Latest news with #RogerTucker
Yahoo
20-05-2025
- Business
- Yahoo
Africa Oil Corp Announces New Brand Identity
This article was first published on Rigzone here In a release posted on its website, Africa Oil Corp. announced a new brand identity with a change of name to Meren Energy Inc. The company noted in the release that its rebranding follows the recent completion of the 'transformative Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favorable fiscal regime'. The business said its common shares will trade under the new symbol 'MER' on the TSX and Nasdaq OMX Stockholm. It added in the release that there is no change in the capitalization of the company pursuant to the change of name and new trading symbols. In connection with its name change, the company also announced the launch of a new website, which has gone live today, 'to coincide with the trading under the new symbols'. The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks, the company stated in the release. 'Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the company's stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets,' it added. In the release, the company noted that Meren's 'key strategic objectives will remain to - drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns; continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength, and disciplined capital allocation; and judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria'. President and Chief Executive Officer Roger Tucker said in the release, 'the recent completion of the Prime consolidation felt like the natural catalyst to rebrand the company given the transformational impact of that transaction'. 'Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria,' he added. 'The business model has also evolved considerably over the past few years; moving away from being exploration led to being a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns,' he continued. In a release posted on its site on March 20, Africa Oil Corp. announced the completion of the amalgamation to consolidate all of the Prime Oil & Gas Coöperatief U.A shareholding in Africa Oil. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> 'There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors,' Tucker said in that release. Africa Oil Chairman Huw Jenkins said in that release, 'on behalf of the board I congratulate the teams at Africa Oil, Prime and BTG Pactual in closing this deal considerably ahead of the original timeline'. 'The enlarged Africa Oil is uniquely well-positioned to drive long-term value through its existing portfolio of world-class assets as well as by leveraging its strong balance sheet to consider strategically complementary acquisitions in our target markets,' he added. 'The company has ambitious growth targets and the vision is to continue growing into a leading full-cycle E&P, establishing it as a trusted and prominent industry partner,' he continued. In a release posted on its site on June 24, 2024, Africa Oil Corp. announced that it had reached an agreement with BTG Pactual Oil & Gas S.a.r.l. to consolidate their respective shareholdings in Prime Oil & Gas Coöperatief U.A. That release noted that Africa Oil had entered into a definitive agreement with BTG Oil & Gas and BTG Pactual Holding S.a.r.l. in relation to their joint 50:50 ownership of Prime. 'Under the Amalgamation Agreement, BTG Holding will be amalgamated under Canadian corporate law with a newly created subsidiary of Africa Oil, with BTG Oil & Gas receiving newly issued common shares in Africa Oil as part of the amalgamation,' that release stated. 'On completion of the Proposed Reorganization, BTG Oil & Gas is expected to hold approximately 35 percent of the outstanding share capital of the enlarged Africa Oil (on a partially diluted basis, excluding certain performance share units with a long vesting horizon), based on the current number of Africa Oil shares,' that release added. Africa Oil Corp.'s March 20 statement highlighted the issuance of 239,828,655 newly issued common shares in Africa Oil to BTG Pactual Oil & Gas S.a.r.l., 'representing approximately 35.5 percent of the outstanding share capital of the company'. To contact the author, email More From The Leading Energy Platform: OPEC+ Did Not Lift Production to Kill the Oil Price, SEB Says Strathcona Bares Unsolicited Bid for MEG, Sells Montney Assets Venture Global Exported Record LNG in Q1 North America Adds Rigs for First Time in Months >> Find the latest oil and gas jobs on << Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
15-05-2025
- Business
- Cision Canada
AFRICA OIL INTRODUCES NEW BRAND IDENTITY WITH CHANGE OF NAME TO MEREN
VANCOUVER, BC, May 15, 2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil" or the "Company") is pleased to unveil its new brand identity with a change of name to Meren Energy Inc. ("Meren"). The Company's rebranding follows the recent completion of the transformative Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime. View PDF version View PDF The Company's common shares will trade under the new symbol 'MER' on the TSX and Nasdaq OMX Stockholm. There is no change in the capitalization of the Company pursuant to the change of name and new trading symbols. Commenting on the launch of Meren, President and Chief Executive Officer, Roger Tucker, said:"The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the Company given the transformational impact of that transaction. Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria. The business model has also evolved considerably over the past few years; moving away from being exploration led to being a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns." The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks. Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the Company's stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets. Meren's key strategic objectives will remain to: drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns; continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength, and disciplined capital allocation; and judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria. In connection with its name change, the Company is also pleased to announce the launch of its new website at which will go live on morning of Monday May 19, 2025, to coincide with the trading under the new symbols. Timetable regarding the name change and ISIN change The name for the common share on Nasdaq Stockholm and the Toronto Stock Exchange will change from Africa Oil Corp. to Meren Energy Inc. and the short name (ticker) for the Company's shares will change from 'AOI' to 'MER'. The Company will begin trading under the name Meren Energy Inc. and the short name MER on Nasdaq Stockholm and the Toronto Stock Exchange as of close of business in Stockholm and Toronto, respectively, on May 16, 2025. As a result of the name change, the CUSIP/ISIN of the shares in the Company will change to 588914101/CA5889141019. The last day of trading in the current CUSIP/ISIN on Nasdaq Stockholm and the Toronto Stock Exchange will be May 16, 2025, and the first day of trading in the new CUSIP/ISIN on Nasdaq Stockholm will be May 19, 2025, and on the Toronto Stock Exchange will be May 20, 2025. The record date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 20, 2025 and the completion date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 21, 2025. This is an administrative matter and shareholders do not need to take any action. About the Company The Company is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". Additional Information This information was submitted for publication, through the agency of the contact persons set out above, at 2:00 a.m. EST on May 15, 2025. Forward Looking Information Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including in respect of trading under the new name Meren Energy Inc. and trading symbols 'MER' on May 19/20, 2025, creating value and delivering shareholder return, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including statements pertaining to dividend distributions, share repurchase programs, the 2025 Management Guidance including production, cashflow from operation and capital investment estimates, performance of commodity hedges, the results, schedules and costs of exploratory drilling activity, uninsured risks, regulatory and fiscal changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of the drilling program, availability of third party service providers and defects in title. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macro-economic conditions and their impact on operations, changes in oil prices, reservoir and production facility performance, hedging counterparty contractual performance, results of exploration and development activities, cost overruns, uninsured risks, regulatory and fiscal changes, defects in title, claims and legal proceedings, availability of materials and equipment, availability of skilled personnel, timeliness of government or other regulatory approvals, actual performance of facilities, joint venture partner underperformance, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Yahoo
14-05-2025
- Business
- Yahoo
AFRICA OIL ANNOUNCES FIRST QUARTER 2025 RESULTS AND DECLARES SECOND QUARTERLY DIVIDEND
VANCOUVER, BC, May 14, 2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") today published its financial and operating results for the three months ended March 31, 2025, and is pleased to declare its second quarterly distribution of $25 million under its enlarged base dividend policy. View PDF version Africa Oil President and CEO, Roger Tucker commented: "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. 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." Highlights* Closed the amalgamation transaction to take full control of Prime, doubling AOC's reserves and production, and implemented a new policy to effectively triple dividend per share. During Q1 2025 (presented as if the amalgamation had closed on January 1, 2025): During Q1 2025 with the amalgamation closing on March 19, 2025, recorded net income of $50.9 million ($0.11 per share5). Post end of Q1 2025: * All dollar amounts in this press release are U.S. Dollars unless otherwise indicated. 2025 First Quarter Results Highlights The Company completed the Prime amalgamation on March 19, 2025. The following table presents the highlights for Q1 2025. Three months ended Years ended AOC highlights(i,ii) Unit March 31, 2025 March 31, 2024 December 31, 2024Net income/ (loss) $'m 50.9 3.5 (279.1) Net income/ (loss) per share – basic $/ share 0.11(5) 0.01 (0.62)Net debt position(iii) $'m 191.6 285.9 289.1WI production(iii) boepd 33,400 34,200 34,000 Entitlement production(iii) boepd 37,700 40,200 38,800EBITDAX(iv) $'m 141.6 n/a n/aCash flow from operations(3 iv) $'m 99.8 n/a n/aFree Cash Flow(iv) $'m 121.6 n/a n/a i. This table includes non-GAAP measures (net debt, EBITDAX, cash flow from operations and free cash flow). Definitions and reconciliations to these non-GAAP measures are provided on pages 14-16 of the Report to Shareholders for the period ended March 31, 2025. ii. WI and entitlement production, EBITDAX, cash flow from operations and free cash flow from operations are presented for Q1 2025 as if the amalgamation had closed on January 1, 2025. iii. Net debt position and production numbers as presented for the comparative periods includes 100% of Prime to be comparable with March 31, 2025. iv. EBITDAX, cash flow from operations and free cash flow are reported for the year 2025 only as if the amalgamation had closed on January 1, 2025. Constructed Prime information for purposes of explaining performance Constructed Prime information to explain performance