VANCOUVER, May 15, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) announces that Tullow Oil Kenya B.V., the operating partner on Blocks 10BB and 13T in Kenya, has today submitted notices of force majeure to the Kenyan Ministry of Petroleum and Mining on behalf of the joint venture partners in these blocks. View PDF version.

These declarations are the result of impact of the COVID-19 pandemic on the operations, including Kenyan government’s restrictions on domestic and international travel, and recent tax changes that adversely impact the project economics. These are … Continue Reading

VANCOUVER, May 12, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received its third dividend from Prime Oil and Gas B.V. (“Prime”), a company that holds interests in deepwater Nigeria production and development assets. View PDF version.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. This payment brings total dividends received by Africa Oil, since the closing of the Prime acquisition on 14 January 2020, to US$112.5 million.… Continue Reading

VANCOUVER, April 21, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to report the voting results from the Company’s Annual General and Special Meeting of Shareholders held today in Vancouver, British Columbia. Shareholders voted as follows on the matters before the meeting: View PDF version

Election of Directors

Shareholders elected the following seven (7) board members to serve on the Company’s board of directors until the next annual meeting of shareholders or until their successors are elected or appointed:

Nominee

For

% For

Withheld

% Withheld

Andrew Bartlett

59,605,218… Continue Reading

VANCOUVER, April 8, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) provides an update on its appeal process to Kenya Tax Appeals Tribunal (“TAT”) related to Kenya Revenue Authority’s (“KRA”) corporate income tax (“CIT”) and value added tax (“VAT”) assessments, made in connection with farmout transactions completed during 2012 to 2017. PDF version

Africa Oil is pleased that TAT has ruled in favour of the Company with regards to the CIT assessments. Also, the Company notes TAT’s ruling in favour of KRA with regards to the VAT assessments that amount to US$22 … Continue Reading

VANCOUVER, April 1, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that it has received its second dividend from Prime Oil and Gas B.V. (“Prime”), a company that holds interests in deepwater Nigeria production and development assets. View PDF version.

Prime has distributed a US$50 million dividend with a net payment to Africa Oil of US$25 million related to its 50% interest. This payment brings total dividends received by Africa Oil, since the closing of the Prime acquisition on 14 January 2020, to US$87.5 million.… Continue Reading

VANCOUVER, March 31, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. PDF Version.

As a result of the issuance of 735,387 common shares in connection with the settlement of restricted share units and performance share units under the Company’s long-term incentive plan during the month, the number of issued and outstanding shares of the Company has increased to 471,949,806 common shares with voting rights as at March 31, 2020.

About Africa Oil

Africa … Continue Reading

TORONTO, March 30, 2020 /CNW/ – Africa Oil Corp. (AOI – TSX, Nasdaq Stockholm)… Chairman of the Board, John Craig publishes a letter to shareholders. View PDF Version.

Dear Africa Oil shareholders,

I write to you during a period of immense stress and uncertainty. The COVID-19 pandemic threatens millions of lives worldwide and casts a dark cloud over all aspects of our daily lives. On behalf of the board of directors I extend our best wishes for good health to you and your families.

Our immediate focus at Africa Oil is the safety and well-being of our stakeholders … Continue Reading

All dollar amounts in this press release are USD unless otherwise indicated.

VANCOUVER, March 26, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce the posting of its end of 2019 statement of reserves on SEDAR (www.sedar.com). This disclosure is based on an independent reserves evaluation, effective 31 December 2019, prepared by Lloyd’s Register (“LR”) for Africa Oil in accordance with Canadian National Instrument 51-101 – Standards for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”). View PDF version… Continue Reading

VANCOUVER, March 25, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 21, 2020 at 9:00 am (Pacific Time) at Suite 2000, 885 West Georgia Street Vancouver, BC, V6C 3E8. View PDF version.

Your participation as a shareholder is important to us. Given the situation regarding the wide-spread COVID-19 virus, social distancing will be maintained while at the in-person meeting. If you are unable to attend the meeting in-person, we encourage you … Continue Reading

VANCOUVER, March 16, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil” or the “Company”) wishes to reiterate the oil price hedges arranged by its investee company, Prime Oil & Gas B.V. (“Prime”). These will significantly mitigate the impact of recent drop in global oil prices on the cash flows from operating activities net to Africa Oil’s 50% shareholding in Prime, that were recently announced as part of the Company’s 2020 Management Guidance. View PDF version.

Prime’s hedging program has resulted in 95% of its 2020 production to have been hedged at an average price of … Continue Reading

VANCOUVER, Feb. 25, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2019. The Company is also releasing today, its 2020 Management Guidance including guidance related to its 50% equity investee, Prime Oil & Gas B.V. (“POGBV”), a company that holds interests in deepwater Nigeria assets. All dollar amounts are in United States dollars unless otherwise indicated. View PDF version

HIGHLIGHTS:

2020 estimate of average daily working interest (“W.I.”) production range of 30,000–33,000 barrels

… Continue Reading

VANCOUVER, Feb. 7, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“AOI”, “Africa Oil” or “the Company”) is pleased to announce that the government of South Africa, has approved the acquisition of a 20% participating interest in the Block 3B/4B Exploration Right from Azinam Limited (“Azinam”) by its wholly-owned subsidiary, Africa Oil SA Corp.. Africa Oil Corp. will assume operatorship for the joint venture partners; Azinam will retain a 20% participating interest and Ricocure (Pty) Ltd retains a 60% participating interest. View PDF version

Block 3B/4B (the “Block”) is located in the Orange … Continue Reading