Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Tullow Oil has declared force majeure at its site in northern Kenya, putting plans to sanction the project this year in jeopardy.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
Africa Energy has signed farm-out agreements on Block 2B offshore South Africa, with Panoro Energy and Azinam.
Africa Oil has received its first dividend from its recently acquired Nigerian assets and has directed the cash to pay down a loan.
Petrobras has concluded the sale of its 50% stake in Petrobras Oil & Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.
Equatorial Guinea has preliminarily awarded nine blocks in its EGRonda 2019 licence round, announcing the results at the Gas Exporting Countries Forum (GECF) under way this week in Malabo.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.
Africa Oil said it has been given approval by the Kenyan government for its farm in with Maersk Oil. The company said the move means completion of the farm out of blocks 10BB, 13T and 10BA can now proceed.
Maersk Oil has strengthened its African portfolio with new licenses and acreage in Kenya and Ethiopia in a deal worth up to $845million.