is included in the following tables to present on a consolidated basis net income for Q1 2025, and cash flow statement for Q1 2025 as if the amalgamation had closed on January 1, 2025, whereby the Africa Oil interim condensed consolidated statement of net income and comprehensive income and the Africa Oil interim condensed consolidated statement of cash flows for Q1 2025 are combined with the Prime statement of net income and comprehensive income and the Prime statement of cash flows for the period until March 19, 2025. Adjustments are included to conform Prime financial information with Africa Oil accounting policies and for any transactions between Africa Oil and Prime prior to amalgamation for the purpose of presenting constructed Prime information to explain performance. Interim condensed consolidated statement of net income For the three months endedAOC Q1 2025 per Financial Statements Prime for period from January 1, 2025, to March 19, 2025 Adjustments (i) March 31, 2025 Revenue76.4 323.5 - 399.9 Cost of Sales Production costs(51.2) (187.4) 2.0 (236.6)Depletion and decommissioning costs(12.1) (71.3) - (83.4)(63.3) (258.7) 2.0 (320.0) Gross profit13.1 64.8 2.0 79.9General and administrative expenses(13.5) (6.2) - (19.7) Operating (loss) / profit(0.4) 58.6 2.0 60.2Finance income1.1 2.4 - 3.5Finance expense(2.8) (21.3) - (24.1) Net financial items(1.7) (18.9) - (20.6)Share of profit from investment in joint venture15.9 - (15.9) -Share of loss from investments in associates(2.0) - - (2.0)Reversal of impairment of investment in joint venture42.9 - (42.9) - Profit before tax54.7 39.7 (56.8) 37.6 Income tax(3.8) (7.9) - (11.7) Net income attributable to common shareholders 50.9 31.8 (56.8) 25.9i. Adjustments to remove items related to Prime as fully consolidated above. Interim condensed consolidated statement of cash flows For the three months endedAOC Q1 2025 per Financial Statements Prime for period from January 1, 2025, to March 19, 2025 Adjustments (i)March 31, 2025OperationsProfit before tax54.7 39.7 (56.8)37.6Adjustments as per financial statements(55.6) 59.0 58.862.2 Net cash (used) / generated in operating activities before working capital(0.9) 98.7 2.099.8Changes in working capital37.3 (25.7) -11.6 Net cash generated in operating activities36.4 73.0 2.0111.4 InvestingExpenditures on oil and gas properties(3.6) (22.6) (2.0)(28.2)Distribution received from joint venture60.0 - (60.0)-Distribution received from associates31.6 - -31.6Loan repaid by associated company4.5 - -4.5Interest income received0.9 2.2 -3.1Cash acquired from Prime consolidation (ii)380.4 - (381.3)(0.9) Net cash generated/ (used) in investing activities473.8 (20.4) (443.3)10.1FinancingRepayment RBL Facility(130.0) - -(130.0)Repayment of principal portion of lease commitments(0.1) - -(0.1)Dividends paid to shareholders- (120.0) 120.0-Repurchase of share capital(8.3) - -(8.3)Interest expense paid(4.9) (10.8) -(15.7) Net cash used in financing activities(143.3) (130.8) 120.0(154.1) Foreign exchange variation on cash and cash equivalents 0.1 - -0.1 Total cash flow 367.0 (78.2) (321.3)(32.5) Cash and cash equivalents, beginning of the period 61.4 399.5 -460.9 Cash and cash equivalents, end of the period 428.4 321.3 (321.3)428.4 i. Adjustments to remove items related to Prime as Prime fully consolidated above ii. Reflects impact of net cash movement on the level of BTG Pactual Holding S.à.r.l. Outlook Shareholder Returns The Company is pleased to announce that its Board has declared the distribution of the Company's second 2025 quarterly cash dividend of approximately $25.0 million or $0.0371 per share. This dividend will be payable on June 11, 2025, to shareholders of record at the close of business on May 26, 2025. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividends for shares traded on the Toronto Stock Exchange ("TSX") will be paid in Canadian dollars on June 11, 2025; however, all US and foreign shareholders will receive USD funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish Krona in accordance with Euroclear principles on June 16, 2025. To execute the payment of the dividend, a temporary administrative cross border transfer closure will be applied by Euroclear from May 22, 2025, up to and including May 26, 2025, during which period shares of the Company cannot be transferred between the TSX and Nasdaq Stockholm. Payment to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: Future dividend declarations are subject to customary Board approval and consents. Nigeria The Company remains focused on working with its JV partners to sustain and enhance production through targeted drilling and optimisation initiatives on its three producing fields in deepwater Nigeria. At Egina, two producers were drilled in Q1 2025 with both expected to come onstream in Q2 2025. On Akpo, a well intervention and the drilling of one development well are planned for Q2 2025. A planned break to the rig campaign is planned from Q4 2025 to allow for interpretation of the available 4D seismic data and drilled well results to enable maturation of future infill drilling candidates. The Company's Nigerian portfolio includes infrastructure-led exploration assets that in case of commercial discovery success, could potentially present attractive short cycle, high return investment opportunities that would benefit from the existing facilities. One such opportunity, which is being progressed towards drilling is the Akpo Far East prospect with an unrisked, best estimate, gross field prospective resource volume of 143.6 MMboe. The targeted hydrocarbons are predicted to be light, high gas-oil ratio ("GOR") oil equivalent to those found in the Akpo field. If successful, initial production could be achieved from existing production manifolds with the potential to materially increase reserves on the Akpo Field. At Agbami, further planned