is guiding for 24,000-28,000 boe/day in 2021. In addition, Africa Oil has a 25% WI in the The South Lokichar Development Project and a 25% WI in an exploration project (Block 10BA), both in Kenya, and a 20% participating interest and operatorship in block 3B/4B offshore South Africa.

Africa Oil recently announced the closing of its new USD 160m debt facility, of which USD 98m was used to repay a more costly term loan. The reduced borrowing costs frees up cash for other opportunities such as M&A, with the company also considering a shareholder capital return program by the end of this year, which could include a dividend policy and/or share buyback program.