Africa Oil Corp (TSE:AOI) has released an update.
Africa Oil Corp. has reported a strong Q1 2024 with strategic farm down agreements in the Orange Basin bolstering their balance sheet and allowing for increased shareholder returns totaling $25.4 million. The Company boasts a healthy cash balance of $195.5 million, no debt, and a promising outlook with the Venus oil development project expected to significantly enhance their portfolio from the late 2020s. Africa Oil’s 50% shareholding in Prime yielded a cashflow of $77.1 million, and a net daily production of approximately 20,100 barrels of oil equivalent.
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