Africa Oil Corp ( (AOIFF) ) has released its Q1 earnings. Here is a breakdown of the information Africa Oil Corp presented to its investors.
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Africa Oil Corp, a Canadian independent upstream oil and gas company, operates primarily in deepwater Nigeria and holds interests in Namibia, South Africa, and Equatorial Guinea. The company is known for its high-quality production assets and strategic investments in the Orange Basin.
In its first-quarter 2025 earnings report, Africa Oil Corp announced the completion of its Prime amalgamation, which has significantly increased its reserves and production capabilities. The company also declared a second quarterly dividend of $25 million, reflecting its commitment to enhanced shareholder returns.
Key financial highlights for the quarter include a net income of $50.9 million, with average daily production reaching 33,400 barrels of oil equivalent per day. The company successfully sold five cargoes at a favorable price compared to the market average and reduced its debt by $130 million. Additionally, Africa Oil Corp maintained a strong cash position with $428.4 million in cash at the end of the quarter.
Looking ahead, Africa Oil Corp remains focused on optimizing production in Nigeria and exploring new opportunities in the Orange Basin. The company plans to continue its strategic drilling and development activities, aiming to enhance its asset base and deliver sustainable growth and returns to shareholders.