Africa Oil reported 2024 results and announced the near completion of its Prime Oil & Gas consolidation.CEO Roger Tucker highlighted a record $67.9M shareholder return and stronger financials post-merger. The company plans steady returns and growth, backed by Nigerian assets and Orange Basin projects.Africa Oil expects to complete its reorganization by March 7, 2025, doubling reserves and production while gaining control of Prime’s cash flow.
The company plans to triple its annual dividend to $100M ($0.15/share) and issue a $25M ($0.037/share) quarterly dividend post-merger, pending approvals.In 2024, it returned a record $67.9M to shareholders.In 2024, Africa Oil increased its Impact stake to 39.5% for $88.6M, strengthening its position in Namibia’s Orange Basin.Year-end cash balance (AOC & Prime) was $460.9M, with a $31.6M post-2024 dividend from Impact.Nigeria’s Agbami field met expectations, with compressor maintenance ongoing.
Seismic processing and preparations for a 2026 drilling campaign continue, with a full-field shutdown planned for Q4 2025.Egina exceeded 2024 production plans due to efficiency and well interventions, with 2025 drilling set for Q1.Akpo maintained steady output, supported by Akpo West wells and infill drilling. In 2024, three producers and one injector were added, though production fell short due to drilling delays.
Further infill drilling and exploration are planned.Egina and Akpo drilling paused in November 2024 for seismic analysis, resuming in January 2025.Preowei Phase 2 FEED progress depends on cost optimization and field studies to support FID and project execution.
