Africa Oil confirms closing of prime debt refinancing and dividend payment to prime shareholders

VANCOUVER, BC, June 20, 2023 /CNW/ – (TSX: AOI ) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that its investee company, Prime Oil & Gas Coöperatief U.A. ("Prime"), has confirmed the closing of its debt refinancing and thus significantly increasing its debt capacity and extending its debt maturity profile. This supports the distribution of dividends by Prime to its shareholders and, Prime will distribute the first dividend of 2023 for $125.0 million or $62.5 million net to Africa Oil’s 50% shareholding in Prime on June 21, 2023. The closing of this refinancing follows the renewal of Oil Mining License ("OML") 130 for a period of 20 years, as announced in the Company’s announcement of May 29, 2023. View PDF version Africa Oil confirms closing of prime debt refinancing and dividend payment to prime shareholders (CNW Group/Africa Oil Corp.) At the end of the first quarter 2023 Prime had an outstanding reserves-based lending ("RBL") facility and a pre-export finance facility ("PXF") with an aggregate outstanding debt amount of $720.3 million ($360.2 million net to AOC). Prime has refinanced these facilities with the closing of a new RBL facility and the PXF […]

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