maintenance including a full field shutdown in Q4 2025, is expected to support long-term performance with 4D seismic interpretation continuing in support of the upcoming drilling campaign. Rig and well long lead items contracting is underway, alongside the placement of orders for subsea trees, in preparation for the commencement of the infill drilling campaign in 2027. For Preowei, studies of the fast-track seismic data are continuing to further derisk the identified upside opportunities to enhance recoverable volumes. In parallel, the reengagement of the front-end engineering and design ("FEED") contractor is planned in order to carry out additional evaluation aimed at optimizing the Preowei engineering, procurement, construction and installation ("EPCI") phase costs. Namibia Orange Basin Appraisal and Exploration Campaign The Venus Field is expected to be the first development area in Block 2913B. The Venus development plan is for up to 40 subsea wells tied back to a floating production, storage and offloading ("FPSO") platform that can handle peak output of 160,000 barrels per day of oil. Key near-term project preparation and decision-making processes are: o Front-End Engineering Designs ("FEED"): Q2 – Q4 2025 o ESIA submission to authorities: Q4 2025 o Final Investment Decision ("FID") could be made during H1 2026 The latest exploration drilling campaign was completed on April 25, 2025, with the drilling rig demobilized. The Company expects the next drilling campaign to commence during Q4 2025 and notes that TotalEnergies has publicly identified Olympe-1X, on Block 2912, as a possible target for this campaign. South Africa Orange Basin, Block 3B/4B Following the granting of an Environmental Authorization for exploration activities (drilling of up to 5 exploration wells) by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024, the legislative notification and appeals process continues to progress with the relevant regulatory agencies. The operator has stated that with the approval process progressing the current plan is to drill the first exploration well on Block 3B/4B in 2026 and has identified Nayla, a prospect that lies in the northwest of the license area as the potential drilling target. Equatorial Guinea, EG-18 and EG-31 The Company is in active dialogue with industry parties to attract farm in parties on both blocks, with the aspiration of completing the exercise by the end of Q3 2025. If the Company is successful in attracting farminee partner(s) for these blocks, subject to customary consents and approvals including governmental and regulatory permissions, the Company anticipates that newly formed JVs could plan for exploration drilling in late 2026 or during 2027. However, there is no guarantee the Company can secure farminee partners on acceptable terms and it does not intend to undertake exploration drilling on a sole risk basis if it is unsuccessful in its farm down campaign. Summary of 2025 Management Guidance and Actuals The Company's full-year 2025 Management Guidance is unchanged and is repeated here for completeness. These estimates are based on a 2025 average Brent price of $75.0 per barrel. At an average Brent price of $85.0 per barrel the mid-point of the cash flow from operations guidance range is estimated to increase by approximately 19%, and at an average of $65.0 per barrel the mid-point is estimated to decrease by approximately 12%.2025 Guidance Q1 2025 actuals WI production (boepd) (1) 28,000 – 33,000 33,400 Entitlement production (boepd) (2) 32,000 – 37,000 37,700 EBITDAX ($ million) (4) 500 - 600 141.6 Cash flow from operations ($ million) (3,4) 320 - 370 99.8 Capital investment ($ million) 150 - 190 28.2 Notes Aggregate oil equivalent production data comprised of light and medium crude oil and conventional natural gas production net to Prime's W.I. in Agbami, Akpo and Egina fields. These production rates only include sold gas volumes and not those volumes used for fuel, reinjected or flared. Entitlement production is calculated using the economic interest methodology and includes cost recovery oil, tax oil, royalty oil and profit oil and is different from working interest production that is calculated based on project volumes multiplied by Prime's effective working interest in each license. Cash flow from operations before working capital and interest payments. Non-GAAP measures. Definitions and reconciliations to these non-GAAP measures are provided on pages 14-16 of the Report to Shareholders for the period ended March 31, ,2025. Based on the Q1 2025 weighted average number of shares outstanding of 449,431,803. Management Conference Call Senior management will hold a conference call to discuss the results on Friday, May 16, 2025, at 09:00 (EST) / 14:00 (GMT) / 15:00 (CET). The conference call may be accessed by dial in or via webcast. Participants should use the following link to register for the live webcast: Participants can also join via telephone with the instructions available on the following link: Click on the call link and complete the online registration form. