Africa Oil Completes Transformational Deal and Declares Dividend

Africa Oil ( (TSE:AOI) ) just unveiled an announcement.

Africa Oil Corp. has completed a significant amalgamation with Prime Oil & Gas, consolidating its shareholding and declaring a quarterly dividend of USD 25 million as part of an enlarged base dividend policy. This strategic move is expected to double the company’s reserves and production, strengthen its balance sheet, and enhance its capacity for shareholder returns. The company aims to leverage its increased scale and financial strength to pursue growth opportunities, positioning itself as a leading full-cycle exploration and production company. The introduction of BTG Pactual Oil & Gas as a major shareholder is anticipated to further support Africa Oil’s strategic objectives and capital allocation.

More about Africa Oil

Africa Oil Corp. operates in the oil and gas industry, focusing on exploration and production activities. The company is involved in developing a diversified portfolio of assets, primarily targeting high-quality offshore oil reserves. Africa Oil is committed to enhancing shareholder value through strategic acquisitions and efficient management of its resources.

YTD Price Performance: 2.80%

Average Trading Volume: 127,997

Technical Sentiment Consensus Rating: Hold

Current Market Cap: $642.1M

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