Africa Oil quarterly results confirms significant transformation
Last updated: 02:27 15 May 2025 EDT, First published: 02:27 14 May 2025 EDT
Africa Oil Corp (TSX:AOI), in its first quarter trading statement, highlighted that it was “significantly transformed” during the period in terms of scale and structure.
The acquisition and consolidation of Prime was completed on 19 March.
For the quarter, meanwhile, it reported net income of $50.9 million ($0.11 per share).
Consolidated guidance for 2025 anticipates 28,000 to 33,000 barrels oil equivalent per day of production and 32,000 to 37,000 barrels oil equivalent of ‘entitlement’ production.
In the first quarter, it achieved 33,400 and 37,700 barrels respectively.
The company ended the quarter with $428.4 million of cash, and $191.6 million of debt.
And, it is to pay $25 million of interim dividends for the quarter ($0.0371 per share) payable on 11 June.
“We are now poised for the Company's next phase of value creation by monetizing our world-class assets and delivering compelling shareholder returns, as we continue to grow into a leading independent E&P,” chief executive Roger Tucker said in a statement.
He added: "During the first quarter, Africa Oil significantly transformed its scale and structure by completing the Prime amalgamation.”
“This strategic move has doubled our reserves and high-quality, high-netback production and underpins our new enlarged shareholder returns policy.”
Africa Oil is rebranding, renaming the business Meren Energy.