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. About Africa Oil Africa Oil is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". Additional Information This information is information that Africa Oil is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 5:00 p.m. EST on May 14, 2024. Advisory Regarding Oil and Gas Information The terms boe (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in isolation. Production data are based on a conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Petroleum references in this press release are to light and medium gravity crude oil and conventional natural gas in accordance with NI 51-101 and the COGE Handbook. Estimates of reserves in this press release were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves estimates disclosed in this press release are estimates only and there is no guarantee that the estimated reserves will be recovered. Forward-Looking Information Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including statements related to: the enlarged base dividend distribution; the declaration of the $25 million quarterly dividend; schedules and costs of drilling activity including those offshore Namibia and Nigeria; the outcome and timing of exploration, appraisal and development activities including those offshore Namibia and Nigeria; the development of the Venus discovery; the ability of Africa Oil to secure farminee partners on acceptable terms in Equatorial Guinea; the ability of Africa Oil to deliver further growth or increased shareholder returns including by monetizing its assets; the ability of Africa Oil to grow into a leading independent E&P the continuing benefits from funded, high value growth opportunities, including the Venus oil project in the Orange Basin; expectations regarding free-cash flow; the ability of Africa Oil to influence its JV partners to sustain and enhance production in Nigeria; and statements regarding access to business opportunities in Africa Oil's regions of focus and unlocking new sources of growth capital. Such statements and information (together, "forward-looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including statements pertaining to performance of commodity hedges, uninsured risks, regulatory and fiscal changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of the drilling program, availability of third party service providers and defects in title, the sustainability of Africa Oil across oil and gas price cycles, the enhanced visibility and certainty over the use of capital, and statements regarding capital priorities. Forward-looking statements are based on a number of assumptions, including but not limited to, the ability of Africa Oil to delivery further growth, the ability to have a Board comprised at all times of a majority of independent non-executive directors, high value growth opportunities will continue to be funded, and the ability to access business opportunities in Africa Oil's regions of focus. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macro-economic conditions and their impact on operations, changes in oil prices, reservoir and production facility performance, contractual performance, results of exploration and development activities, cost overruns, uninsured risks, regulatory and fiscal changes including defects in title, claims and legal proceedings, availability of materials and equipment, availability of skilled personnel, the need to obtain required approvals from regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, joint venture partner underperformance, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental, health and safety impacts on operations, satisfaction of the conditions to consummate the Proposed Reorganization; failure to complete the Proposed Reorganization; the amount of costs, fees, expenses and charges related to the Proposed Reorganization; and the failure to realize the anticipated benefits of the Proposed Reorganization. Actual results may differ materially from those expressed or implied by such forward-looking statements. SOURCE Africa Oil Corp. View original content to download multimedia: Sign in to access your portfolio
Cision Canada
14-05-2025
- Business
- Cision Canada
AFRICA OIL ANNOUNCES FIRST QUARTER 2025 RESULTS AND DECLARES SECOND QUARTERLY DIVIDEND
VANCOUVER, BC, May 14, 2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") today published its financial and operating results for the three months ended March 31, 2025, and is pleased to declare its second quarterly distribution of $25 million under its enlarged base dividend policy. View PDF version View PDF Africa Oil President and CEO, Roger Tucker commented:"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. 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." Highlights * Closed the amalgamation transaction to take full control of Prime, doubling AOC's reserves and production, and implemented a new policy to effectively triple dividend per share. During Q1 2025 (presented as if the amalgamation had closed on January 1, 2025): Achieved average daily working interest (1) ("WI") and entitlement (2) production of 33,400 barrels of oil equivalent per day ("boepd") and 37,700 boepd respectively, in line with expectations. Sold five cargoes (approximately 5 million barrels) at an average sales price of $79.5/bbl versus an average Dated Brent for the same period of $75.7/bbl. Recorded cashflow from operations (3,4) before working capital adjustment of $99.8 million. Received a distribution of $31.6 million from Impact. Proactively reduced the RBL debt balance by $130.0 million to $620.0 million at the end of Q1 2025, reducing interest expenses. End of Q1 2025 cash balance of $428.4 million, resulting in a net debt position of $191.6 million with a Net Debt/ EBITDAX (4) of 0.3x as at March 31, 2025. During Q1 2025 with the amalgamation closing on March 19, 2025, recorded net income of $50.9 million ($0.11 per share 5). Post end of Q1 2025: Distributed the first quarterly cash dividend of approximately $25.0 million ($0.0371 per share) in April 2025. AOC's Board has declared the second quarterly dividend of approximately $25.0 million ($0.0371 per share) payable in June 2025 to shareholders of record at the close of business on May 26, 2025. The Company reduced the RBL debt balance by a further $80.0 million and has commenced the process to cancel its $65.0 million Corporate Facility, which remains undrawn. * All dollar amounts in this press release are U.S. Dollars unless otherwise indicated. 