Africa Oil Corp (TSE:AOI) has released an update.
Africa Oil Corp. has reported a slight increase in its Year-End 2023 Proved reserves valuation to $722 million, up from $714 million the previous year, even after distributing $175 million in dividends. The company’s Proved plus Probable reserves valuation experienced a slight decrease to $1,192 million, but the firm remains optimistic with long-life reserves in Nigeria and potential for low-risk, high-return investments like the Preowei development project. Africa Oil’s reserves are bolstered by a 50% stake in Prime Oil & Gas with interests in Nigeria’s top-producing offshore assets.
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