AOI Stock Recent News

Africa Oil Corp (TSX:AOI) announced that its shareholders have overwhelmingly approved the resolution to consolidate 100% ownership of Prime Oil & Gas Coöperatief U.A. (Prime) in Africa Oil.

Africa Oil Corp (TSX:AOI) ended the second quarter of 2024 on solid financial footing after announcing an agreement to consolidate its ownership in Prime, a collection of deep-water assets located offshore Nigeria. The consolidation of Prime is expected to enable direct control of cash flows, streamline business processes, and create a stronger upstream oil and gas company, according to Africa Oil CEO Roger Tucker.

Africa Oil Corp (TSX:AOI) has struck a deal to buy out its partner in the Prime Oil & Gas venture, which holds the firm's interests in Nigeria. The deal, which sees Prime's part-owners receive Africa Oil shares, is expected to significantly boost cash flow and support a new model for enhanced shareholder returns.

Africa Oil Corp (TSX:AOI) announced that it repurchased 1,138,400 of its common shares between May 27 and May 31, 2024, under its share buyback program. During this period, 450,900 shares were repurchased on the TSX or alternative Canadian trading systems on behalf of the company by Scotia Capital.

Africa Oil Corp (TSX:AOI) told investors that TotalEnergies has renewed its Oil Mining License (OML) 130 for 20 years, noting that it has an effective 8% interest in the license through its 50% shareholding in Prime Oil & Gas Coöperatief. The Canadian oil and gas company said the renewal of OML 130 means the Akpo, Egina and Preowei fields will operate under the terms of Nigeria's new Petroleum Industry Act (PIA), becoming the first assets to effectively benefit from the PIA fiscal terms.

Africa Oil Corp. (OTCPK:AOIFF) Q3 2022 Earnings Conference Call November 15, 2022 9:00 AM ET Company Participants Shahin Amini - IR and Commercial Manager Keith Hill - President and CEO Pascal Nicodeme - CFO Conference Call Participants Teodor Sveen Nilsen - SpareBank 1 Markets James Hosie - Barclays Matt Cooper - Peel Hunt Operator [Call Starts Abruptly] Oil Third Quarter 2022 Results Call and Webcast. All lines have been placed on mute to prevent any background noise.

Africa Oil Corp. is driving substantial shareholder returns, with both a 2% dividend yield and continued share repurchases. The company has an impressive and unique portfolio of assets with continued reliable production and cash flow. We'd like to see it continue to expand.

Africa Oil Corp. has announced an interest in repurchasing 10% of its float across 12-months, the maximum allowed. The company has a net cash position, even accounting for Africa Oil Corp.'s Prime Oil and Gas debt.