2025 First Quarter Results Highlights The Company completed the Prime amalgamation on March 19, 2025. The following table presents the highlights for Q1 2025. i. This table includes non-GAAP measures (net debt, EBITDAX, cash flow from operations and free cash flow). Definitions and reconciliations to these non-GAAP measures are provided on pages 14-16 of the Report to Shareholders for the period ended March 31, 2025. ii. WI and entitlement production, EBITDAX, cash flow from operations and free cash flow from operations are presented for Q1 2025 as if the amalgamation had closed on January 1, 2025. iii. Net debt position and production numbers as presented for the comparative periods includes 100% of Prime to be comparable with March 31, 2025. iv. EBITDAX, cash flow from operations and free cash flow are reported for the year 2025 only as if the amalgamation had closed on January 1, 2025. Constructed Prime information for purposes of explaining performance Constructed Prime information to explain performance is included in the following tables to present on a consolidated basis net income for Q1 2025, and cash flow statement for Q1 2025 as if the amalgamation had closed on January 1, 2025, whereby the Africa Oil interim condensed consolidated statement of net income and comprehensive income and the Africa Oil interim condensed consolidated statement of cash flows for Q1 2025 are combined with the Prime statement of net income and comprehensive income and the Prime statement of cash flows for the period until March 19, 2025. Adjustments are included to conform Prime financial information with Africa Oil accounting policies and for any transactions between Africa Oil and Prime prior to amalgamation for the purpose of presenting constructed Prime information to explain performance. For the three months ended AOC Q1 2025 per Financial Statements Prime for period from January 1, 2025, to March 19, 2025 Adjustments (i) March 31, 2025 Operations Profit before tax 54.7 39.7 (56.8) 37.6 Adjustments as per financial statements (55.6) 59.0 58.8 62.2 Net cash (used) / generated in operating activities before working capital (0.9) 98.7 2.0 99.8 Changes in working capital 37.3 (25.7) - 11.6 Net cash generated in operating activities 36.4 73.0 2.0 111.4 Investing Expenditures on oil and gas properties (3.6) (22.6) (2.0) (28.2) Distribution received from joint venture 60.0 - (60.0) - Distribution received from associates 31.6 - - 31.6 Loan repaid by associated company 4.5 - - 4.5 Interest income received 0.9 2.2 - 3.1 Cash acquired from Prime consolidation (ii) 380.4 - (381.3) (0.9) Net cash generated/ (used) in investing activities 473.8 (20.4) (443.3) 10.1 Financing Repayment RBL Facility (130.0) - - (130.0) Repayment of principal portion of lease commitments (0.1) - - (0.1) Dividends paid to shareholders - (120.0) 120.0 - Repurchase of share capital (8.3) - - (8.3) Interest expense paid (4.9) (10.8) - (15.7) Net cash used in financing activities (143.3) (130.8) 120.0 (154.1) Foreign exchange variation on cash and cash equivalents 0.1 - - 0.1 Total cash flow 367.0 (78.2) (321.3) (32.5) Cash and cash equivalents, beginning of the period 61.4 399.5 - 460.9 Cash and cash equivalents, end of the period 428.4 321.3 (321.3) 428.4 i. Adjustments to remove items related to Prime as Prime fully consolidated above ii. Reflects impact of net cash movement on the level of BTG Pactual Holding S.à.r.l. Outlook Shareholder Returns The Company is pleased to announce that its Board has declared the distribution of the Company's second 2025 quarterly cash dividend of approximately $25.0 million or $0.0371 per share. This dividend will be payable on June 11, 2025, to shareholders of record at the close of business on May 26, 2025. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividends for shares traded on the Toronto Stock Exchange ("TSX") will be paid in Canadian dollars on June 11, 2025; however, all US and foreign shareholders will receive USD funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish Krona in accordance with Euroclear principles on June 16, 2025. To execute the payment of the dividend, a temporary administrative cross border transfer closure will be applied by Euroclear from May 22, 2025, up to and including May 26, 2025, during which period shares of the Company cannot be transferred between the TSX and Nasdaq Stockholm. Payment to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: Future dividend declarations are subject to customary Board approval and consents. Nigeria The Company remains focused on working with its JV partners to sustain and enhance production through targeted drilling and optimisation initiatives on its three producing fields in deepwater Nigeria. At Egina, two producers were drilled in Q1 2025 with both expected to come onstream in Q2 2025. On Akpo, a well intervention and the drilling of one development well are planned for Q2 2025. A planned break to the rig campaign is planned from Q4 2025 to allow for interpretation of the available 4D seismic data and drilled well results to enable maturation of future infill drilling candidates. The Company's Nigerian portfolio includes infrastructure-led exploration assets that in case of commercial discovery success, could potentially present attractive short cycle, high return investment opportunities that would benefit from the existing facilities. One such opportunity, which is being progressed towards drilling is the Akpo Far East prospect with an unrisked, best estimate, gross field prospective resource volume of 143.6 MMboe. The targeted hydrocarbons are predicted to be light, high gas-oil ratio ("GOR") oil equivalent to those found in the Akpo field. If successful, initial production could be achieved from existing production manifolds with the potential to materially increase reserves on the Akpo Field. At Agbami, further planned maintenance including a full field shutdown in Q4 2025, is expected to support long-term performance