VANCOUVER, BC, Aug. 14, 2024 /CNW/ - (TSX:AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2024. View PDF version Highlights Announced the agreement to consolidate the remaining 50% interest in Prime within Africa Oil, thereby increasing the Company's ownership in core cash generating assets and bringing in a new, strategically aligned cornerstone investor. BTG Pactual, and also enabling enhanced shareholder returns and creating a materially stronger growth proposition. The Company ended Q2 2024 with a cash balance of $185.6 million and no debt. During Q2 2024, the Company received a $25.0 million dividend distribution from Prime, net to its 50% shareholding. During H1 2024, the Company returned a total of $50.6 million to its shareholders through its base dividend distribution and share buybacks for amounts of $11.5 million and $39.1 million respectively. The Board of Directors of Africa Oil approved a second semi-annual dividend of $0.025 per share, payable on September 27, 2024. Post period, the Company reached an agreement with Eco to acquire an additional 1.00% interest in Block 3B/4B in exchange for its 14.84% shareholding in Eco, pursuing its strategy to rationalize its portfolio of exploration investments. Selected Prime's highlights and results net to Africa Oil's 50% shareholding*: Recorded Q2 2024 daily WI production of approximately 15,800 barrels of oil equivalent per day ("boepd") and average daily net entitlement production of approximately 18,300 boepd. Post Q2 2024 the rolling monthly daily WI production (as of August 11, 2024) averaged approximately 18,100 boepd and net entitlement production averaged approximately 20,800 boepd; full-year 2024 management production guidance is unchanged. Recorded Q2 2024 cashflow from operations of $69.6 million. Prime's cash position of $152.8 million and debt balance of $375.0 million resulting in a Prime net debt position of $222.2 million at June 30, 2024. The AOC Net Debt inclusive of 50% Prime Net Debt is $36.6 million. Africa Oil President and CEO, Roger Tucker commented: "It was an incredibly busy first half of the year as we signed three strategic transactions, taking Africa Oil towards the next phase of value creation and shareholder returns. We have high-quality development projects, high-impact exploration and appraisal catalysts that will all be funded on completion of these deals. The quality of our organic growth opportunity set is demonstrated by the size and calibre of our partners. The Prime consolidation once closed, will see the roll-out of a new transparent capital allocation framework and will create scope for a significantly enlarged capital returns program for our shareholders. Africa Oil stands with a differentiated investment case of offering sustainable shareholder returns, significant organic growth opportunities, and is well-positioned to pursue new opportunities on the back of a strong balance sheet." * Important information: Africa Oil's interest in Prime is accounted for as an investment in joint venture. Refer to Note 1 on page 6 for further details. Please also refer to other notes on page 6 for important information on the material presented. 2024 Second Quarter Results Summary (Millions United States Dollars, except Per Share and Share Amounts) Three months ended Six months ended Year Ended Unit June 30,2024 June 30,2023 June 30,2024 June 30,2023 December 31,2023 AOC highlights Net income $'m 0.4 106.9 3.9 128.8 87.1 Net income per share – basic $/ share 0.00 0.23 0.01 0.28 0.19 Cash position $'m 185.6 175.7 185.6 175.7 232.0 Prime highlights, net to AOC's 50% shareholding WI production(2) boepd 15,800 19,500 16,700 20,200 19,800 Economic entitlement production(3) boepd 18,300 22,400 19,300 22,700 22,400 Cash flow from operations (4,5) $'m 69.6 88.7 146.7 159.6 298.8 EBITDAX(4) $'m 91.8 117.0 185.4 230.6 458.7 Free Cash Flow $'m 52.6 (27.4) 119.8 47.6 149.1 Net debt $'m 222.2 266.2 222.2 266.2 298.9 The financial information in this table was selected from the Company's unaudited consolidated financial statements for the three and six months ended June 30, 2024 and the Company's audited consolidated financial statements for the year ended December 31, 2023. The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and six months ended June 30, 2024 and 2023 and the 2023 Report to Shareholders and Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). In Q2 2024, the Company recorded a net income attributable to common shareholders of $0.4 million (Q2 2023 net income - $106.9 million). This is primarily made up of share of profit from the Company's investment in Prime of $17.4 million (Q2 2023 share of profit - $212.7 million) offset against losses from the Company's investment in associates of $7.7 million (Q2 2023 share of loss - $34.7 million) and Company's operating expenses of $10.4 million (Q2 2023 expense – $7.1 million). The figures below explaining Q2 2024  movements in the results of Prime are based on Prime's gross balances, as per its financial statements. Prime revenues decreased by $4.3 million in Q2 2024 compared to Q2 2023, mainly driven by no Petroleum Profit Tax ("PPT") and royalty revenue. No PPT revenue has been reported since August 2023 with Prime lifting its own entitlement production and paying its tax in cash and no ...