with 4D seismic interpretation continuing in support of the upcoming drilling campaign. Rig and well long lead items contracting is underway, alongside the placement of orders for subsea trees, in preparation for the commencement of the infill drilling campaign in 2027. For Preowei, studies of the fast-track seismic data are continuing to further derisk the identified upside opportunities to enhance recoverable volumes. In parallel, the reengagement of the front-end engineering and design ("FEED") contractor is planned in order to carry out additional evaluation aimed at optimizing the Preowei engineering, procurement, construction and installation ("EPCI") phase costs. Namibia Orange Basin Appraisal and Exploration Campaign The Venus Field is expected to be the first development area in Block 2913B. The Venus development plan is for up to 40 subsea wells tied back to a floating production, storage and offloading ("FPSO") platform that can handle peak output of 160,000 barrels per day of oil. Key near-term project preparation and decision-making processes are: o Front-End Engineering Designs ("FEED"): Q2 – Q4 2025 o ESIA submission to authorities: Q4 2025 o Final Investment Decision ("FID") could be made during H1 2026 The latest exploration drilling campaign was completed on April 25, 2025, with the drilling rig demobilized. The Company expects the next drilling campaign to commence during Q4 2025 and notes that TotalEnergies has publicly identified Olympe-1X, on Block 2912, as a possible target for this campaign. South Africa Orange Basin, Block 3B/4B Following the granting of an Environmental Authorization for exploration activities (drilling of up to 5 exploration wells) by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024, the legislative notification and appeals process continues to progress with the relevant regulatory agencies. The operator has stated that with the approval process progressing the current plan is to drill the first exploration well on Block 3B/4B in 2026 and has identified Nayla, a prospect that lies in the northwest of the license area as the potential drilling target. Equatorial Guinea, EG-18 and EG-31 The Company is in active dialogue with industry parties to attract farm in parties on both blocks, with the aspiration of completing the exercise by the end of Q3 2025. If the Company is successful in attracting farminee partner(s) for these blocks, subject to customary consents and approvals including governmental and regulatory permissions, the Company anticipates that newly formed JVs could plan for exploration drilling in late 2026 or during 2027. However, there is no guarantee the Company can secure farminee partners on acceptable terms and it does not intend to undertake exploration drilling on a sole risk basis if it is unsuccessful in its farm down campaign. Summary of 2025 Management Guidance and Actuals The Company's full-year 2025 Management Guidance is unchanged and is repeated here for completeness. These estimates are based on a 2025 average Brent price of $75.0 per barrel. At an average Brent price of $85.0 per barrel the mid-point of the cash flow from operations guidance range is estimated to increase by approximately 19%, and at an average of $65.0 per barrel the mid-point is estimated to decrease by approximately 12%. Notes Aggregate oil equivalent production data comprised of light and medium crude oil and conventional natural gas production net to Prime's W.I. in Agbami, Akpo and Egina fields. These production rates only include sold gas volumes and not those volumes used for fuel, reinjected or flared. Entitlement production is calculated using the economic interest methodology and includes cost recovery oil, tax oil, royalty oil and profit oil and is different from working interest production that is calculated based on project volumes multiplied by Prime's effective working interest in each license. Cash flow from operations before working capital and interest payments. Non-GAAP measures. Definitions and reconciliations to these non-GAAP measures are provided on pages 14-16 of the Report to Shareholders for the period ended March 31, ,2025. Based on the Q1 2025 weighted average number of shares outstanding of 449,431,803. Management Conference Call Senior management will hold a conference call to discuss the results on Friday, May 16, 2025, at 09:00 (EST) / 14:00 (GMT) / 15:00 (CET). The conference call may be accessed by dial in or via webcast. Click on the call link and complete the online registration form. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. About Africa Oil Africa Oil is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". Additional Information This information is information that Africa Oil is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 5:00 p.m. EST on May 14, 2024. Advisory Regarding Oil and Gas Information The terms boe (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in isolation. Production data are based on a conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Petroleum references in this press release are to light and medium gravity crude oil and conventional natural gas in accordance with NI 51-101 and the COGE Handbook. Estimates of reserves in this press release were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves estimates disclosed in this press release are estimates only and there is no guarantee that the estimated reserves will be recovered. Forward-Looking Information Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including statements related to: the enlarged base dividend distribution; the declaration of the $25 million quarterly dividend; schedules and costs of drilling activity including those offshore Namibia and Nigeria; the outcome and timing of exploration, appraisal and development activities including those offshore Namibia and Nigeria; the development of the Venus discovery; the ability of Africa Oil to secure farminee partners on acceptable terms in Equatorial Guinea; the ability of Africa Oil to deliver further growth or increased shareholder returns including by monetizing its assets; the ability of Africa Oil to grow into a leading independent E&P the continuing benefits from funded, high value growth opportunities, including the Venus oil project in the Orange Basin; expectations regarding free-cash flow; the ability of Africa Oil to influence its JV partners to sustain and enhance production in Nigeria; and statements regarding access to business opportunities in Africa Oil's regions of focus and unlocking new sources of growth capital. Such statements and information (together, "forward-looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including statements pertaining to performance of commodity hedges, uninsured risks, regulatory and fiscal changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of the drilling program, availability of third party service providers and defects in title, the sustainability of Africa Oil across oil and gas price cycles, the enhanced visibility and certainty over the use of capital, and statements regarding capital priorities. Forward-looking statements are based on a number of assumptions, including but not limited to, the ability of Africa Oil to delivery further growth, the ability to have a Board comprised at all times of a majority of independent non-executive directors, high value growth opportunities will continue to be funded, and the ability to access business opportunities in Africa Oil's regions of focus. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macro-economic conditions and their impact on operations, changes in oil prices, reservoir and production facility performance, contractual performance, results of exploration and development activities, cost overruns, uninsured risks, regulatory and fiscal changes including defects in title, claims and legal proceedings, availability of materials and equipment, availability of skilled personnel, the need to obtain required approvals from regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, joint venture partner underperformance, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental, health and safety impacts on operations, satisfaction of the conditions to consummate the Proposed Reorganization; failure to complete the Proposed Reorganization; the amount of costs, fees, expenses and charges related to the Proposed Reorganization; and the failure to realize the anticipated benefits of the Proposed Reorganization. Actual results may differ materially from those expressed or implied by such forward-looking statements. SOURCE Africa Oil Corp.
Cision Canada
28-04-2025
- Business
- Cision Canada
AFRICA OIL ANNOUNCES NAMIBIA OPERATIONAL UPDATE
VANCOUVER, BC, April 28, 2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp.'s ("Africa Oil" or the "Company") representatives on Impact Oil & Gas Limited's ("Impact") Board have received an update on the Marula-1X drilling operation on Block 2913B (PEL 56), offshore Namibia. View PDF version Highlights View PDF Safely drilled the Marula-1X well to a total depth of 6,460m (measured depth) on block 2913B, targeting Albian aged sandstones, within the Marula fan complex, approximately 47 Km south of the Venus-1X well, using the Deepsea Mira semi-submersible drilling rig. No hydrocarbons were encountered in the primary target in the Marula-1X well. No Drill Stem Test was performed. A comprehensive analysis of the well results is now underway. Impact has a 9.5% interest in Blocks 2912 and 2913B in Namibia's Orange Basin. Africa Oil through its 39.5% interest in Impact, has an effective interest of approximately 3.8% in these blocks. Block 2913B contains the Venus light oil discovery. Africa Oil President and CEO, Roger Tucker commented:"The farm down agreement between Impact and TotalEnergies that completed last year, provides full carry of Impact's exploration and development costs on Blocks 2912 and 2913B through to first commercial production from these blocks. This presents us with an attractive opportunity set to test different geological plays on these blocks at no upfront cost." About Africa Oil Africa Oil is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". Additional Information This information is information that Africa Oil is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 02:00 a.m. EDT on April 28, 2025. Forward Looking Information Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including exploration drilling on Blocks 2913B/2912, offshore Namibia, timing to the FID for the Venus project, and the development of the Venus discovery. Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including statements pertaining to share repurchase programs, cashflow from operation and capital investment estimates, performance of commodity hedges, the results, schedules and costs of exploratory drilling activity, uninsured risks, regulatory and fiscal changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of the drilling program, availability of third party service providers and defects in title. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macro-economic conditions and their impact on operations, changes in oil prices, reservoir and production facility performance, hedging counterparty contractual performance, results of exploration and development activities, cost overruns, uninsured risks, regulatory and fiscal changes, defects in title, claims and legal proceedings, availability of materials and equipment, availability of skilled personnel, timeliness of government or other regulatory approvals, actual performance of facilities, joint venture partner underperformance, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. SOURCE Africa Oil Corp.
